MAINSTAY DRP STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes In¢omo and endowments from: Donations and legacies Charitable activities Investments Other income 74.055 4,122.657 4,600 6,000 74,055 490,473 4.613,130 4.600 6,000 4,526,091 24.490 584.988 5.111,079 24,490 Totsl Income 4.550,581 584.988 5.135.569 4.207.312 490.473 4.697,785 Expenditure on: Charitable activities 4.145,829 581.748 4,727,577 3,775.665 489.513 4.265.178 Total expenditure 4.145,829 581,748 4,727,577 3,775,665 489,513 4.265,178 Net income 404,752 3.240 407,992 431,647 960 432.607 Transfers betsveen funds 4.200 14.200) Net movement in funds 408.952 (960) 407,992 431.647 960 432,607 Reconciliation of funds: Fund balances at 1 Apnl 2023 1,339,753 960 1,340.713 908.106 908,106 Fund balances at 31 March 2024 1,748,705 1,748.705 1.339,753 960 1,340,713 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
MAINSTAY DRP BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 13 12.277 19,017 Currènt a$s•ts Stocks Deblors Cash al bank and in han 14 1S 2,818 667,361 1.385,063 2,703 418.355 1.119.501 2,055.242 1.540.559 Credilors.. amounts falllng duè within on• year 16 1318.814) {218,8631 Net current assets 1.736,428 1,321,698 Total assets le$$ current liabilities 1.748.705 1,340.713 Net assots axcluding pension liability 1,748,705 1.340.713 The lunds of the charlty Restricted ncome fufxts Unreslricl8d funds 18 960 1.339,753 1,748,705 1.748,705 1.340,713 The finan11 slalemenls weTe approved by the trustees on ...... Dr P Moowe Trustse Company registration number N1024793 (Northem Ireland) 13-
MAINSTAY DRP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 24 241.072 214,259 Investing activities Purchase of tangible fixed assels Proceeds from disposal of langible fixed assets Investment income received (11,5531 6,000 4,600 24.490 Net cash generated fromllused In) investing activities 24.490 19531 Net cash used in financing adivities Net increase in cash and cash equivalents 265.562 213,306 Cash and cash equivalents at beginning of year 1,119.501 906,195 Cash and cash equivalents at end of year 1,385,063 1,119,501 14-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charlty Infomiatlon Mainstay DRP is a private company limited by guarantee incorporated in Northern Ireland. The register8d office is 2 Cumulus Heights, Ballyvange. Downpatnck. Co Down, BT30 6WT. 1.1 A¢¢ountlng conventlon The financial statements have been prepared in accordance with the charity's Memorandum of Association, the Companies Acl 2006, FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland" I'FRS 102") and the Charities SORP -Accounling 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 1021" leffeclive 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the chartty. Monetary amounts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern Al the lime of approving the financial statements. the Injstees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going Concern basis of accounb'ng in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the tSleeS in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or gfantors as to how Ihey may be used. The purposes and uses of the reslricled funds are sel out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled lo it after any perfomiance 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 charity has beer) notified of the donalion, 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. 1.5 Expenditure Expenditure is recognised once there is a legal or construclive obligation lo transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attribulable to a single activity are allocated directly lo that acts'vity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single actiwty are apportioned between those activits'es on a basis con51Stent with the use of resource5. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 15-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued} 1.6 Tangible fixed assets Tangible fixed assets are initially measu at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to wrile off the cost or valuation of assels less their residual values over their useful lives on the following bases- Fixtures and fittings Computers Motor vehicles 20% per annum straight line 20°/o per annum straight line 20 % per annum straight line The gain or loss arising on Ihe disposal of an asset is detemiined as the difference between the sale proceeds and Ihe carying value of Ihe asset, and is recognised in the statement of finanual activities. 1.7 Impairment of fixed assets At each reporting end dale, the charity reviews the carwng amounts of its langible assets lo dèteminé whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemine the extent of the impairment loss lif any). 1.8 Stocks Stocks are slated al the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable. direct labour costs and those overheads thal have been incurred in bringing the stocks lo their present localion and condition. Items held for distribution at no or nominal consideration are measured the lower of replacemenl cost and cost. Net realisable value is the estimated selling pnce less all estimated costs of completion and costs to be incurred in marketing. selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call wth banks. other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts ar8 shown within borrowings in current liabilits'es. 1.10 Financial instruments The charity has elected lo apply the provisions of Seclion 11 'Basic Financial Inslruments, and Seclion 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charivs balance sheet when the charity becomes party to the contractual provisions of Ihe instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial stalements, when there is a legally enforceable right lo 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. 16-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities. including credrtors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instfument 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 subsequendy carried at amortised cost, using Ihe effective interest rale melhod. Trade creditors are obligations to pay for goods or seNices 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. Derecognltlon ol financlal Ilabillties Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 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 charity is demonstrably committed to terminat8 the employmenl of an employee or to provide teminats.on benefits. 1.12 Reliremont benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. 1.13 Operating leases Rentals under operating leases are charged to the Statement of Financial Activities incorporaling Incorne and Expenditure Account on a straight line basis over the lease term. Critical accounting estimates and judgements In the application of the charity s accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on hislorical experience and other factors that are considered lo be relevant. Actual result5 may differ from these estimates. The estimates and underlying assumptions are vieWed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects only that period, or in the period of the revision and futu periods where the revision affects both current and future periods. 17-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critlcal accountlng estlmates and Judgements (Continuedl Key sources of estlmatlon uncertalnty Fixed assets Thè annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these assel lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies. Debtors Short term debtors are measured at transaction price, less any impaimiènt. Impairment of such debtors involves some estimation uncertainty. Restricted and unrestricted funds Judgement5 are made in relation to allocation of income and expenditure lo restricted and unrestricled funds. The direclors consider it appropriate to allocate Ihese funds based on inlerpretation of donations received. Income from donatlons and legacles Unrestricled funds 2024 Unrestricted funds 2023 Grants 74.055 Income from charitable activities UnrestTiCted Restrlcted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Services provided under contract other income 4,461,036 65.055 578,508 5.039.544 6,480 71,535 3.981.038 141.619 453,946 4,434.984 36,527 178,146 4,526,091 584.988 5,111,079 4,122,657 490,473 4,613,130 Income from investments Unrestricted Unrestrlcted funds funds 2024 2023 Interest receivable 24,490 4,600 18-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Net gain on disposal of tangible fixed assets 6,000 Expendtturg on charitable activities Charitable activities Charitable activities 2023 2024 Direct costs Staff costs Depreciation and impaimient Light & heat Rent & rates Insurance Telephone & IT Consumables Advertising Repairs Printing, postage & stationery Vehicle expenses Sundry expenses Staff Iraining Bad debts Agency costs 2,903,356 6,383 52,908 294,218 71,169 31.815 117.037 14,745 94.828 8.983 8.542 8,581 40.008 2,823.213 9,528 42,355 290,548 60,465 25,803 121,370 23,415 99,829 11,478 14,619 11,440 90,997 23,735 75,517 590.402 4.242,975 3,724,312 Share of support and governance costs {see note 8) Support Govemance 411.077 73.525 415,409 125,457 4.727.577 4.265,178 Analysis by fund Unrestricted funds Restricted fvnds 4,145,829 581,748 3.775.665 489.513 4,727,577 4,265,178 19-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities 2024 2023 Staff costs Depreciation Lighl & heat Rent & rates Insurance Telephone Computer expenses Advertising Repairs Printing. postage & stationery Sundry expenses Govemance costs 331,767 357 6,643 15,576 663 3,820 12,948 11,161 10,830 10,827 6,485 73,525 288,908 530 5,354 15,576 7,556 8,247 15,863 28,548 10,071 10,662 24,094 125,457 484,602 540,866 Analysed between: Charitable activities 484,602 540,866 Govemance costs includes payments to the auditors of £8,100 {2023= £8,100) for audit fees. Net movement in funds 2024 2023 The net movement in fvnds is ststed after charging/(crediting)= Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets Lossllprofit} on disposal of tangible fixed assets 8,100 6,740 8,100 10,058 (6,0001 10 Trustees None of the truslees (or any persons connected wtth them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Residential and daycare staff Administration and support 104 10 112 Total 114 121 -20-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees (Continued) Employment cosls 2024 2023 Wages and salaries Social security costs Other pension costs 2.892,845 263,438 78,840 2.790,389 257,329 64,403 3,235.123 3,112,121 The number of employees whose annual remuneration was more than £60,000 is as follows- 2024 Number 2023 Number £60,001 to £70.000 Remuneration of key management personnel The total amount of employee benefits received by key management personnel is £406,257. The charity considers its key management personnel to comprise of the Chief Executive Officer and the seNice managers. 12 Taxation The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year. 13 Tangible fixed assets Fixtures and ffttings Computers Motor vehicles Total Cost At 1 April 2023 Disposals 76.486 15991 11,069 40,436 127,991 (599) At 31 March 2024 75.887 11,069 40,436 127,392 Depreciation and impairment Al 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 60,701 4,800 {599) 7.837 1,940 40.436 108.974 6.740 {5991 At 31 March 2024 64.902 9.777 40.436 115,115 Carrying amount At 31 March 2024 10.985 1.292 12.277 At 31 March 2023 15.785 3,232 19,017 21
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Stock5 2024 2023 Finished goods and goods for resale 2,818 2,703 15 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 614,933 4.453 47,975 320.077 5.215 93.063 667,361 418,355 16 Creditors: amounts falling due wlthln one year 2024 2023 Other taxation and social securtty Trade creditors Other creditors Accruals and deferred income 79,659 63,577 17,860 157,718 51.385 59.747 14.840 92.891 318,814 218,863 17 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 78,840 64,403 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -22-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Re5trlcted funds The restricted fiJnd5 of the chartty 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 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Supporting People The Community Foundabon Northem Ireland Social Care Council 578.508 (578.508) 960 19601 6,480 (3.240) (3,2401 960 584,988 {581.748} {4,200) Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 Supporting People The Community Foundation Northern Ireland Social Care Council 453,946 29.887 (453,9461 {28.927) 960 6,640 (6,6401 490.473 1489,5131 960 Ex lanato notes to the funds Supporting people The restricted funds for Supporting People relate to income provided to support Glienls to live independently in supported housing facilities. For 2023124 financial year the fund was in deficit of £60,566 this was covered by Mainstay DRP unrestricted funds. The Community Foundation The restricted funds for the Community Foundation relate to funds received to provide the 'Give My Head Space Project,, This project provided a bespoke 8 month programme to 15 carers. The programme provided carers with the tools to irnprove their physical. mental health and wellbeing, logether wilh a learning space to improve their technology skills allowing them to link into or access fiArther advice and support. Northern Ireland Social Care Council The restricted funds from NISCC relates to training grants for care staff to achieve Level 2 & 5 Diplomas in Health & Social Care. Transfers During the year, there were transfers of £4,200 from restricted funds lo unrestricted funds. £3,840 of this relates lo expenditure that was misallocated to unrestricted funds in a previous year. The remainder of £360, relates to additional income that The Community Fund are not requesting back, therefore reSltIng in a transfer to unrestricted. 23-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricled 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. At 1 April 2023 In¢orning resources Resources expended Transfers At 31 March 2024 General funds 1,339,753 4,550,581 14,145,829) 4.200 1,748,705 Previous year: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 General funds 908,106 4.207.312 {3.775.6651 1,339,753 20 Anatysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsllliabilities) 12,277 1,736,428 12,277 1.736.428 1,748,705 1.748,705 Unrestricted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsllliabilities} 19,017 1,320,736 19,017 1,321,696 960 1,339,753 960 1,340,713 21 Financial Commitments. guarantees and contingent liabilities The charlty has granted a floating charge over all ils undertakings and its assets as security in relation to the bank borrowings of a related paty, Mainstay DRM Ltd. The total bank borrowings of Mainstay DRM Ltd at the balance sheet date were £667,215. A portion of capital grants received may become repayable if the company fails to comply with the terms of the letters of offer. -24-
MAINSTAY DRP NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2024 22 Operating lease commitments Lessee At the reporting end dale the charity had outstsnding commilments for future minimum lease payments under non-cancellable operating leases, which fall due as follows-. 2024 2023 Within one year Beeen and five years 15,596 14,172 23,089 14,262 29,768 37,351 23 Related party transactions The company has a common board of trustees and works closely with Mainstay DRM Ltd which shares the charity's passion for providing accommodation and care and support to people who have a lèarning disability and their fafflilies. As at 31 March 2024 a balan of £753 is owed from Mainstay DRM Ltd 12023 £1,382 owed to Mainstay DRM Ltd). During the year the company rented a number of properties from Mainstay DRM Ltd for £227,904 12023.. £219,966). During the year Mainstay DRM Ltd also received service charge income of £11.19612023'. £8,391) from Mainstay DRP. 24 Cash generated from operations 2024 2023 Surplus for the year 407.992 432,607 Adjustment5 for. Investment income recognised in statement of financial activities Gain on disposal of tangible fixed assets Depreciation and impaimienl of tangible fixed assels 124.4901 {4.6001 {6,0001 10,058 6,740 Movements in working capital= Ilncrease) in stocks Ilncrease} in debtors Increaselldecrease} in creditors 11151 (249,0061 99,951 {2.7031 {178,1841 {36.9191 Cash generated from operations 241,072 214.259 25 Analysis of changes in net funds The charity had no material debt during the year. -25-