Local Economic Development Company (LEDCOMI Limited Company Limited By Guarantee Consolidated Statement of Financial Activities Forthe year ended 30th September 2023 Unrestricted Restricted Funds Funds Total 2023 Total 2022 Notes Income from". Donations and legacies Charitable Activities Other Trading Activities - rental income Investment Income 30,000 21,281 618,166 5.951 30,000 91,586 618,166 5,951 30,000 170,690 557,997 178 70,305 Total Income 675,398 70,305 745,703 758,865 Expenditure on.. Charitable Activities Total Expenditure 819 525,205 525,205 70,305 70,305 595,510 595,510 638,594 638,594 Net Income/(Expenditure} 150,192 150,192 120,271 Transfers Between Funds Unrealised gain on revaluation of fixed assets li 263,000 Net Movement in Funds 150,192 150,192 383,271 Reconciliation of Funds Total Funds Brought Forward 16117 4,632,584 4,632.584 4,249,313 Total Funds Carried Forward 4,782,776 4.782.776 4,632,584 The notes on pages 29 - 46 form part of these financial statements. The results relates to continuing activities. The company has no recognised gains and1055es other than those included above and therefore no separate Statement of total recognised gains and losses h35 been presented. 24
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Statement of Financial Activities For the year ended 30th September 2023 Unrestricted Funds Restricted Funds Total 2023 Total 2022 Notes Income from: Donation5 and Legacies Charitable Activitie5 Other Trading Activities - rental income Investment income 30,000 21,081 612,733 5,951 30,000 91,386 612,733 5.951 30,000 170,690 557,997 178 70,305 Total Income 669,765 70,305 740,070 758,865 Expenditure on: Charitable Activities Total Expenditure 819 521,278 521,278 70,305 70,305 591,583 591,583 638.026 638,026 Net income/{expenditurel 148,487 148,487 120.839 Transfers Between Funds Unrealised gain on revaluation of fixed a55ets li 263,000 Net Movement in Funds 148,487 148,487 383,839 Reconciliation of Funds Total Funds Brought Forward 4,669.933 4,669,933 4,286.094 16117 Total Funds Carried Fonward 4,818,420 4,818,420 4,669.933 The note5 on pages 29 - 46 form part of these financial statements. The results relates to continuing activities. The company ha5 no recognised gains and losses other than those included above and therefore no separate statement of total recognised gains and losses has been presented. 25
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Consolidated Statement of Financial Position For the year ended 30th September 2023 2023 2022 Notes Fixed assets Tangible Assets li 4,777,691 4,132.378 Current assets Debtors Cash at Bank and in Hand Total Current Assets 13 134,372 110,106 619,420 1,082,674 753,792 1,192,780 Liabilities Creditors.. Falling due within one year 14 1391,1131 1233,9541 Total Assets le55 Current Liabilities 5,140,370 5,091.204 Creditors.. Falling due more than one year 14 1357,5941 1458,6201 Net assets 4,782,776 4,632.584 Funds employed Restricted Funds Unrestricted Funds- General Unrestricted Designated Funds - Economic Assets 17 16 16 739.204 589,012 4,043,572 4,043.572 4,782,776 4,632.584 The financial statements were approv behalf bv: and authorised for issue by the Board and were signed on its DrNAps Dirertor Date: J E Somerville Director Date: Company Registration.. N1018438 The notes on pages 29 - 46 form part of these financial statements. The results relates to continuing activities. 26
Local Economic Development Company (LEDCOMI Limited Company Limited By Guarantee Statement of Financial Position For the year ended 30th September 2023 2023 2022 Flxed assets Tangible Assets li 4,777,691 4,132,378 Current assets Debtors Cash at Bank and in Hand Total Current Assets 13 168,077 143,561 617,166 1,082,177 785,243 1,225,738 Liabilities Creditors.. Falling due within one year 14 1386,9201 1229,5631 Total Assets less Current Liabilities 5,176,014 5,128,553 Creditors.. Falling due more than one year 14 1357,5941 1458,6201 Net assets 4,818,420 4,669.933 Funds employed Restricted funds Unrestricted Funds- General Unrestricted Designated Funds- Economic Assets 17 16 16 774,848 626,361 4,043,572 4,043.572 4.818.420 4,669,933 27
Local Economic Development Company {LEDCOM) Limited Limited By Guarantee Consolidated statement of cash flows For the year ended 30th September 2023 2023 2022 Notes Cash used in Operating Activities 22 313,480 156,089 Cash flows from Investing Activities Interest Income Interest Paid Purchase of Tangible Fixed Assets Cash provided by (used inl Investing Activities 5,951 178 137.6681 16,8751 1671,6431 146,922} 1703,360) (53,6191 Cash flows from Financing Activities: Cash used in Financing Activities Increase/(decrease} In Cash and Cash Equivalents in the year {389,880) 102,470 Cash and Cash Equivalents at the beginning of the year 497,806 395,336 Cash and Cash Equivalents at the end of the reporting period 23 107,926 497,806 28
Local Economic Development Company {LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 l) Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows-. 31 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 1021 (effective l January 20191- (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Local Economic Development Company {LEDCOMI 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 generatingfunds - rental Gnd sundry income Rental income is received from tenants of the enterprise park. This is included in the Statement of Financial Activities when receivable. Training, seryice level agreements & community sUPPOrt programmes income Income is received from various bodies in relation to furtherance of their objectives on an accru315 basis. Gront5 Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unles5 they relate to a specified 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 Attivities on an accru315 basis. dl Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Bank. 29
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 l) Accounting Policies- {continued) el 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 basis consistent with use of the resources. Charitable activities These costs include direct expenditure relating to economic development and expenditure in administration of the group, Irrecoverable VA T Any irrecoverable VAT is charged to the Statement of Financial Activities, or capitalised as 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 separatelyfrom 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. f) Fund accounting The group has various types of fund5 for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows: Restrictedfunds Restricted funds 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 5UPPOrt cost5. Generalfunds General funds are donations and other incoming resources received or generated which are expendable at the discretion of the cha rity in the furtherance of its objectives. Designatedfunds Designated funds comprise capital grants that have been expended for their restricted purpose. 30
Local Economic Development Company {LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 l) Accounting Policies- {continued) gl 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 15 included in creditors falling due. The interest element 15 written of over the primary period. All other leases are accounted for as operating leases and the rental charges are charged to the statement of financial 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 cost less the expected residual value of the assets over their estimated useful lives at the following annual rates:_ Plant and equipment Office equipment Motor Vehicles 10 - 20°A straight line 150A straight line 25% straight line Revalued investment properties are not depreciated. The carrying values of tangible fixed assets are reviewed for impairment when events or change5 in circumstances indicate the carrying value may not be recoverable. jl Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts 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 months or less from the date of acquisition or opening of the deposlt or similar account. 11 Creditors and provisions Creditors and provisions are recogni5ed 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. 31
Local Economic Development Company {LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 11 Accounting Policies- (continued) ml Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments155ue5' 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 financial assets, which include debtors. cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 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 amortlsed. 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 as non current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interestmethod. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. ol Critical accounting estimate5 and judgements In the application of the Charity's accounting policies, the Trustee5 are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are corbsidered to be relevant. Actual results may differ from these estimate5. 32
Local Economic Development Company {LEDCOMI Limited Company Limlted By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 l) Accounting Policies- (continued) ol 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 affect5 both current and future period5. pl 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 given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for busines5 combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associate5 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 2023.li.e. entities that the group controls through it5 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 subsidiaries to bring their accounting policies in line with the group's accounting policies. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unle55 the transactions unless the transaction provides evidence of an impairment of the asset transferred. 33
Local Economic Development Company {LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 2. Results for the year Group 2022 Company 2022 2022 2022 This is stated after charging: Staff costs Inote 31 Audit fees Depreciation 312,772 322,527 310,101 322,527 7,540 7,540 7,540 7,540 26,330 23,526 26,330 23,526 Indemnity insurance for the Trustees was purchased by the charity during the year amounting to £91712022: £9171 3. Employee information Group 2023 Company 2023 2022 2022 Wages and salaries Social security costs Other pension costs 240,542 247,899 238,043 247.899 19,818 21,242 19,646 21,242 52,412 53,386 52,412 53,386 312.772 322.527 310,101 322,527 The average number of persons employed by the company (excluding Director51 during the year was as follows.. Group 2023 Company 2023 2022 2022 Charitable activities io io io io No employee falls in emoluments in the band £60,000-£69,999 excluding employer pension contributions12022= 01. One employee falls in emoluments in the band £70.000-£79,999 excluding employer pension contributions12022.. 11. The total employee benefits of the key management personnel of the Group was £168,024 12022: £191.0471. Four charity trustees received payment for professional or other services supplied to the charity totalling £2.938.7912022: three totalling £704.22). 34
Local Economic Development Company ILEDCOM} Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 4. Donations and Legacies Group Company 2023 2022 2023 2022 Unrestricted Donations 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 S. Income from other trading activities Group Company 2023 2022 2023 2022 Unrestricted Rental income Services Income Business Consultancy & Sales Sale of Assets 581,940 18,793 5,433 12,000 618,166 537,146 $81,940 537,146 20,851 18,793 20,851 12,000 612,733 557,997 557,997 35
Local Economic Development Company {LEDCOM} Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 6. Income from Charitable Activities 2023 Total Unrestricted Restricted 2022 Grou Exploring Enterprise Go for it Co-lnnovate ASK/Amplify Kick Start Fresh Frontiers Wise Optimal Programme The Seed Formula Spark Department for Communities Nl Explore Enterprise Support Service Other Sundry income 21,771 35,011 21,771 35,011 33,503 37,296 14.183 17,118 6,819 6,819 16,1351 16,135) 694 15,130 7,500 5,397 7,977 3,053 3,053 7,998 7,998 1,788 1,788 9,229 21,850 12,052 10,042 91,586 170,690 9,229 12.052 21,281 70.305 The 2022 total of £170,690 was split a5 £138,798 restricted and £31,892 unrestricted. 2023 Total Unrestricted Restrirted 2022 Com Exploring Enterprise Go for it Co-lnnovate ASKIAmplify Kick Start Fresh Frontiers Wise Optimal Programme The Seed Formula Spark Department for Communities Nl Explore Enterprise Support Service Other Sundry income 21.771 35.011 21,771 35.011 33,503 37,296 14,183 17,118 6,819 6,819 (6,1351 {6,135) 694 15,130 7,500 5,397 7,977 3,053 3,053 7,998 7,998 1,788 1,788 9.029 21,850 12,052 10,042 91,386 170,690 9,029 12,052 21,081 70,305 The 2022 total of £170.690 was split as £138,798 restricted and £31,892 unre5trirted. 36
Local Economic Development Company (LEDCOMI Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 7. Interest receivable Group Company 2023 2022 2023 2022 Interest receivable 5,951 178 5,951 178 Charitable Activities Charitable Activities 2023 Rental Services 2023 Charitable Activities 2022 Rental Services Total 2023 Total 2022 Grou 2022 Staff costs Programme Direct costs Advert15ing and marketing Bank and103n interest Establishment Costs Depreciation Other costs Governance costs.- Professional and legal fees Audit & accountancy fees 30.224 31,780 3,526 282,548 312,772 31,780 3.526 37,668 106,880 26,330 45,408 64,701 59,086 10,071 257,826 322,527 59,086 10,071 6,875 161.935 23,526 34,426 37.668 106,880 26,330 40.633 6.875 161,935 23,526 29.486 4,775 4,940 20,236 10.910 525,205 20.236 10,910 595,510 7.539 12,609 499,796 7,539 12,609 638,594 70,305 138,798 Charitable Activities 2023 Rental Services Charitable Activities 2022 Rental Services 2022 Total 2023 Total 2022 Com 2023 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 30.224 31,780 3,526 279,877 310,101 31.780 3,526 37,584 106,295 26,330 45,181 64,701 59,086 10,071 257,826 322,527 59.086 10,071 6,708 161,572 23,526 34.401 37.584 106,295 26,330 40.406 6.708 161,572 23,526 29,461 4,775 4,940 19,876 10,910 521,278 19,876 10,910 591,583 7,539 12,596 499.228 7,539 12,596 638,026 70,305 138,798 37
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements Forthe year ended 30th September 2023 9. Analysis of charitable activities expenses Unrestrirted Restricted 2023 2023 Total 2023 Unrestricted Restricted Total 2022 2022 2022 Grou Staff cost5 Programme Direct costs Advertising and marketing Bank and loan interest Insurance Heat and light Repairs Cleaning Rates Telephone Computer5 Depreciation Bad debt provision/write off General Motor expenses Donations Governance costs.. Professional and legal fees Audit & accountancy fees 282,548 30,224 31,780 3,526 312,772 31,780 3,526 37,668 14,147 38,735 58,087 5,932 11,782 16,399 2,592 26,330 140,794) 40,633 4,775 257,826 64,701 322,527 59,086 59,086 10.071 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 37,668 14,147 38,735 58,087 5,932 11,782 16,399 2,592 26.330 140,7941 40,633 6,875 11,865 48,466 56,715 3,574 9,717 17,208 3,752 23,526 10,638 29,486 4,775 4,940 20,236 10,910 525,205 20,236 10,910 595,510 7.539 12,609 499,796 7,539 12,609 138,798 638,594 70,305 38
Local Economic Development Company ILEDCOMI Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 10. Analysis of charitable activities expense5 Unrestrirted Restricted 2023 2023 Total 2023 Unrestricted Restricted Total 2022 2022 2022 Com Staff costs Programme Direct costs Advertising and marketing Bank and loan interest Insurance Heat and light Repairs Cleaning Rates Telephone Computers Depreciation Bad debt provisionlwrite off General Motor expenses Governance costs.. Professional and legal fees Audit & accountancy fees 279,877 30,224 310,101 31,780 31,780 3,526 3,526 37,584 13,607 38,735 58,087 5,932 11,782 16,399 2,547 26,330 {40,794) 40,406 4,775 257,826 64,701 322,527 59,086 59,086 10.071 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 37,584 13,607 38,735 58.087 5,932 11,782 16,399 2,547 26,330 140,7941 40,406 6,708 11,502 48,466 56,715 3.574 9,717 17,208 3,752 23.526 10,638 29,461 4,775 4,940 19,876 10,910 521,278 19.876 10,910 591,583 7.539 12,596 499,228 7.539 12,596 138,798 638,026 70.305 39
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 11. Tangible Fixed Assets Grou Freehold Property Plant and Office equipment equipment Motor Fixtures & vehicles Fittings Total Cost At l October 2022 Additions Disposals Revaluation At 30 September 2023 5.686,759 631.024 365,195 144,124 27,350 3,619 37,000 116,2221 1100,1011 125.7551 600 6,224.028 671,643 1142.0781 6,317,783 348,973 47.642 38,595 600 6,753,593 Accumulated depreciation At l October 2022 Charge of the year Depreciation on disposal At 30 September 2023 1,643,187 280,937 139,613 27.313 20,377 2,528 3,425 116,2221 1100,1011 125.7551 285.092 42,040 4.983 600 2,091.650 26,330 1142,0781 600 1,975,902 1,643,187 Net book amount At 30 September 2023 At 30 September 2022 4,674,596 4,043,572 63,881 84,258 5,602 4,511 33,612 37 4,777,691 4,132,378 Com an Freehold Property Plant and Office equipment equipment Motor vehicles Total Cost At l October 2022 Additions Disposals Revaluation At 30 September 2023 5.686.759 631,024 365,195 144,124 27,350 6,223,428 3.619 37,000 671,643 116,2221 1100,1011 125,755) 1142,0781 6,317.783 348,973 47,642 38,595 6,752.993 Accumulated depreciation At l October 2022 Charge of the year Depreciation on disposal At 30 September 2023 1,643,187 280,937 139,613 27.313 2,091,050 20,377 2,528 3.425 26,330 116,2221 {100,1011 125,755) 1142,0781 285,092 42,040 4,983 1,975,302 1,643,187 Net book amount At 30 September 2023 At 30 September 2022 4.674,596 4,043.572 63,881 84,258 5,602 4,511 33,612 4,777,691 37 4,132,378 The Freehold Properties were revalued in June 2021 by Osborne King. independent valuers not connected with the charity on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions at arm's length for similar properties. 40
Local Economic Development Company {LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 12. Investments The company's principal trading subsidiaries are: Country of Name incorporation Business-Led INorthern Northern Ireland Ireland) Limited Heritage Experience Limited Principal activity Project Management Company limited by guarantee Company limited by guarantee Northern Ireland Video distribution 13. Debtors Group 2023 Company 2023 2022 2022 Trade debtors Amounts owed by subsidiary undertaking Prepayments and accrued income Other Debtors 40,608 58,709 40,608 33,705 33,553 60,211 168,077 58.709 33,455 51,397 33,553 60,211 134,372 51,397 110,106 143,561 Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 14. Creditors: falling due within one year Group 2023 Company 2023 2022 2022 Trade creditors Other taxation and social security Accruals and deferred income Bank loans Other creditors 36,892 5,080 193,682 153,900 1,559 391,113 35,129 33,517 36,958 126,248 2,102 233.954 36,744 5,080 189,637 153,900 1,559 386,920 34.781 33,517 32,915 126,248 2,102 229,563 Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Credltors: falling due more than one year Group 2023 Company 2023 2022 2022 Bank loans 357.594 357,594 458.620 458,620 357,594 357,594 458,620 458,620 41
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Note5 to the Financial Statements For the year ended 30th September 2023 15. Analysis of net assets between funds Designated funds Restricted Economic funds Assets General fund5 Total funds 2023 Grou Tangible fixed assets Net current assets Creditors.. Falling due more than one year Total 4,674,596 1273,4301 1357,S941 4,043,572 103,095 4,777,691 636,109 362,679 (357,5941 739,204 4,782,776 Designated funds Restricted Economic funds Assets General funds Total funds 2023 Com an Tangible fixed assets Net current assets Creditor5: Falling due more than one year Total 4,674,596 1273,4301 1357,5941 4,043,572 103,095 4,777,691 671,753 398,323 {357,5941 774,848 4,818.420 Designated funds Restricted Economic funds Assets General funds Total funds 2022 Grou Tangible fixed as5et5 Net current a55ets Creditors.. Falling due more than one ye3r Total 4,043,572 88.806 4,132,378 958,826 958,826 1458,6201 (458.620) 589,012 4,632,584 4.043,572 Designated funds Restricted Economic funds A55ets General funds Total funds 2022 Com Tangible fixed assets Net current assets Creditors: Falling due more than one year Total 4,043,572 88.806 4,132,378 996.175 996,175 1458,6201 (458,620) 626,361 4,669.933 4,043,572 Designated fund5- Economic A55et5, represent properties held by LEDCOM forthe purposes of economic activity and to serve the small businesses and tenants of the organisation. 42
Local Economic Development Company (LEDCOMI Lirnited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 16. Unrestricted funds Designated funds Economic Assets General funds Total funds 2023 Grou At l October 2022 Net incoming/loutgoingl resources Transfers Between Funds Total 4,043,572 589,012 4,632,584 150,192 150,192 4,043,572 739,204 4,782,776 Designated funds Economic A55ets General funds Total funds Com an At l October 2022 Net incominglloutgoingl resources Transfers Between Funds Total 4,043,572 626.361 4,669,933 148,487 148,487 4,043,572 774.848 4,818,420 Designated funds Economic Assets General funds Total funds 2022 Grou At l October 2021 Net incoming/loutgoing} resources Transfers Between Funds Total 3,748,500 500,813 4,249,313 383,271 383,271 295,072 1295,0721 4,043,572 589,012 4,632,584 Designated funds Economic Assets General funds Total funds Com an At l October 2021 Net incominglloutgoingl resources Transfers Between Funds 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 Designated funds- Economic Assets. represent propertie5 held by LEDCOM for the purposes of economic activity and to serve the small businesses and tenants of the organisation. 43
Local Economic Development Company ILEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 17. Restricted funds Balance at l October 2022 Transfer between funds Balance at 30 September 2023 Incoming resources Outgoing resources Grou and com an Exploring Enterprise Go for it ASK/Amplify Fresh Frontiers Optimal Programme Spark Nl Explore Enterprise Support Ser 21,771 35,011 6,819 16.1351 3,053 7,998 1,788 121,771} 135.0111 16,8191 6.135 {3,053) 17,9981 11,7881 70,304 170,3041 Balance at l October 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 Communities 33,503 37.296 14,183 17,118 694 133.5031 137,2961 114,1831 117.1181 16941 115,1301 {7,5001 15,3971 17,9771 15,130 7,500 5,397 7,977 138.798 1138,7981 Each of these funds is described in detail in the Trustee's report. 44
Local Economic Development Company {LEDCOMI Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 18. Taxation The charitable company is a registered charity and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives. if these prof its and surpluses are applied solely for charitable purposes. 19. Contingent liability There is a contingent liability to repay certain government grants if the charitable company fails to honour certain undertakings and commitments. In the opinion of the Trustees the terms of letters of offer have complied with and no loss is anticipated. 20. Liability of members Local Economic Development Company ILEDCOMI 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 partytransactions and ultimate controlling party. There is no ultimate controlling party. The company has taken advantages 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 within the group. Financlal instruments Group Company 2023 2022 2023 2022 Financial assets that are measured at amortised cost Cash and cash equivalents Trade debtors Amounts owed by subsidiary undertakings Total 619,420 1.082,674 40,608 58,709 617,166 1.082,177 40,608 58,709 33,705 33,455 691,479 1,174,341 660,028 1,141.383 Group Company 2023 2022 2023 2022 Financial liabilities that are measured at amortised cost Bank loans Trade creditors Accrued expenses Amounts owed to subsidiary undertakings Total 511.494 36,892 193,682 584,868 35,129 36,958 511.494 36,744 189,637 584,868 34,781 32,915 742.068 656,955 737,875 652,564 45
Local Economic Development Company (LEDCOMI Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2023 22. Net cash generated from operating activities 2023 2022 Net incoming/loutgoingl resources Depreciation Interest payable and similar expenses Interest receivable and similar income IGainllLoss on revaluation of fixed assets Movement in debtors Movement in creditors lexcluding loans) 150,192 383.271 26,330 23,526 37,668 6,875 (5,951) 11781 1263,0001 (24,266} 113,7951 129,507 19,390 Net cash inflow from operating activities 313,480 156,089 23. Analysis of cash and cash equivalents 2023 2022 Bank Bank Loans 619,420 1,082,674 1511.494) 1584,8681 107.926 497,806 46