COMPANY REGISTRATION NUMBER: N1605197 CHARif( REGISTRATION NUMBER: NIC102489 Development Trusts (Nl) Limited Company Limited by Guarantee Financial Statements 31 March 2023
Development Trusts (Nl) Limited Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Truslees, annual report (incorporating the directo¢s report) Independent auditorfs report to the members Staternent of financial activities (including income and expenditure account) Statemenl of financial position 10 14 15 Notes to the financial statements 16
Page 1 Development Trusts (Nl) Limited Company Limited by Guarantee Trustees, Annual Report {Incorporating the Directorfs Report) Year ended 31 March 2023 The twstees. who are also the diredors for the purposes of company law. present Iheir report and the financial slatements of the charity for the year ended 31 March 2023. Reference and adminislrative detslls Registered charty name Development Trusts (Nl) Limiled Charity registration number NIC102489 Company registration number N1605197 Princlpal office and registered Cathedral Quarter Managed Work Space offJGe 109-113 Royal Avenue Belfast BT1 1FF The trustees Mr S Mcclelland Ms E Murphy Ms M Patterson Mr J Meehan Mr B O'Neill Mr L O'Hagan Mr F mcA1keY Mr S Vvhelehan Mrs J McDonald Mr N Kinnaird Mr A Tough Mr E MGGoldrick {Retired 19 October 2022} (Appointed 19 October 2022) (Retired 19 October 2022) (Appornted 27 October 2022) (Appointed 19 October 2022) (Appotnted 19 October 2022) Auditor Johnston Gharn Limited Chartered accountants & statutory auditor 2161218 Holywood Road Belfast BT4 1PD
Page 2 Development Trusts (Nl) Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ontlnue Year ended 31 March 2023 Structure. 9overnanGe and management DTNI is in¢orporaled urKler the Companies Act 2006 as a private company lirrited by guarantee. The Board of Directors are Andy Tough (Chair). Margaret Patterson Mcmahon ITreasurer). Brian O'Neill (Secretary), John Meehan. Nigel Kinnaird. Stephen McCleNand. Liam O'Hagan, Janice MGDonakl, Eddie McGoldriGk and Fintan McAliskey. The Board meets frmally quarterly fulfilling its governance responsibilities with a particular f¢XUS on FiTrance and HR and with oversighl of the operational ser¥ices of the organisation. The board has a policy of continual review of objectives to ensure Compliance with governance and proper operation of the organisation. The Chief Executive offer oversees the organisations strategic priorities and operaiional otieclives. DTNI MPlIeS wtth ils legal and governance obligations and assess operational risks and mitigates for these lo the extent reasonably possible.
Page 3 Development Trusts (Nl) Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (coftllnueo) Year ended 31 March 2023 Objectlves and activlti¢s Misslon DTNI is a membership or9anisation cornmitted to supporting the development of suslainable assel-owning communities creating shared public benefit. Vision Our vision is of a participalive democracy rnade up of vibrant self-reliant communities across Northern Ireland making a positive difference lo people's lives through owning and developing sustainable assets and resources. Values Muiuality Society, communities, and Ihe organisation a stronger when we share knowledge and skills and work together in solidarity with each other rather than compete. Accountability The organisation should be fully accountable and transparent to its members and lunders for vAiat it . does. Participative democracy Demccracy is stronger where ordinary people organise together in communty-based organisations. build their assels and resources. and actively and regularly contribute to decisions that affecl Iheir live5. Social and economic justice A fair and equitable society is a healthier and happier one. Integrity It is important to build trust between people by 8Cting lo the highest standards ot professionalism and integrity. Independence The organisation should provide an independent voice in promoting its mission and values, Priorities DTNI represents the interests of community developmenl trusts, associations and social enterprise agencies that make up the Development Trust Neork in Northern Ireland (Nl). It provides development support, advice, expertise and experience to comrnunities and the public sector to promote the sustainable community development and to advance the socially productive use of land and property assets, focussing on. Cornmunity Asset Transfer Support communities to identify opportunities. unlock strengths and resources through the ownership of communty assets. Comrnunity Wealth Building and Wellbeing Economy Support communities to be inclusive, enterprising. promote wellbeing economy and have a meaningful Voice. Influencing Decision-making To influence public policy and praclice. in partnership with members. in support of unlocking the strengths and resources in communities. to build wealth, well-being and shape decisions that affect them.
Page 4 Development Trusts (Nl) Limited Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (¢ontinuedJ Year ended 31 March 2023 Knowledge leadership To be a leading learning organisation. which is a valued source of expertise that uses research and evaluation lo expand knowledge in the sector and contifiuousty improves its work. Membership To develop the rnembership of DTNI and provide effectNe support to members. Communications To effectively promote the organisalion and comrnunicate with all its stakeholders. Programme5 Prioritie5 are upheld through the defivery of programme activities including: Community Asset Transfer (CAT) - Awareness raising. advocacy for voluntary. community and social enterprise acquisition management and ownership of surplus public land and property assets. Community Weatth Building (CWB) - Awareness raising and promotion of CiNB wth a focus on stren9lhening local economic development practice. sttalegically enga9in9. and working With development trusts lo deliver the priorities for a wealth generating economy ihat addresses poverty, deprivation & marginalisation. Comrnunity Right5 - Awarene55 raising, facilitation of community dialogue and political advocacy for the inlroduction of a community rights act in Northern Ireland that considers the legislative changes needed within planning law. Civic Participation - Working in partnership with social and public stakeholders to enhance civic participation and decision making across local government to strengthen ¢ommunity VOiGe in local economic development and participative democracy.
Page 5 Development Trusts (Nl) Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report> (connued) Year ended 31 March 2023 Achievements and perfomiance Established in 2010 DTNI has a modest membership of approximately 100 communty development trusts, associations, and social enterprise agencies. During the current period. we have: Maintained a board of high reputation and skill. Represenled our members interests through networf<ing learntng and sharing events, conferences. and information webinats. Represented our members interests on the acquisition. managemenl. and ownership of assels to the Nl Executive, central and local government. Advocated for an Nl capital development revenue investment fund. Supported Ihe Department for Communities lo advance its policy interest and programme objective5 for Ctjnmunity Asset Transfer and Community Weafth Building. Supported the inlerest of VCSE organisations to pursue opportunities to aGquiTe public 5ecior assels under the Nl Executive Communty Asset Transfer policy framework. Promoted and facilitated VCSE application to the Department for Levelling Up. Housing and Levelling Up programme funds. Promoted the interest of VCSE organisations to draw frorn a UK Communty Ownership Fund. Represented the interests of members through participation on the Nl Joint Forum. Represented the interests of members across the UK through joint work with the Development Trust Association networks in England. Scotland. and Wales. Represented the interests of members globally through our membership of the International Federation of Societies and in Europe through our work with the European Federation of Societies. Developed the policy agenda in support of conynunty ownership. community rights and local econorny. Worked continuously to improve our reputation and to grow our membership. For the reporting period 12022-23) DTNI employed a Chief Executive Officer, hvo Senior Programme Coordinators, an Administration and Communications Officer and a Di9ilal Innovation Offir. DTNI employees oversee the delivery of contracl objectives in support of Community Asset Transfer (CAT) and Communty Wealth Building (CWB) for the Departmenl for Communities {DfC) and Community Rights and CWB (local Government) supported by Joseph Rownlree Clraritable Trust and the Rank Foundation programme 'Start Here,. We concluded work on local ewnomy earty in the financial year for Friends Provident and on Civic Participation supported by the Community Foundation for Northem Ireland. We tendered for and succes5fulty delNered the Support Network for Social Entrepreneurs (SUNSE Interreg NW Europe) for Lisbum & Castlereagh Cty Council. We Continued to provide development support lo voluntary. community organisations from across Nl with an interest in acquiring and managing and developing an asset base including promotion of ils
Pagt 6 Development Trusts (Nl) Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (¢onllnueo) Year ended 31 March 2023 position within the internal 'public sectorf rnark and advanced its inlefest in Ihe ownership and management of surplus public assets. We engaged extensively with our sister nelw<Yks in the UK to prepare a tender proposal to the Community Ownership Fund. We learned late in the financial year Ihat our tender was successful and DTNI would be the lead development support provKfer in N( from 2023125. For several years we have been the lead'advocate for the econornic development functions of our members and their collective contribution to the ewn¢)mic affairs of Nl. In the year 2022123 we concluded our contract with the Departmenl for Communities {DfC) on Cornmunty Weallh Building. We had engaged extensively with the VCSE sector and working with Queens Cornrnunities & Place programme at Queens University Bewast we prepared five key publications on ¢¢mmunity weamh building (see below) and an executive summary "Next Ste s in Communi Weafth Buildi We also worf(ed as the secretariat for the Dfc independent Mintsterial Advisory Panel on Cornmunty Wealth Buildin9. The panel presented its report, 'Recommendations to advance communi wealth buildin in Northern Ire12nd' to the Minister at Dfc. 1. Asset Based Development and Community Wealth Building 2. Making Financial Power Ilvork for Local Places 3. Just Labour Markets & Incl(L8ive Work 4. The Plural Economy. Social Economics and Building Comrnunities 5. Progressive Pro¢uremenl of Goods & SeNices The POrtS on CW8 represent a si9n5f8nt development inteNention on behalf of the family of communty development trusts. This WO aligns purposefully wtlh the Departrnenl for Communities, strategic plan 2020-25. 'Building Inclusive Communities.. Referenced within the cross<utting theme 'sustainability & inclusive growth. is the departments comrnitment to: 'Graw and scale communty wealth building to support econcmic recovery.. We picked up <)n the new opportunities presented through the Depwtrnent for Levelling Up. Housing & Communities and provided support for members applying to Ihe Levelling Up and Communty Ownership Funds through Westminster. We continued to make representation to central government foi a dedicated capital fund for the VCSE sector in Nl. That campargn remains ongoing. DNTI have led Ihe public debate on the need for reforrn of local economic development pra¢ti¢e in Nl. We continued to work with our partne[5 in the family of UK development twsts and the Centre for Local Economic Strategies. The organisation continued (and diversified) its work in support of a Communty Rights Act in Nl supported ty investment from Joseph Rowntree Charitable Trust. In addition, we have continued lo deliver on the investment from the Rank Foundation through the 'Start Here. programme with which we have been able to larget and re¢rubt new enlrants to the work of the voluntary. communty and social enterprise sector. We have continued to explore and avail of opporttjnities to trade on the professional expertise held by the staff team at DTNI includin9 tendering to test the Community Transfer policy frameworf< of Belfast City Council. We conlirnued to represent the interests of mernbers through our participats'on on the Joint Forurn shaping the new agement for joint working between Ihe voluntary and communty sector ard the public sector. We are thankful for the reGognition from our independent InVestS and the faith they have shown in the work of Ihe Qrganisation. Heading into 2023, we committed to delivery of following work piiorities.
Pago 7 Development Trusts {Nl) Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Reportl (contlnu Year ended 31 March 2023 FiTrancial review The company reIed a surplus for the financial year to 31 March 2023 of £60.781 (2022 - £91,603) resulting in a totsl reserve balance of £324.986 (2022 - £264,205). The company has a reserves policy in place which seeks to eslablish free reserves equivalent to a minimum of 6 months of CUrrent overhead expendilure. Plans for future periods Heading into 2023. we committed to delivery of folloviing vffjrk priorities. Working with Central Governrnenl: Ensure that DTNI has an enhard role as a regional infrastructure organisation delivering on community ownership, on community rights and on Ihe 5 pillar5 of community weakh building (Assets. Plural Econorny. Financial Power. Fair Empbyment and Progressive Procuremenl). PrTrJress our developrnent support to alwn with the emerging policy & programme priorities of Ihe Regional Infrastruciure Support Programme and People & Place. Ensure the work of DTNI is recognised as central to the delivery of Dfc's strategic plan 2020125. 'Building Inclusive Cornmunities.. Working with UK Partners Engage wilh Lo¢ality, DTAS & DTAW and UK support partners to ensure that VCSE organisations are actively supported to advan their InteSt in the Department for Levelling-up. Housing & Communilie5. Community Ownership Fund. Provide development support to assist organisath)ns in the preparation of business case for submission to the Community Ownership Fund. Lobby fc* an Nl cmUnIty Ownership Fund (capiial and revenue) for VCSE rxganisations. Working with Independent Trusts & Foundations Engage with local government to explore common interests around wealth buikling, locaj economy, and communty rights. Engage rnembers to ensure their development issues and support needs are accurately captured and presented to local and central government and other relevant stakeholders. Oevetop a new digital civic participation engagement platfonn for members of DTNI. Additionally. we agreed to: Devdop new support programme5 With the UK Development Tw5t Netwofks." Buikrf the Developrnent Trust NeOrk in Nl. Share our Llevelopment model with Civic organisations in the Republic of Ireland." Lobby for an Nl Communty Rights and Empowerment Act. Represent member interests on the Joint Forum. Advocate for policy & programme support on Mmunity led hwsing.
Page 8 Development Trusts (Nl) Limited Company Limited by Guarantee Trustees, Annual Report {Incorporating the Directorfs Report) (contlnuad) Year ended 31 March 2023 Trnstees. responsibilitles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees. report and the financial ststemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Accepted Accounting Practice). Company law requi5 the charity trusiee5 to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable cornpany and the incoming resources and application of sourCes. including the income and expenditure, for Ihat period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them conststently: obsepie the methods and principles in the applicable Charities SORP: make judgments and accounting estimates that are reasonable and pwdent., prepare Ihe financial statements on the going concern basis unless rt is inappropriate to presume that the charity will continue in business.
Page 9 Development Trusts (Nl) Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directoes Report) (c*)ftdrtu8d) Year ended 31 March 2023 The Irustees are responsible for keeping adequate acwunting records that are sufficient to sht)w and explain the charity's transactions and disclose with reasonable accuracy at any tirne the financial position of the charity and enable them lo ensure that the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguarding ihe assets of the charity and hence for iaking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of Ihe persons who is a trustee at the date of approval of this report confimis that.. so far as Ihey are aware, there is no relevant audit information of whlch the charity's auditor is unaware; and they have taken all steps that Ihey ought lo have laken as a trustee to make themselves aware of any relevant audit infomiatton and to establish thal the charity's auditor is aware of thal information. The auditor is deemed to have been re-appointed in accordance with secfion 487 of the Companies Act 2006. Small company provisions Thi5 report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 9 October 2023 and signed on behalf of the board of trustees by: Mr B O'Neill Trustee
Page 10 Development Trusts (Nl) Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Development Trusts (Nl) Limited Year ended 31 March 2023 Opinion We have audited Ihe financial statements of Development Trusts (Nl) Limited {the 'charty') for the year ended 31 March 2023 vthich comprise the slaternenl of financial activities (including income and expenditure account). statement of financial position and the lated notes. including a summary of significant accounting policies. The financial reporting framework thal has been applied in Iheir preparation 15 appltcable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland {Untled Kingdom Generalty Accepted Accounting Practice). In our cyinion the financial stalernents: give a true and fair view of the state of the charivs affairs as at 31 March 2023 and of its incoming resources and application of SoUrces, including its income and expenditure, for Ihe year then ended: have b&n properfy prepared in accordance with Unrled Kingdom Generally Accepted Accounts'ng Practice: have been prepared in accordance wilh the requirements of the Companies Act 2006. Basis for opinion We conducted our audtt in accordance with International Standards on Audiiing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further descJibed in the auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charty in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe ihat the audit evidence we have oblained is sufficient and appropriate to provide a basts for our opinion. Concluslons relating to golng concem In auditing the financial statements. we have concluded thal Ihe trustees, use of Ihe going cortern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertainties relaling lo events or conditions thal. irtdividually or wllectively. may cast srgnrficant doubt on the chaiity's abilty to continue as a going ccncem for a period of at least tsvelve rnonths from when Ihe financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are descnbed in the relevant sedions of this report.
Page 11 Development Trusts (Nl) Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Development Trusts (Nl) Lim ited (conrlnu8dJ Year ended 31 March 2023 Other information The other infomption comprises the infomation included in the annual report. other than the financial statements and our auditorfs report thereon. The trustees are resp0Tr5ble for the other information. Our opinion on the financial statements does not cover Ihe other infomiation and. except to the extent otherwise explKitly stated in our report. we do not express any fonn of assurance conclusion thereon. In connection wilh our audit of the fsnancial statements. our pOnSIbl[ty is to read the other information and. in doing so. consider whether the other infumation is materially inconsistent with the financial statemenls or our knowledge obtained in the audit or othepwise appears to be materialty misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a malerial misstatement of the other infomation. If, based on the work we have performed. we conclude thal there is a material misslaternent of this other iDfcKmation, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters pyescrfbed by the Companies Act 21X)6 In our opinion. based on the th undertaken in the course of the audit: the infomation given in the tfUStees' report for the financial year for which the financial statements are prepared is wnsistent with the financial staternents; and the trustees, report has been prepared in accordance with applicable legal requirement5. Matters on whiGh we are required to report by exception In Ihe light of the knowledge and undet51anding of the charity and ts environment obtained in Ihe course of the audit. we have not identifred material rnisstatements in Ihe trustees, report. We have nothing to report in respect of the following matters in relalion to which the Companies Acl 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from braThches not visited by us: or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of tnjstees. remuneralion specified by law are not made: or we have noi r1Ved all the infomiation and explanatkons we require for our audit: or the trustees were not enlitled to prepare the flnancial statements in accordance with the small companies regwne and take advantage of ihe small companies, exemptions in preparing the directors. report and from the tequirement to prepare a strategic repo
Page 12 Development Trusts (Nl) Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Development Trusts (Nl) Limited (conllnueo) Year ended 31 March 2023 Responsibilities of trustees As explained more fulty in the trustees. responsibilities statement. the trustees {who are also the dwectors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair view, and for such intemal ¢trol as the trustees detemiine is necessary to enable the preparation of financial stalernents thal are free from mateftal misstatement, whether due to fraud or error. In pparIng Ihe financial statements. the Irustees a responsible for assessing the charily's ability to continue as a going concern. disclosing, as applicable. matters related to going concern and using the going concern basis of accountiry unless the trustees either intend to liquidate the charity or to cease operations. or have no fealistic altemative but to do so. Auditorfs responsibilities for Ihe audit of the financial statements Our objectives a to obtain aSonable assuran aboui whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an audilorfs report that includes our opini¢Jn. Reasonable assurance is a high level of assuran. bui is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaternent when it exists. IAisstalements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economi decisions of users taken on the basi5 of these financial statements. Irregularities. including Iraud, are instances of non-ccrfnpliance with kws and regulations. We design procedures in line with our responsibililies, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are Gapable of detecting irregularities. including fraud is detailed below: As part of the audit process we obtained an understanding of the legal and regulatory framewoTk applicable to the entity. being FR102. Ccrtnpanies Act 2006 the UK taxation regime and compliance with regulations in relation to the Coronavinjs Jobs Retention Scheme and the Coronavirns Business Interruption Scheme. In addition, we assessed the risks of material fraud through enquires with management and those charged with corporate governance and anatytical prOdureS were used to assess any unusual or unexpected relationships. As wilh all Organisatn of this srze. there remains an inherent diffufty in the detection of irregularitie5. A further description of our responsibilities for the audit of financial stslements is located on Ihe FRC'S website at wNvw.fr¢.org.uklaudiiorsresponsibilities As part of an audit in aGcordanGe with ISAS (UK}. we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risk5 of material misstatement of the financial sL*ements. whether due to fr8ud or error. design and perfonn audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a rnaterial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions. misrepresentations, or the override of intemal Control. Obtain an understanding of internal control relevant to the audit in order to desb3n audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinvjn on the effectiveness of the internal contiol.
Page 13 Development Trusts (Nl) Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Developrnent Trusts (Nl) Limited (conunuerfj Year ended 31 March 2023 Evaluate the appropriateness of accounting polt¢ies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the Irustees, use of the going eon¢em basis of accwnling and. based on the audit eviden obtained, whether a rnalerial uncertainty exists related lo events or conditions that may cast signifant doubt on the charily's ability to continue as a going concern. 11 we wnclude that a material uncertainty exisis. we are required lo draw attention in our auditorfs report to the related disclosures in the financial slaternents oi. rf such disdosures are inadequate. to modify our opinion. Our conclusions a based on the audit evidence obtained up to the date of our aud[1$ report. However. future events or condition5 rnay cause the charity to tta5e to continue as a going ¢oncern. Evaluate Ihe overall presentation. structure and con18nt of the financial statements. induding ihe disclosures. and whether the finan¢5al statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters. the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audil. Use of our report This report is made Sokly to the charitrfs rnembers, as a body. in accordance with Chapter 3 of Part 16 of the Companies Ad 200S. Our audit work has been undertaken so that we Might stste lo the charity's members those matters we are required to stale lo them in an audiiorfs report and for no other purpose. To the fullest exlent pennitted by law. we do not accept or assume responsibilty to anyone other than the charty and the tharity's members as a body. for our audit work. for thi5 report. or for the opinions have fomed. Elaine Mulholland (Senior Statutory Auditor) For and on behalf of Johnst¢)n Graham Limited Chartered accountants & statutory auditor 2161218 Holywood Road Bellast BT4 1PD 9 Oclober 2023
Page 14 Development Trusts (Nl) Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure accounti Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Nots Income and endowments Charitable activities Other trading activities Olher income 25,000 7.200 29.414 61.674 340,665 365,665 7,200 29,414 402,279 443.334 22.569 49,964 Total income 340.665 515.867 Expenditure Expenditu on charitable activities Total expenditure 32.089 309.409 341.498 424,264 32,089 309,409 341,498 424.264 Net income 29.525 31.256 60,781 91.603 Transfers between funds 52.777 (52.777) Net movement In funds 82,302 (21.521) 60,781 91,603 Reconciliation of funds Total funds brought fop¥vard Tolal fvnds carried fOrard 183.318 80.887 264.205 324.986 172.602 264.205 265,620 59.366 The statement of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from conlinuing activities. The not98 on pages 16 to 23 fom) part ¢1 IhoB& flnanclal ststements.
Page 15 Development Trusts (Nl) Limited Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 13 5.024 7.173 Current assets Debtors Cash. at bank attd in hand 14 62.325 294.791 129,703 213,464 343.167 357,116 Creditors: amounts falling due within one year Net current assets 15 37.154 86,135 257,032 264.205 319,962 Total assets less current liabilities 324.986 Net assets 324.986 264.205 Funds of the charlty Restricted funds Unrestricted funds 59.366 265,620 324.986 80,887 183,318 Totsl charity funds 16 264,205 These financial siatemenls have been prepared in aCrdan with the provision5 applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 9 October 2023. and are signed on behaw of the board by: Mr B O'Neill Trustee Tha notos on pages 16 to 23 fonn part of theso flnanctsl 8tstomonts.
Page 16 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefrt entty and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is Cathedral Quarter Managed Work Space, 109-113 Royal Avenue, Belfast. BT11FF. Statement of Compliance These financial staiements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stand8rd applicable in the UK and Republic of Ireland (FRS 102) {Charitie8 SORP (FRS 102)) and the Companies Act 2006. Accountlng policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and inve5trnent propertie5 measured at fair value through Tncome or expenditure. The financial statements are prepared in sterling. which ts Ihe functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the arnounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, includin9 expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds a available for use at the discretion of the trustees to further any of Ihè charity's purposes. Designated funds a unrestricted funds earniarked by the tru5tee5 for particular future project oi commilment. Reslricted funds are subjected to restrictions on their expendilure dedared by the donor or through the terms of an appeal, and fall into one of Iwo sub<lasses'. reslricted incorne funds or endowrnent fund5.
Page 17 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (¢ondnued) Year ended 31 March 2023 Accounting policies fcontlnuedj Incoming resources All incoming resources are included in the Statement of financial activities when entttlement has passed to the charity.. it is probable that the economic benefrts associaled with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income- incorne frorn donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be rneasured reliab. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impraclical to measure reliably, in which case the value is derived from the ¢ost to the donor or Ihe estimated resale value. Donated facilities and services are iecognised in the accounls when received rf Ihe value can be reliably measured. No amounts are included for the contribulion of general volunteers. income from contracts for the supply of services is recognised wtth the delivery of the contracted service. This is classffjied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case rt may be regarded as festricted. Resources expended Expenditure is recognised on an acctuals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered. and is dassified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, rK)n-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charty in undertaking activities that further its charitable aims for the ber¢efil of its benefriaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activilies. olher expenditure includes all expenditure Ihat 15 neither related lo raising funds for the charity nor part of its expenditure on charltable aclivities. All costs are allocated to expenditure categories reflecling the use of Ihe resource. Direct costs attributable to a single activity are allocated directly to thal activity. Shared costs are apportioned belween the aclivtties they contribute to on a reasonable. juslifiable and consistent basis. Tangible assets All fixed assets are initially recorded at cost.
Page 18 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (ntInu*d) Year ended 31 March 2023 Actounting policies (conilnued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less tls residual value. over the useful economic lrfe of that asset as follows- Fixtures, fittings and equipment 25èA. straight line Impalrment of fixed assets A review for indicators of impainnent is carried oul at each reporting date. with the recoverable arnount being estimated where such indicators exist. Where the caryillg value exceeds the recoverable 8mount. the asset is impaired arxordingly. Prior impaimients are also reviewed for possible reversal at eaGh reporting date. For the purposes of irnpairment testing, when it is not P055ible to estimate the recoverable arnount of an individual asset, an estirnate is made of the recoverable amounl of the cash-generating unit lo which the asset belongs. The cash4Jeneraling unit is the smallest idenlifiable group of assets that indudes the asset and generates cash Inflows that largely independent of the cash inflows from other assets or groups of assets. For impaimient testing of goo¢)111. the gt)odwill acquired in a business combinalion is, from the acquisition date, allocated to each of the cash-generating units Ihat are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnancial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the iftstNment. Basi¢ financial instruments are initially recognised at the amount receivable or payable induding any related transaction costs. Current assets and current liabilitie5 are subsequenlly measured at the cash or other consideration expected to be paid or re)Ved and not dtscounted. Debt instnjments are subsequently measured at amortised cost. Where invesiments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All olher such investments are subsequently measured at cost less impaimienL Other financial instruments, including derivatives. are initially recognised at fair value. vnless payment for an asset is deferred beyond nomial business terms or financed at a rate of interest that is not a market rate, in which case the asset 15 measured at the present value of the future payrnenls discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designaied hedging relalionship.
Page 19 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Ststements (¢ontlnuedJ Year ended 31 March 2023 Accountlng pollcles (¢ontlnueo) Flnanclal Instruments (¢ontlnued) Financial asset5 that are measured at cost or amortised Cost are rwrfiewed for objective evidence of impaiment at Ihe end of each reporting date. If Ihere is objeGtive evidence of impairmenl. an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the inilial gain was reGognised. For all equity instruments regardless of sigftlfanCe, and other financial assets that are individually significant. Ihese are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis ol similar credbt risk characleristics. Any reversals of impaim)ent are recognised irnmedialely, lo the extent that the ieversal does not result in a ¢arrying amount of the financial asset thal exceeds what the ¢arying amount would have been had the impainnent not pvIOuslY been regnIsed. Llmited by guarantee The company is limited by guarantee and has no authorised or issued share capital. The company has charitable status accepted by the Charity Commission for Northern Ireland under reference NIC102489. Charitable activities Unrestricted Funds Restricted Totsl Funds Funds 2023 Grants- DFC Friends Providenl Joseph Rowntree Community Wealth Community Foundation SUNSE Rank Other 25.000 152.663 177,663 49.582 102,995 12.425 49.582 102.995 12,425 20,000 3,000 340.665 20,000 3,000 365,665 25.000 Unrestricted Funds Restricted Total Funds Funds 2022 Grants - DFC Friends Providenl Joseph Rowntree Community Wealth Communty Foundation SUNSE Rank 9,721 147.941 14,608 16,250 79.499 49.701 125.614 157.662 14.608 16,250 79,499 49,701 125,614 9.721 433,613 443.334
Pagè 20 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (eontlnued) Year ended 31 March 2023 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fees Membership 22,494 75 22.494 75 7,200 7,200 7,200 7,200 22.569 22.569 Othew income Unrestricted Funds Re5lricted Total Funds Funds 2023 Other income 29.414 29,414 UnrestriGted Funds Restricted Total Funds Funds 2022 Other income 44,964 5,000 49,964 Expenditure on charltable activitles by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Project costs Support Costs 3,583 25,992 2.514 32.089 188,750 102,787 17,872 309,409 192,333 128,779 20,386 341,498 Unrestricted Funds Restricted Total Funds Funds 2022 Wages and salaries Project costs Supp¢rt costs 156.383 246.082 15,312 156.383 252,326 15,555 424.264 6,244 243 6,487 417,777 Expenditure on charitable activlties by actlvlty type Acttvities undertaken Total funds dwectly 2023 Total fund 2022 Wages and salaries Projed costs Support CDSIS 192.333 128,779 20,386 341.498 192,333 128,779 20,386 341,498 156,383 252,326 15.555 424.264
Page 21 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 10. Net in¢ome Net income is stated after chargiW(crediiing): 2023 2022 Depreciation of tangible fixed assets 3.099 2.488 11. staff costs The total staff costs and ernployee benefits for the reporting period are anased as follows: 2023 2022 Wages and salaries 192,333 156.383 The average head count of employees during the year was 3 (2022: 3). The average nurnber of full-lime equivalent employees during ihe year is analysed as follows: 2023 2022 No. Number of administrative staff No employee receNed employee benefits of more than £60.000 during the year (2022: Nil). 12. Trustee remuneration and expenses No Irustees receÈved remuneration or other benefrts through employment with Ihe charity. 13. Tangible fixed assets Equipment Totsl Cost Al 1 April 2022 AdlOnS 13.058 950 13.058 950 At 31 March 2023 14.008 14.008 Depreciation At 1 Aprd 2022 Charge for the year At 31 March 2023 5,885 3.099 5.885 3,099 8.984 11.984 Carrying amount At 31 March 2023 5.024 5.024 At 31 March 2022 7.173 7.173 14. Debtors 2023 2022 Grdnt debtor 62.325 129.703
Pag8 22 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements {conllnu•d) Year ended 31 March 2023 15. Creditors: amounts falling due within one year 2023 2022 Trade eredrf(ors Accruals and deferred income Social security and other taxes 30,442 258 6,454 37.154 86.135 86,135 16. Analys55 ol charilable funds Unrestricted funds At 31 March 202 At 1 April 2022 Income Expenditure Transfers General funds 183.318 61,614 (32,089) 52.777 265.620 At 31 March 202 At 1 April 2021 Income Expenditure Transfers General funds 112,551 77.254 (6,487) 183.318 Restricted funds At 31 March 202 At 1 April 2022 Income Expenditure Transfers Restricted Funds 80.887 340.665 (309.409) {S2,777) S9,366 At 31 March 202 At 1 April 2021 Income Expenditure Transfers Restricted Funds 60.051 438.613 (417.777) 80,887
Page 23 Development Trusts (Nl) Limited Company Limited by Guarantee Notes to the Financial Statements (19) Year ended 31 March 2023 17. Analysis of net assets between funds Unrestricted Funds Restrthd Total Funds Funds 2023 Tangib fed assets Current assets Creditors less than 1 year Net assets 310 302.464 (37,154) 265.620 4.714 54.652 5.024 357.116 (37.154) 324,986 59.3e6 Unrestricted Funds Restricted Total Fund$ Funds 2022 Tangible red assets Current assets Creditors less than 1 year Net assets 1.977 267.476 {86,133) 183.320 5,196 75,691 7,173 343.167 (86,133) 264.207 80.887