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
## **Parties involved with this document**
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