Ballykeel Business Development Ltd Statement of Financial Activities for the Year Ended 31 Illarch 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Note Income and Endowmcllts from: Charitable activities 74,178 74,178 Total income 74.178 74,178 Expenditure on.. Charitable activities 99,583 99.583 Total expenditure (99,583) (99,583) Net expenditure (25,405) 25,405) Net movement in funds (25,405) (25,405) Reconciliation of funds Total funds brought forward TotPAI funds carried forward 960,417 960,417 12 935,012 935,012 TotAI 2023 Uni'estrieted funds Note Income and Endowmcnts fj'om: Lharitable activitics 72,165 72,1 C?5 Total income 72,165 72,165 Expenditure on: Charitable activities (114,038) (114,038 Total expenditure 114,038 114,038 Net expenditu (41,873) (41,873) Net movement in funds (41,873) (41,873) Re¢onciliAtion of funds Total funds brought forward 1,002,290 1,002,290 Total fvnds carried forward 12 960,417 960,417 All of the charity's activities derive from continuing operations during the above two periods. The fijnds breakdown for 2023 is shown in note 12. The notes on page5 1 O to l5 form an integral part of these financial statements. Page 8
Ballykeel Business Development Ltd (Registration number: N1033029) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed Assets Tangible assets 881.397 905.752 Current assets Debtors Cash at bank and in hand 8,094 52,842 2,073 59.120 io 60,936 61,193 Creditors: Amounts falling due within one year (7.321) (6.528) Net current assets 53,615 54,665 Net assets 935,012 960,417 Funds of the charity: Unrestrictcd income funds Unrestricted fjjnds 935,012 960.417 Total funds 12 935,012 960.417 For the financial year ending 31 March 2024 the ¢harity was entitled to exemption from audit under section 477 of the Companies Act 2006 relmting to SMMII companies. Dii'Lclors' responsibilili¢s'. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with 5¢Ction 476. and I'he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the pr¢pAration of accounts. The financial statements on pages 8 to 15 were approved by the truste4 and authorised for issue on 14 June 2024 and signed on their behalf by.. Mr D M Davidson Trustee The notes on pages 10 to 15 forrn an Inteal part of these financial statements. Page 9
Ballykeel Business Development Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity stAtus The charity is limited by guarantee. incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered olTice 15: 18 Crebilly Road Ballymena Co Antrim BT42 2DN These financial statements were authorised for issue by the trustees on 14 June 2024. 2 Accounting policies Summary of significant accounting policits 2nd key Accounting estimates The principal accounting policies applied in the preparation of ihese financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charitie5 Act (Northern Ireland) 2008. Basis of preparation Ballykeel Business Development Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continuc a5 a going concern nor any significant areas of uncertainty that affect the carrying value OF assets held by the charity. Income and endowments The Company plans to continue to stimulate and Support economic and enterprise development in the Ballykeel Ward and the Neighbourhood Renewal Area of Ballymena South and also make a significant contribution towards local Community Planning Strategy and Community Cluster Foruii)s. The strategic aim is lo inspire people to be enterprising particularly those who reside in the neighbourhood renewal area, create self employment and employrnent opportunities to improve economic prospects and community regeneration. Page 10
Ballykeel Business Development Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 Expenditui-e All expenditure 15 recognised once there is a legal or construetive obligation to that expenditur4 it is probable settlement is required and the amount can be rneasured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that eategory. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with Central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Cliariluble llctivili Charitable expenditure comprises those costs incurr{ by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it rneets the definition of a charitable company for UK corporation tax purp05¢s. Accordingly, the charity is potentially extmpt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Aci 1992, to the extent that such income or gains are applied exclusively to charitable purposes. I'Angible fixed asscts Individual fixed assets costing £0.00 or more are initially recorded at C05t. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estimated residual value. over their expected useful economic life as follows.. Asstt class Freehold land and buildings Furniture and equipment Depreciation mothod and rate Over 50 years 250/0 reducing balance basis Trade debtors Trade debtor5 are amounts due frorn customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are reLognised initially at the transaction price. They are subsequently measured at amortised c05t using the effective interest method, less provision ftir impairinent. A provision for the irnPPJirment of trade debiors is establi5h¢d when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivable5. Cash and cash equivxlents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of hange in value. Pagell
Ballykeel Business Development Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classif1cd as current liabilities if tlie charity docs not havc ai) unconditional ri1¢ at the end of the reporting period, to defer settlement of tlie crcditor for at least twelve months after the reporting date. If there is an unwnditional right to defer settlement for at least twelv= months after the reporting dat4 they are presented as non-¢urrent liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Borrowings Interest-bearing l)orrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of financial Activities over the period of the relevant knrrowing. Interest expense is recognised on the basis of the effective interest method and is in¢luded in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income fvnds are general fvnds that are available for use at the trustees discretion in furtherance of the objective5 of the charity. 3 Income from charitabl¢ activitios Unrestrieted funds Genernl Total 2024 Total 2023 Rental income 74.178 74,178 72,165 4 Expenditure on charitablo activities Unrestrieted Total 2024 Total 2023 Gcncral 99,583 99,583 114,038 5 Net incomingloutgoing resources Net outgoing resources for the year include: 2024 2023 Depreciation of fixed assets 26.381 26.409 Page 12
Ballykeel Business Development Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 6 '1'1'vsteCs rcmunei'ation and expenses No Irustees, nor any persons connected with them, have received any remuneration from the charity during the year. 7 Taxation The charity is a registered charity and is therefore exempt from taxation. Factoi's that may affect future tax charges I'he coinpany has cstiinated1055es of £46.063 available for carry forward against fi]ture trading profits. 8 Tangible fixed Assets Land and building5 Furniturc And equipment Total Cost At l April 2023 Additions 1,408,269 24,894 2,700 1.433,163 2,700 At 31 March 2024 1.408.269 27,594 1,435,863 Depreciation At l April 2023 Charge for the year 502,976 26.228 24,435 827 527.411 27.055 At 31 March 2024 529.204 25.262 554,466 Nct book value Ai 31 March 2024 879,065 2,332 881,397 At 31 March 2023 905,293 459 905,752 9 Debtors 2024 2023 Trade debtors Prepaynients Other debtors 2,786 4,883 425 453 1,195 425 8.094 2,073 Page13
Ballykeel Business Development Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 10 CAsh and cash equivalents 2024 2023 Cash on hand Cash at bank 145 52,697 161 58,959 52,842 59,120 I I Creditors: amounts fAlling due within one year 2024 2023 Other taxation and social security Other creditors Accruals 966 1,100 5,255 623 200 5,705 7,321 6,528 12 Funds Balanco at I April 2023 Incoming rtsoui'ces Resources cxpended Balance at 31 March 2024 Unrestricted funds General 960,417 74,178 (99,583) 935,012 Balance at I April 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted funds General 1.002,290 72,165 (114.038) 960,417 Page 14
Ballykeel Business Development Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 13 Analysis of net assets between funds Unr¢stricted funds General Total funds at 31 March 2024 Tangible fixed assets Current assets 881,397 60,936 (7,321) 881,397 60,936 (7.321) Current liabilities Total net assets 935,012 935,012 Unrestricted funds General Total funds at 31 March 2023 Tangible fixed assets Current assets Current liabilities 905.752 61,193 (6,528) 905,752 61,193 (6,528) Total net assets 960,417 960,417 14 AnAlysis of net funds At l April 2023 At 31 March 2024 Cash at bank and in hand 59,120 59,120 Net debt 59,120 59.120 Financing cash At 31 March floivs 2023 At l April 2022 Cash at bank and in hand 74.544 15,424 59,120 Net debt 15,424 59.120 Pag¢ 15
Ballykeel Business Development Ltd Detailed Statement of Financial Activitlcs for the Year Endcd 31 March 2024 'rotAI 2024 'rotAI 2023 Income And Endowments from: Charitable activities (analysed ixlow) 74,178 72,165 Total income 74,178 72,165 Expenditure on: Charitable activities (analysed below) (99,583 (114,038 Total expenditure (99.583) (114,038) Net expenditure 25,405 41,873 Net movement in funds {25,405) (41,873) Reconciliation of funds Total fijnds brought forward 960,417 1,002,290 Total ndS carried forward 935.012 960,417 Thi5 page does not form part of the statutory financial statements. Page 16
Ballykeel Business Development Ltd Dctailcd Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Clinriliible uclivilies Rental income 74,178 72.165 74.178 72,165 Cliarilable &cÉivitias Wages and salaries Staff NIC (Employers) Water rates LighL heat and power Insurance Repairs and maintenance Telephone and fax Printing, postage and stationery Charitable donations Sundry expenses Cleaning Key holding security services Service level agreern¢nt Advertising Accountancy fees Bank charges Depreciation of freehold property Depreciation of fixturcs and fittings (16,255) (988) (3.964) (3.499) (6,314) (11,650) (2.627) (11.191) (329) (3,518) (4,413) {5.182) {17,512) (2,614) (947) (2,000) (760) (440) (8,520) (24,315) (iio) (5,313) (465) (26.228) 181 (735) (204) (823) (17,279) (7,863) (326) (26,228) 828 99,583 114.038 This page doe5 not form part of the statutory financial statements. Page 17