Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Consolidated Statement of Financial Actlvitie5 For the year ended 30th September 2022 Unrestrlcted Restricted Funds Funds Total 2022 Total 2021 Notes Income from: Donations and legacies Charitable Activities Other Trading Activities - rental income Investment Income 30,000 31,892 557,997 178 30,000 170,690 557,997 178 138,798 245,847 474,684 255 Total Income 620,067 138,798 758,865 720,786 Expenditure on., Charitable Activities Total Expendlture 819 499,796 499,796 138,798 138.798 638,594 638,594 577,598 577,598 Net Income/{Expendlture) 120,271 120,271 143,188 Transfers Between Funds Unrealised galn on revaluation of fixed assets 11 263,000 263,000 795,896 Net Movement In Funds 383,271 383,271 939,084 Reconclllatlon of Funds Total Funds Brought Forward 16117 4,249,313 4,249,313 3,310,229 Total Funds Carried Forward 4,632,584 4,632,584 4.249.313 The notes on pages 27- 44 form part of these financial statements. The result5 relates to continuing activities. The company has no recognised gains and losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented. 22
Local Economlc Development Company (LEDCOM) Limited Company Llmlted By Guarantee Statement of Flnanclal Activities For the year ended 30th September 2022 Unrestricted Funds Restricted Funds Total 2022 Total 2021 Notes Income from: Donations and Le8acie5 Charitable Activitie5 Other Trading Activities - rental income Investment income 30,000 31,892 557,997 178 30,000 170,690 557,997 178 138,798 245,847 472,184 255 Total Income 620,067 138,798 758,865 718.Z86 Expenditure on: Charitable Activities Total Expenditure 819 499,228 499,228 138,798 138,798 638,026 638,026 573,612 573,612 Net In¢ome/{expendlturel 120,839 120,839 144,674 Transfers 8etween Funds Unrealised gain on revaluatlon of fixed assets li 263,000 263,000 795,896 Net Movement in Funds 383,839 383,839 940,570 Reconciliation of Funds Total Funds Brought Forward 4,286,094 4,286,094 3.345,524 16117 Total Funds Carried Forward 4,669,933 4,669,933 4,286,094 The notes on pages 27 - 44 form part of these financial statements. The results relates to continuing activities. The company has no recogni5ed gains and losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented. 23
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Consolidated Statement of Financial Position For the year ended 30th September 2022 2022 2021 Notes Fixed assets Tangible Assets li 4,132,378 3,845,982 Current assets Debtors Cash at Bank and in Hand Total Current Assets 13 110,106 96,311 1,082,674 1,045,336 1,192,780 1.141,647 Liabilltles Creditors: Falling due within one year 14 1233,954) (157,547) Total Assets less Current Llabilities 5,091,204 4,830,082 Creditors.. Falling due more than one year 14 1458,620) (580,7691 Net assets 4,632,584 4.249,313 Funds employed Restricted Funds Unrestricted Funds- General Unrestricted Designated Funds- Economic Assets 17 16 16 589,012 500,813 4,043,572 3,748,500 4,632,584 4,249,313 The financial statements were appro behalf by: and authorised for issue by the Board and were signed on its Director Date: qli?IIL J E Somerville Director Date: qlITII Company Registration.. N1018438 The notes on pages 27 - 44 form part of these financial statements. The results relate5 to continuing activities. 24
Local Economic Development Company {LEDCOM) Limited Company Limited By Guarantee Statement of Financial Position For the year ended 30th September 2022 2022 2021 Fixed assets Tangible Assets li 4,132,378 3,845,982 Current assets Debtors Cash at Bank and in Hand Total Current Assets 13 143,561 129,666 1,082,177 1.044,371 1,225,738 1,174,037 Llabllltles Creditors: Falling due within one year 14 1229,563) (153,156) Total Assets less Current Liabilitles 5,128,553 4,866,863 Creditors: Falling due more than one year 14 1458,620) (580,7691 Net assets 4.669,933 4,286,094 Funds employed Restricted funds Unrestricted Funds- General Unrestricted Designated Funds - Economic Assets 17 16 16 626,361 537,594 4,043,572 3,748,500 4.669,933 4,286,094 25
Local Economic Development Company (LEDCOM) Limlted Limited By Guarantee Consolidated statement of cash flows For the year ended 30th September 2022 2022 2021 Notes Cash used in Operating Artivities 22 156,089 161,027 Cash flows from Investln8 Artivities Interest Income Interest Paid Purchase of Tangible Fixed Assets Cash provlded by {used inl Investing Activities 178 255 16,875) {1,0731 146,9221 166,5771 {53,619) (67,395) Cash flow5 from Flnanclng Activities: Cash used In Financing Activities Increase/(decrease) In Cash and Cash Equivalents in the year 102,470 93.632 Cash and Cash Equivalents at the beginning of the year 395,336 301,704 Cash and Cash Equivalents at the end of the reporting perlod 23 497.806 395.336 26
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 l) Accounting Pollcies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basis of preparation 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 IFRS 102) (effective l January 20191- Icharities SORP (FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companles Act 2006. Local Economic Development Company {LEDCOM) Limited meets the definition of a public benefit entity under FRS 102. bl Preparation of the accounts on a going concern basis The trustees are of the opinion that the charity is a going concern due to the level of free reserves in the consolidated group in place and the funding secured moving forward. cl Income Activitiesfor generating funds - rental and sundry income Rental income is received from tenants of the enterprise park. This is included in the Statement of Financial Activities when receivable. rraining, service level agreements & community support programmes income Income is received from various bodies in relation to furtherance of their objectives on an accruals basis. Grants Revenue grants are credited to incoming resources on the earlier date of when they are recelved or when they are receivable, unless they relate to a speclfied future period, in which case they are deferred. Investment income Income from investments is included, together with the related tax credits, In the Statement of Financial Activities on an accruals basis. d) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this 15 normally upon notification of the interest paid or payable by the Bank. 27
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 l) Accounting Pollcies- (continued) e) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a ba515 con51stent with use of the resources. Charitable activities These costs include dlrect expenditure relatin8 to economic development and expenditure in admlnlstratlon of the group. Irrecoverable VA T Any irrecoverable VAT is charged to the Statement of Financial Activities, or capitali5ed a5 part of the cost of the related asset, where appropriate. Pension costs The group contributes to a defined contribution scheme on behalf of certain employees. The assets of the scheme are held separately from those of the group in an independently administered fund and contributions are charged to the Statement of Financial Activities in the period to which they relate to. Governance costs Governance costs include those incurred in the governance of its assets and are associated with constitutional statutory and strategic requirements. fl Fund accounting The group has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows: Restrictedfunds Restricted fund5 are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overhead and support costs. Generalfund5 General funds are donations and other incoming resources received or generated which are expendable at the discretion of the cha rity i n the furtherance of its objectives. Designatedfunds Designated funds comprise capital grants that have been expended for their restricted purpose. 28
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 l) Accounting Policies- (continued) g} Operating leases Where assets are acquired under finance leases, the capital element of the asset is included in fixed assets and amortised over the life of the asset. The outstanding capital element of the leasing obligation is included in cred itors falling due. The interest element is written of over the prima ry period. All other leases are accounted for a5 operating leases and the rental charges are charged to the statement of financlal activities on a straight line basis over the life of the lease. h) Investments Investments in subsidiary undertakings are stated at cost, but are written down to their realisable value if it is considered that there has been an impairment. il Tangible fixed assets Depreciation is calculated to write off the original c05t less the expected residual va lue of the assets over their estimated useful lives at the following annual rates:_ Plant and equipment Office equipment Motor Vehicles 10 - 20% straight line 15% straight line 25% straight line Revalued investment propertles are not depreciated. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indlcate the carrying value may not be recoverable. j) Debtors Trade and other debtor5 are recognised at the settlement amount due after any trade dlscount offered. Prepayments are valued at the amount prepaid net of any trade discount5 due. kl Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposit or similar account. 11 Creditors and provi5ion5 Creditor5 and provisions are recognised where the charity has a present obligation resulting from past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 29
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 l) Accounting Pollcies- (continued) ml Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument, Financial assets and liabilities are offset, the net amounts are presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis of to realise the asset and settle the liability simultaneously. Basic financial assets Basic financlal assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amort15ed 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. Financlal assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instruments 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 subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services 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 a5 non current liabillties. Trade creditors are recognised Inltlally at transaction price and subsequently measured at amortised cost using the effective Interestmethod. Derecognition of financlal liabilities Flnancial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. o) Critical accounting estimates and judgements In the application of the Charity'5 accounting policie5, the Trustees are required to make judgements, estimates and a55umptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumption5 are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 30
Local Economic Development Company {LEDCOM} Limlted Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 l) Accountlng Policies- (continued} o) Critical accounting estimates and judgements ctd... The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. p} Basis of consolidation In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets glven, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of business combination over the fair value of the identifiable assets, liabil ities a nd contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent conslderation that is probable and can be measured reliably, and is adjusted for changes in conti ngent consideration after the acquisition date. Provisional fa ir va lues recognised for business com binations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. The consolidated financial statements incorporate the financial statements of the subsidiary companies listed in note 11 as at 30 September 2022.li.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. Where necessary, adjustments are made to the financial statements of subsldlarles to bring their accounting pollcles In line with the group's accounting pollcles. All intra-group transactions, balances and unrealised gains on transactlons between group companles are eliminated on con501idation, Unrealised losses are also eliminated unless the transactions unless the transaction provides evidence of an impairment of the asset transferred. 31
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 2. Results for the year Group 2022 Company 2022 2021 2021 This is stated after charging: Staff costs (note 31 Audit fees Depreciation 322,527 308,837 322,527 308,837 7,540 7,250 7,540 7,250 23,526 27,011 23,526 27,011 Indemnity insurance for the Trustees was purchased by the charity during the year amounting to £917 (2020: £675) 3. Employee Information Group 2022 Company 2022 2021 2021 Wages and salaries Social security costs Other pension costs 247,899 241,460 247,899 241,460 21,242 20,439 21,242 20,439 53,386 46,938 53,386 46,938 322,527 308,837 322,527 308,837 The average number of persons employed by the company (excluding Directors) during the year was as follows: Group 2022 Company 2022 2021 2021 Charitable 3Ctivltles 10 io No employee falls in emoluments in the band £60,000-£69,999 excludlng employer pension contributions {2021.. 0). One employee falls In emolument5 in the band £70,000-£79,999 excluding employer pension contributions (2021,, 11. The total employee benefits of the key management personnel of the Group was £191,047 (2021: £183,968}. Three charity trustees received payment for professional or other Services supplied to the charity totalling £704.2212021'. two totalling £498.59). 32
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 4. Donatlons and Legacies Group Company 2022 2021 2022 2021 Unrestritted Donations 30,000 30.000 30,000 30.000 5. Income from other tradln8 actlvltles Group Company 2022 2021 2022 2021 Unrestricted Rental income Services Income Buslness Consultancy & Sales 537.146 20,851 457,060 537,146 457,060 15,124 20,851 15,124 2,500 474,684 557,997 472,184 557,997 33
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 6. Income from Charitable Activities 2022 Total Unrestricted Restrlcted 2021 Grou Exploring Enterprise Go for it Co-lnnovate ASK/Amplify Klck Start Fresh Frontiers Wise Optimal Programme The Seed Formula Spark Department for Communlties Other Sundry income 33,503 37,296 14,183 17,118 33,503 37,296 14,183 17,118 33,918 35,271 16,590 12,265 10,957 18,771 11,222) 2,220 7,500 694 15,130 7,500 5,397 7,977 694 15,130 7,500 5,397 7,977 21.850 11,006 10,042 98,571 138,798 170,690 245,847 21,850 10,042 31,892 The 2021 total of £245.847 was split as £136,270 restricted and £109,577 unrestricted. 2022 Total Unrestricted Restricted 2021 Com an Exploring Enterprise Go for it Co-lnnovate ASK/Amplify Kick Start Fresh Frontiers Wise Optimal Programme The Seed Formula Spark Department for Communities Other Sundry income 33,503 37,296 14,183 17,118 33,503 37.296 14,183 17.118 33,918 35,271 16,590 12,265 10,957 18,771 (1,222) 2,220 7,500 694 15,130 7,500 5,397 7,977 694 15,130 7,500 5,397 7,977 21,850 11,006 10.042 98,571 170,690 245,847 21,850 10,042 31,892 138,798 The 2021 total of £245,847 was split as £136,270 restricted and £109,577 unrestricted. 34
Local Economic Development Company (LEDCOM) Limited Company Llmlted By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 7. Interest receivable Group Companv 2022 2021 2022 2021 Interest receivable 178 255 178 255 8. Charitable Activities Charltable Actlvltles 2022 Rental Servlces 2022 Charitable Activities 2021 Rental Services 2021 Total 2022 Total 2021 Grou Staff costs Programme Direct costs Advertising and marketing Bank and loan interest Establishment costs Depreciation Other costs Governance c05t5.' Professional and legal fees Audit & accountancy fees 64,701 59,086 10,071 257,826 322,527 59.086 10,071 6,875 161,935 23,526 34,426 71,223 51,033 11,209 237,614 308,837 51,033 11,209 1,467 111,991 27,011 35,713 6,875 161,935 23,526 29,486 1,467 111,991 27,011 32,908 4,940 2,805 7,539 12,609 499,796 7,539 12,609 638,594 16,148 14,189 441,328 16,148 14,189 577,598 138,798 136,270 Charltable Activltles 2022 Rental Services 2022 Charitable Activities 2021 Rental Services 2021 Total 2022 Total 2021 an Staff costs Programme Direct costs Advertising and marketing Bank and loan interest Establishment costs Depreciation Other costs Governance costs.. Professional and legal fees Audit & accountancy fees 64,701 59,086 10,071 257,826 322.527 59,086 10,071 6,708 161,572 23,526 34.401 71,223 51,033 11,209 237,614 308,837 51,033 11,209 1,322 111,663 27,011 32,213 6,708 161,572 23,526 29,461 1,322 111,663 27,011 29,408 4,940 2,805 7,539 12,596 499,228 7,539 12.596 638,026 16,148 14,176 437,342 16,148 14,176 573,612 138,798 136,270 35
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 9. Analysis of charitable actlvltles expenses Unrestrirted Restrirted 2022 2022 Total 2022 Unrestricted Restricted 2021 2021 Total 2021 Grou Staff costs Programme Direct costs Advertising and marketing Bank and loan interest Insurance Heat and Ilght Repairs Cleaning Rates Telephone Computer5 Depreciation Bad debt provision General Motor expenses Donations Governonce c05t5.' Professional and legal fees Audit & accountancy fees 257,826 64,701 59,086 10,071 322.527 59,086 10,071 6.875 11.865 48.466 56,715 3.574 9,717 17,208 3.752 23,526 10,638 29.486 4,940 237,614 71,223 51,033 11,209 308,837 51,033 11,209 1,467 10,561 24,263 31,945 3,697 4,091 16,559 3,031 27,011 17,844 29.408 2,805 3,500 6,875 11,865 48,466 56,715 3,574 9,717 17,208 3,752 23,526 10,638 29,486 1,467 10,561 24,263 31,945 3,697 4,091 16,559 3,031 27,011 17,844 29,408 4,940 2,805 3,500 7,539 12,609 499,796 7,539 12,609 638,594 16,148 14,189 441,328 16,148 14,189 577,S98 138,798 136,270 36
Local Economic Development Company ILEDCOM) Limited Company Llmlted By Guarantee Notes to the Financlal Statements For the year ended 30th September 2022 10. Analysis of charitable actlvltles expenses Unrestrlcted Restricted 2022 2022 Total 2022 Unrestricted 2021 Restricted 2021 Total 2021 Com an Staff costs Programme Direct costs Advertising and marketing Bank and loan interest Insurance Heat and Ilght Repairs Cleaning Rates Telephone Computers Depreciation Bad debt provision General Motor expenses Governonce c05t5." Professional and legal fees Audit & accountancy fees 257,826 64,701 59,086 10,071 322,527 59,086 10.071 6.708 11,502 48,466 56.715 3,574 9.717 17,208 3,752 23,526 10,638 29.461 4,940 237,614 71,223 51,033 11,209 308,837 51,033 11.209 1,322 10,233 24,263 31,945 3,697 4,091 16,559 3,031 27,011 17,844 29,408 2.805 6,708 11,502 48,466 56,715 3,574 9,717 17,208 3,752 23,526 10,638 29,461 1,322 10,233 24,263 31,945 3,697 4,091 16,559 3,031 27,011 17,844 29,408 4,940 2,805 7,539 12,596 499,228 7,539 12,596 638,026 16,148 14,176 437,342 16,148 14,176 573,612 138,798 136,270 37
Local Economic Development Company (LEDCOMI Limited Company Llmited By Guarantee Notes to the Flnanclal Statements For the year ended 30th September 2022 11. Tangible Fixed Assets Grou Freehold Property Plant and Office equipment equipment Motor Fixtures & vehicles Fittings Total Cost At l Ortober 2021 Additions Disposals Revaluation At 30 September 2021 5,391,687 32,072 352,903 12,292 141,566 2,558 27,350 600 5,914,106 46,922 263,000 5.686.759 263,000 600 6,224,028 365,195 144,124 27,350 Accumulated depreclatlon At l October 2021 Charge of the year Depreciation on disposa I At 30 September 2022 1,643,187 259,408 21,529 137,885 1,728 27,044 269 600 2,068,124 23,526 1,643,187 280,937 139,613 27,313 600 2,091,650 Net book amount At 30 September 2022 At 30 September 2021 4,043,572 3,748,500 84,258 93,495 4,511 3,681 37 4,132,378 3,845,982 306 Com an Freehold Property Plant and Office equipment equlpment Motor vehicles Total Cost At l October 2021 Additions Disposals Revaluation At 30 September 2022 5,391,687 32,072 352,903 12,292 141,566 2,558 27,350 5,913,506 46,922 263.000 5,686.759 263.000 27,350 6,223,428 365,195 144,124 Accumulated depreclatlon At l October 2021 Charge of the year Depreciation on disposal At 30 September 2022 1,643,187 259,408 21,529 137,885 1,728 27,044 2,067,524 269 23,526 1,643,187 280,937 139,613 27,313 2,091,050 Net book amount At 30 September 2022 At 30 September 2021 4,043.572 3,748,500 84,258 93,495 4,511 3,681 37 4,132,378 306 3,845,982 The Freehold Property at Doagh Road, with a carrying value of £50,000, were revalued prior to acquisition, in June 2021 by Osborne King, independent valuers not connected with the cha rity on the basis of market value. The va luation conforms to International Val uation Standards and was based on recent market transactions at arm's length for similar properties. 38
Local Economic Development Company (LEDCOMI Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 12. Investments The company's principal trading subsidiaries are: Country of Name incorporatlon Business-Led (Northern Northern Ireland Ireland) Limited Heritage Experience Limlted Principal activity Project Management Company limited by guarantee Company limited by guarantee Northern Ireland Video distribution 13. Debtors Group 2022 Company 2022 2021 2021 Trade debtors Amounts owed by subsidiary undertaking Prepayment5 and accrued income 58,709 23,628 58,709 33,455 51,397 143,561 23,628 33,355 72,683 129,666 51,397 110,106 72,683 96,311 Amount5 owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 14. Credltors: falling due wlthin one year Group 2022 Company 2022 2021 2021 Trade creditors Other taxation and social security Accruals and deferred Income Bank loans Other creditors 35,129 33,517 36,958 126,248 2,102 233,954 30,740 33,963 20,414 69,231 3,199 157,547 34,781 33,517 32,915 126,248 2,102 229,563 30,393 33,963 16,370 69,231 3,199 153,156 Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Creditors: falling due more than one year Group 2022 Company 2022 2021 2021 Bank loans 458,620 458,620 580,769 580,769 458,620 458,620 580,769 580,769 39
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 15. Analysi5 of net assets between funds Deslgnated funds Restricted Economlc funds Assets General funds Total funds 2022 Grou Tangible fixed assets Net current assets Creditors: Falling due more than one year Total 4,043,572 88,806 4,132,378 958,826 958,826 (458,6201 (458,620) 589,012 4,632.584 4,043,572 Designated funds Restrlcted Economlc funds Assets General funds Total funds 2022 Com an Tangible fixed assets Net current assets Creditor5: Falling due more than one year Total 4,043,572 88,806 4,132,378 996,175 996,175 {458.6201 (458,620) 626,361 4,669,933 4,043,572 Designated funds Restrlrted Economlc funds Assets General funds Total funds 2021 Grou Tangible fixed assets Net current assets Creditors: Falling due more than one year Total 3,748,500 97,482 3,845,982 984,100 984,100 (580,769) {580.769) 500,813 4,249.313 3,748,500 Designated funds Restrirted Economic funds Assets General funds Total funds 2021 Com an Tangible fixed assets Net current assets Creditors: Falling due more than one year Total 3,748,500 97,482 3.845.982 1,020.881 1.020.881 1580,7691 (580.769) 537.594 4.286.094 3.748.500 Designated fund5- Economic Assets, represent properties held by LEDCOM for the purposes of economic activity and to serve the small businesses and tenant5 of the organisation. 40
Local Economic Development Company (LEDCOMI Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 16. Unrestrlcted funds Designated funds Economlc Assets General funds Total funds 2022 Grou At l October 2021 Net incoming/loutgoingl resources Transfers Between Funds Total 3,748,500 500,813 4,249,313 383,271 383,271 1295,0721 589,012 4,632,584 295,072 4,043,572 Designated funds Economlc Assets General funds Total funds Com an At l October 2021 Net incoming/{outgoingl resources Transfers Between Fund5 Total 3,748,500 537,594 4,286,094 383,839 383,839 1295,0721 626,361 4.669,933 295,072 4,043,572 Deslgnated funds Economlc Assets General funds Total funds 2021 Grou At l October 2020 Net incoming/loutgoingl resources Transfers Between Funds Total 1,526,251 1,783,978 3,310,229 939,084 939,084 2,222,249 12,222,249) 3,748,500 500,813 4.249,313 Designated funds Economic Assets General funds Total funds Com an At l October 2020 Net incoming/loutgoing) resources Transfers Between Funds Total 1,526,251 1,819,273 3,345,524 940,570 940,570 2,222,249 12,222,249) 3,748,500 537,594 4.286.094 Designated funds- Economic Asset5, represent propertie5 held by LEDCOM for the purposes of economic activity and to serve the Small businesses and tenants of the or8ani5ation. 41
Local Economic Development Company (LEDCOM) Limited Company Llmlted By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 17. Restrlcted funds Balance at l Ottober 2021 Transfer between funds Balance at 30 September 2022 Incoming resources Outgoing resources Grou and com an Exploring Enterprise Go for it Co-lnnovate ASK/Amplify Wise Optimal Programme The Seed Formula Spark Department for Communitles 33,503 37,296 14, 183 17,118 694 15,130 7,500 5,397 7,977 133,5031 {37,2961 {14,1831 (17,118) (694) 115,130) {7,500) (5,3971 (7,9771 138,798 1138,7981 Balance at l October 2020 Transfer between funds Balance at 30 September 2021 Incoming resources Outgolng resources Grou and com an Exploring Enterprise Go for it Co-lnnovate ASK/Amplify Kick Start 33,918 35,271 16,590 12,265 (33,9181 135,271) 116,590) 112,265) E 11 10,957 18,771 11,2221 2,220 7,500 110,957) (18,771) 1,222 (2,2201 17,5001 Fresh Frontiers Wise Optimal Programme The Seed Formula 136,270 1136,270) Each of these funds is described in detail in the Trustee's report. 42
Local Economic Development Company ILEDCOM) Limlted Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2022 18. Taxatlon The charitable company is a registered charity and as such is entitled to certai n tax exem ptions on income and profits from i nvestments. and 5urpluse5 on any trading activitie5 carried on in furtherance of the charity's pri mary objectives, if these profits and 5urplu5es are applied solely for charitable purposes. 19. Contingent liablllty There is a contingent liability to repay certain government grants if the charitable com pany fails to honour certain undertakings and commitments. In the opinion of the Trustee5 the terms of letters of offer have complied with and no loss is anticipated. 20. Llablllty of members Local Economic Development Company ILEDCOM) Limited is a company limited by guarantee and does not have a share capital. The liability of each member is limited to an amount not exceeding £1. 21. Related party transactlons and ultimate controlling partv. There is no ultlmate controlling party, The company has taken advantage5 of the exemptions contained in FRS102 Section 33 not to disclose transactions between group entities as all of the voting rights of the company are controlled wlthln the group. Financlal Instruments Group Company 2022 2021 2022 2021 Financial assets that are measured at amortised cost Cash and cash equivalents Trade debtors Amounts owed by subsidiary undertakings Total 1.082,674 1,045,336 1,082,177 1,044,371 58,709 23,628 58,709 23,628 33,455 33,355 1,141,383 1,068,964 1,174,341 1,101,354 Group Company 2022 2021 2022 2021 Financlal Ilabillties that are measured at amortised cost Bank loans Trade creditors Accrued expenses Amounts owed to subsidiary undertakin85 Total 584,868 35.129 36.958 650.000 30,740 20,414 584,868 34.781 32,915 650,000 30,393 16,370 656,955 701,154 652,564 696,763 43
Local Economic Development Company ILEDCOM) Limited Company Llmited By Guarantee Notes to the Flnancial Ststements For the year ended 30th September 2022 22. Net cash generated from operating activities 2022 2021 Net incoming/loutgoing) resources Depreciation Interest payable and similar expenses Interest receivable and similar income (Gain)/Loss on revaluation of fixed assets Movement in debtors Movement in creditors {excluding loans) 383,271 939,084 23,526 27,011 6,875 1,073 1178) (255) (263,000) 1795,8961 113,795) 6,359 19,390 (16,349) Net cash inflow from operating activities 156,089 161,027 23. Analysls of cash and cash equlvalents 2022 2021 Bank Bank Loans 1,082,674 1,045,336 1584,868) {650,000) 497,806 395,336 44