Company registration number: NI605197 Charity registration number: 102489
Development Trusts (NI) Limited
(A company limited by guarantee)
Financial Statements Financial Statements
31 March 2024
Development Trusts (NI) Limited
Reference and Administrative Details
Trustees Brian O'Neil Nigel John Kinnarid John Colm Meehan Andrew Garden Tough Liam Bernard O'Hagan Edward Francis McGoldrick Fintan Michael McAliskey Margaret Jean Patterson-McMahon Charity Registration Number 102489 Company Registration Number NI605197 Registered Office Cathedral Quarter Managed Workspace 109-113 Royal Avenue Belfast BT1 1FF Auditor RBCA Limited Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG
Page 1
Development Trusts (NI) Limited
Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account)
| Note Income and Endowments from: Charitable activities 4 Other trading activities 5 Other income 6 Total income Expenditure on: Expenditure on charitable activities 7 Total expenditure Net income Reconciliation of funds Total funds brought forward Total funds carried forward 13 |
Unrestricted funds £ - 8,925 53,996 62,921 (34,702) (34,702) 28,219 265,620 293,839 |
Restricted funds £ 434,160 - - 434,160 (354,999) (354,999) 79,161 59,366 138,527 |
Total 2024 £ 434,160 8,925 53,996 497,081 (389,701) (389,701) 107,380 324,986 432,366 |
Total 2023 £ 365,665 7,200 29,414 |
|---|---|---|---|---|
| 402,279 | ||||
| (341,498) | ||||
| (341,498) | ||||
| 60,781 264,205 |
||||
| 324,986 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The funds breakdown for 2023 is shown in note 13.
The notes on pages 16 to 24 form an integral part of these financial statements. Page 14
Development Trusts (NI) Limited
(Registration number: NI605197) Balance Sheet as at 31 March 2024
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets Net assets Funds of the charity: Restricted funds Unrestricted funds Total funds 13 |
2024 £ 6,673 126,478 347,952 474,430 (48,737) 425,693 432,366 138,527 293,839 432,366 |
2023 £ 5,024 62,325 294,791 |
|---|---|---|
| 357,116 (37,154) |
||
| 319,962 | ||
| 324,986 | ||
| 59,366 265,620 |
||
| 324,986 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements on pages 14 to 24 were approved by the trustees, and authorised for issue on ....................08 Nov 2024 and signed on their behalf by:
......................................... Brian O'Neil Trustee
The notes on pages 16 to 24 form an integral part of these financial statements. Page 15
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
1 General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Cathedral Quarter Managed Work Space, 109-113 Royal Avenue, Belfast, BT1 1FF.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these 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 charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Development Trusts (NI) Limited 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
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 amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity’s purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Page 16
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Incoming resources
Reources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
• expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of its beneficiaries, including thôse support costs and costs relating to the governance of the charity apportioned to charitable activities.
• other expenditure includes all expenditure that is neither related to raising funds for the charity nor paA of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Tangible fixed assets
All fixed assets are initially recorded at cost.
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:
Page 17
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment - 25% straight line Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicstors exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that 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.
Cash and cash equivalents
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 change in value.
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 classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 18
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
Financial instruments
Debt instruments
Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.
3 Limited 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.
Page 19
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
4 Income from charitable activities
| Income from charitable activities | |||
|---|---|---|---|
| Grant - DFC Joseph Rowntree Community Wealth Rank Other Charitable |
Restricted funds £ 164,045 50,000 176,500 43,615 - 434,160 |
Total 2024 £ 164,045 50,000 176,500 43,615 - 434,160 |
Total 2023 £ 177,663 49,582 115,420 20,000 3,000 |
| 365,665 |
| 5 Income from other trading activities Trading income Membership 6 Other income Unrestricted Funds £ Other income 53,996 |
Unrestricted funds General £ 8,925 8,925 Restricted Funds £ - |
Total funds £ 8,925 8,925 Total Funds 2024 £ 53,996 |
Total 2023 £ 7,200 |
|
|---|---|---|---|---|
| 7,200 | ||||
| Total Funds 2023 £ 29,414 |
||||
Page 20
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
7 Expenditure on raising funds
| Note Trading costs Project costs Wages and salaries Support costs |
Unrestricted funds General £ 12,432 20,995 1,275 34,702 |
Restricted funds £ 156,305 178,019 20,675 354,999 |
Total 2024 £ 168,737 199,014 21,950 389,701 |
Total 2023 £ 128,779 192,333 20,386 |
|---|---|---|---|---|
| 341,498 |
8 Staff costs
Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 199,014 | 192,333 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| Number of administrative | staff | 6 | 4 |
No employee received employee benefits of more than £60,000 during the year.
Page 21
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Tangible fixed assets
| Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 11 Debtors Grant debtors Debtors includes receivable after more than one year. 12 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Accruals |
Furniture and equipment £ 14,008 4,203 18,211 8,984 2,554 11,538 6,673 5,024 2024 £ 126,478 2024 £ 37,705 9,805 1,227 48,737 |
Furniture and equipment £ 14,008 4,203 18,211 8,984 2,554 11,538 6,673 5,024 2024 £ 126,478 2024 £ 37,705 9,805 1,227 48,737 |
Total £ 14,008 4,203 18,211 8,984 2,554 11,538 6,673 5,024 2023 £ 62,325 |
|
|---|---|---|---|---|
| 18,211 | ||||
| 8,984 2,554 |
||||
| 11,538 | ||||
| 6,673 | ||||
| 5,024 | ||||
| 2024 £ 126,478 2024 £ 37,705 9,805 1,227 48,737 |
||||
| 2023 £ 30,442 6,454 258 |
||||
| 37,154 |
Page 22
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
13 Analysis of charitable Funds
| Unrestricted funds General Restricted funds Total funds Unrestricted funds General General Restricted funds DFC Joseph Rowntree Rank Foundation Civic Innovation Fund Community Wealth Total restricted funds Total funds Unrestricted funds Unrestricted funds General Restricted funds Total funds |
Balance at 1 April 2023 £ Incoming resources £ Resources expended £ Balance at 31 March 2024 £ 265,620 62,921 (34,702) 293,839 59,366 434,160 (354,999) 138,527 324,986 497,081 (389,701) 432,366 Balance at 1 April 2023 £ Incoming resources £ Resources expended £ Balance at 31 March 2024 £ 265,620 62,921 (34,702) 293,839 342 164,045 (164,045) 342 38,817 50,000 (61,830) 26,987 12,363 43,615 (34,684) 21,294 7,844 - (7,844) - - 176,500 (86,596) 89,904 59,366 434,160 (354,999) 138,527 324,986 497,081 (389,701) 432,366 Balance at 1 April 2022 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 March 2023 £ 183,318 61,614 (32,089) 52,777 265,620 80,887 340,665 (309,409) (52,777) 59,366 264,205 402,279 (341,498) - 324,986 |
Balance at 31 March 2024 £ 293,839 138,527 |
Balance at 31 March 2024 £ 293,839 138,527 |
|---|---|---|---|
| 432,366 | |||
| Balance at 31 March 2024 £ 293,839 342 26,987 21,294 - 89,904 |
|||
| 138,527 | |||
| 432,366 | |||
| Balance at 31 March 2023 £ 265,620 59,366 |
|||
| 324,986 |
Page 23
Development Trusts (NI) Limited
Notes to the Financial Statements for the Year Ended 31 March 2024
14 Analysis of net assets between funds
| 14 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ - 342,576 (48,737) 293,839 Unrestricted funds General £ 310 302,464 (37,154) 265,620 |
Restricted funds £ 6,673 131,854 - 138,527 Restricted funds £ 4,714 54,652 - 59,366 |
Total funds at 31 March 2024 £ 6,673 474,430 (48,737) |
| 432,366 | |||
| Total funds at 31 March 2023 £ 5,024 357,116 (37,154) |
|||
| 324,986 |
Page 24
Issuer RBCA Ltd Document generated Fri, 8th Nov 2024 17:12:47 GMT Document fingerprint a73116abe5d1560c9bcb670d9f3dfda9
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