Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee
Consolidated Statement of Financial Activities For the year ended 30th September 2024
| Income from: Donations and legacies Charitable Activities Other Trading Activities - rental income Investment Income Notes 4 6 5 7 Total Income Expenditure on: Charitable Activities Total Expenditure 8/9 Net Income/(Expenditure) Transfers Between Funds Unrealised gain on revaluation of fixed assets 11 Net Movement in Funds Reconciliation of Funds Total Funds Brought Forward 16/17 Total Funds Carried Forward |
Unrestricted Funds £ 30,000 7,300 668,379 12,456 Restricted Funds £ - 60,340 - - Total 2024 £ 30,000 67,640 668,379 12,456 Total 2023 £ 30,000 91,586 618,166 5,951 |
|---|---|
| 718,135 60,340 778,475 745,703 541,813 541,813 60,340602,153 60,340602,153 595,511 595,511 176,322 - - 176,322 - - 150,192 - - - - - 176,322 - 176,322 150,192 4,782,776 - 4,782,776 4,632,584 4,959,098 - 4,959,098 4,782,776 |
The notes on pages 33 - 50 form part of these financial statements. The results relate 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.
28
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee
Statement of Financial Activities For the year ended 30th September 2024
| Income from: Donations and Legacies Charitable Activities Other Trading Activities - rental income Investment income Notes 4 6 5 7 Total Income Expenditure on: Charitable Activities Total Expenditure 8 Net income/(expenditure) Transfers Between Funds Unrealised gain on revaluation of fixed assets 11 Net Movement in Funds Reconciliation of Funds Total Funds Brought Forward Total Funds Carried Forward 16/17 |
Unrestricted Funds £ 30,000 7,500 665,979 12,456 Restricted Funds £ - 60,340 - - Total 2024 £ 30,000 67,840 665,979 12,456 Total 2023 £ 30,000 91,386 612,733 5,951 |
|---|---|
| 715,935 60,340 776,275 740,070 544,754 544,754 60,340 605,094 60,340605,094 591,583 591,583 171,181 - - 171,181 - - 148,487 - - - - - 171,181 - 171,181 148,487 4,818,420 4,989,601 - 4,818,420 - 4,989,601 4,669,933 4,818,420 |
The notes on pages 33 - 50 form part of these financial statements. The results relate 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.
29
Local Economic Development Company (LEDCOM) Limited
Company Limited By Guarantee Consolidated Statement of Financial Position For the year ended 30th September 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Fixed assets | |||
| Tangible Assets | 11 | 4,759,167 | 4,777,691 |
| Current assets | |||
| Debtors | 13 | 74,809 | 134,372 |
| Cash at Bank and in Hand | 613,388 | 619,420 | |
| Total Current Assets | 688,197 | 753,792 | |
| Liabilities | |||
| Creditors: Falling due within one year | 14 | (233,093) | (391,113) |
| Total Assets less Current Liabilities | 5,214,271 | 5,140,370 | |
| Creditors: Falling due more than one year | 14 | (255,173) | (357,594) |
| Net assets | 4,959,098 | 4,782,776 | |
| Funds employed | |||
| Restricted Funds | 17 | - | - |
| Unrestricted Funds – General | 16 | 915,526 | 739,204 |
| Unrestricted Designated Funds - Economic Assets | 16 | 4,043,572 | 4,043,572 |
| 4,959,098 | 4,782,776 |
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Dr N Apsley OBE Director Date: 6 December 2024 J E Somerville Director Date: 6 December 2024
Company Registration: NI018438
The notes on pages 33 - 50 form part of these financial statements. The results relate to continuing activities.
30
Local Economic Development Company (LEDCOM) Limited
Company Limited By Guarantee Statement of Financial Position For the year ended 30th September 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Tangible Assets | 11 | 4,759,167 | 4,777,691 |
| Current assets | |||
| Debtors | 13 | 107,264 | 168,077 |
| Cash at Bank and in Hand | 610,842 | 617,166 | |
| Total Current Assets | 718,106 | 785,243 | |
| Liabilities | |||
| Creditors: Falling due within one year | 14 | (232,499) | (386,920) |
| Total Assets less Current Liabilities | 5,244,774 | 5,176,014 | |
| Creditors: Falling due more than one year | 14 | (255,173) | (357,594) |
| Net assets | 4,989,601 | 4,818,420 | |
| Funds employed | |||
| Restricted funds | 17 | - | - |
| Unrestricted Funds – General | 16 | 946,029 | 774,848 |
| Unrestricted Designated Funds - Economic Assets | 16 | 4,043,572 | 4,043,572 |
| 4,989,601 | 4,818,420 |
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Dr N Apsley OBE Director Date: 6 December 2024 J E Somerville Director Date: 6 December 2024 Company Registration: NI018438
The notes on pages 33 - 50 form part of these financial statements. The results relate to continuing activities.
31
Local Economic Development Company (LEDCOM) Limited
Company Limited By Guarantee Consolidated Statement of Cash Flows For the year ended 30th September 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cash used in Operating Activities | 23 | 152,957 | 313,480 |
| Cash flows from Investing Activities | |||
| Interest Income | 12,456 | 5,951 | |
| Interest Paid | (34,278) | (37,668) | |
| Purchase of Tangible Fixed Assets | (7,854) | (671,643) | |
| Cash provided by/(used in) Investing Activities | 123,281 | (703,360) | |
| Cash flows from Financing Activities: | |||
| Cash used in Financing Activities | - | - | |
| Increase/(decrease) in Cash and Cash Equivalents in the year | 123,281 | (389,880) | |
| Cash and Cash Equivalents at the beginning of the year | 107,926 | 497,806 | |
| Cash and Cash Equivalents | |||
| at the end of the reporting period | 24 | 231,207 | 107,926 |
32
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2024
1) Accounting Policies
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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Local Economic Development Company (LEDCOM) Limited meets the definition of a public benefit entity under FRS 102.
b) 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.
c) Income
Activities for generating funds - rental and sundry income
Rental income is received from tenants of the Larne business parks and the Ballyclare business properties. This is included in the Statement of Financial Activities when receivable.
Training, 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 received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.
Investment income
Income from investments is included, together with any related tax credits, in the Statement of Financial Activities on an accruals basis.
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.
33
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2024
1) Accounting Policies- (continued)
d) 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 VAT
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 defined contribution schemes 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.
e) 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:
Restricted funds
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 support costs.
General funds
General funds are donations and other incoming resources received or generated which are expendable at the discretion of the charity in the furtherance of its objectives.
Designated funds
Designated funds comprise capital grants that have been expended for their restricted purpose.
34
For the year ended 30th September 2024
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
1) Accounting Policies- (continued)
f) 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 creditors falling due. The interest element is 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.
g) 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.
h) 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 and bases:-
Plant and equipment 10 - 20% straight-line Office equipment 15% straight-line Motor Vehicles 25% straight-line
Revalued investment properties are not depreciated. Investment properties are measured initially at cost and subsequently at fair value at the reporting date.
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.
i) 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.
j) 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 deposit or similar account.
k) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a 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.
35
For the year ended 30th September 2024
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
1) Accounting Policies- (continued)
l) Financial instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all 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 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 as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.
m) Critical accounting estimates and judgements
In the application of the Charity's accounting policies, the Trustees 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 considered to be relevant. Actual results may differ from these estimates.
36
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
1) Accounting Policies- (continued)
m) Critical accounting estimates and judgements (continued)…
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.
n) 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 business 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 associates are accounted for at cost less impairment.
The consolidated financial statements incorporate the financial statements of the subsidiary companies listed in note 12 as at 30 September 2024 (i.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 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 unless the transactions unless the transaction provides evidence of an impairment of the asset transferred.
37
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30[th] September 2024
2. Results for the year
| 2. Results for the year | Group | Company | ||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| This is stated after charging: | ||||
| Staff costs (note 3) | 315,500 | 312,773 | 315,500 | 310,101 |
| Audit fees | 4,145 | 7,540 | 4,745 | 7,540 |
| Depreciation | 26,378 | 26,330 | 26,378 | 26,330 |
Indemnity insurance for the Trustees was purchased by the charity during the year amounting to £917 (2023: £917)
3. Employee information
| 3. Employee information Wages and salaries Social security costs Other pension costs |
Group Company 20242023 20242023 ££ ££ 234,365 19,696 61,439 240,543 19,818 52,412 234,365 19,696 61,439 238,043 19,646 52,412 |
|---|---|
| 315,500 312,773 315,500 310,101 |
The average number of persons employed by the company (excluding Directors) during the year was as follows:
| Charitable activities | Group Company 2024 2023 2024 2023 |
|---|---|
| 7 10 7 10 |
One employee falls in emoluments in the band £70,000-£79,999 excluding employer pension contributions (2023: 1).
The total employee benefits of the key management personnel of the Group was £198,044 (2023: £168,024).
Two charity trustees received payment for professional or other services supplied to the charity totalling £622.88 (2023:4 totalling £2,938.79).
38
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
4. Donations and Legacies
| 4. Donations and Legacies Unrestricted Donations 5. Income from other trading activities Unrestricted Rental income Services Income Business Consultancy & Sales Sale of Assets |
Group Company 2024 2023 ££ 30,00030,000 2024 2023 ££ 30,00030,000 |
| 30,00030,000 30,00030,000 |
|
| Group Company 2024 £ 630,076 21,774 16,529 - 2023 £ 581,940 18,793 5,433 12,000 2024 £ 630,076 21,774 14,129 - 2023 £ 581,940 18,793 - 12,000 |
|
| 668,379 618,166 665,979 612,733 |
39
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
| 6. Income from Charitable Activities Group Go Succeed NI Explore Enterprise Support Service Spark Fresh Frontiers Exploring Enterprise Go For It ASK/Amplify Optimal Programme Larne Community Wealth Building Partnership Other Sundry income |
2024 Unrestricted Restricted Total 2023 £ £ £ £ - 30,318 30,318 - - 8,939 8,939 1,788 - 2,396 2,396 7,998 - 1,187 1,187 (6,135) - - 0 21,771 - - 0 35,011 - - 0 6,819 - - 0 3,053 - 17,500 17,500 - 7,300 - 7,300 9,229 - - 0 12,052 |
|---|---|
| 7,300 60,340 67,640 91,586 |
The 2023 total of £91,586 was split as £70,305 restricted and £21,281 unrestricted.
| Company Go Succeed NI Explore Enterprise Support Service Spark Fresh Frontiers Exploring Enterprise Go For It ASK/Amplify Optimal Programme Larne Community Wealth Building Partnership Other Sundry income |
2024 Unrestricted Restricted Total 2023 £ £ £ £ - 30,318 30,318 - - 8,939 8,939 1,788 - 2,396 2,396 7,998 - 1,187 1,187 (6,135) - - 0 21,771 - - 0 35,011 - - 0 6,819 - - 0 3,053 - 17,500 17,500 - 7,500 - 7,500 9,029 - - 0 12,052 |
|---|---|
| 7,500 60,340 67,840 91,386 |
The 2023 total of £91,586 was split as £70,305 restricted and £21,081 unrestricted.
40
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
| 7. Interest receivable Interest receivable 8. Charitable Activities Group Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Establishment costs Depreciation Other costs Governance costs: Professional & legal fees Audit & accountancy fees Company Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Establishment costs Depreciation Other costs Governance costs: Professional & legal fees Audit & accountancy fees |
Group Company 20242023 2024 2023 £ £ £ £ 12,4565,951 12,4565,951 Charitable Rental Charitable Rental Activities Services Total Activities Services Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 27,272 288,228 315,500 30,224 282,549 312,773 26,769 0 26,769 31,780 - 31,780 2,116 6,347 8,463 3,526 - 3,526 0 34,278 34,278 - 37,668 37,668 2,942 132,537 135,479 - 106,880 106,880 0 26,378 26,378 - 26,330 26,330 1,241 37,604 38,845 4,775 40,633 45,408 0 12,296 12,296 - 20,236 20,236 0 4,145 4,145 - 10,910 10,910 |
|---|---|
| 60,340 541,813 602,153 70,305 525,206 595,511 |
|
| Charitable Rental Charitable Rental Activities Services Total Activities Services Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 27,272 288,228 315,500 30,224 279,877 310,101 26,769 0 26,769 31,780 - 31,780 2,116 6,347 8,463 3,526 - 3,526 0 34,721 34,721 - 37,584 37,584 2,942 131,938 134,880 - 106,295 106,295 0 26,378 26,378 - 26,330 26,330 1,241 40,321 41,562 4,775 40,406 45,181 0 12,076 12,076 - 19,876 19,876 0 4,745 4,745 - 10,910 10,910 |
|
| 60,340 544,754 605,094 70,305 521,278 591,583 |
41
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
9. Analysis of Charitable Activities Expenses
| Group Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Insurance Heat & light Repairs Cleaning Rent & rates Telephone Computers, IT & stationery Depreciation Bad debts General Motor & travel expenses Donations Governance costs: Professional & legal fees Audit & accountancy fees |
Unrestricted Restricted Total Unrestricted Restricted Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 288,228 27,272 315,500 282,549 30,224 312,773 0 26,769 26,769 - 31,780 31,780 6,347 2,116 8,463 - 3,526 3,526 34,278 0 34,278 37,668 - 37,668 16,868 0 16,868 14,147 - 14,147 44,657 0 44,657 38,735 - 38,735 39,721 0 39,721 58,087 - 58,087 8,677 0 8,677 5,932 - 5,932 8,514 0 8,514 11,782 - 11,782 8,828 2,943 11,770 16,399 - 16,399 3,200 0 3,200 2,592 - 2,592 26,378 0 26,378 26,330 - 26,330 2,072 0 2,072 (40,794) - (40,794) 33,882 0 33,882 40,633 - 40,633 3,722 1,241 4,963 - 4,775 4,775 0 0 0 - - 0 12,296 0 12,296 20,236 - 20,236 4,145 0 4,145 10,910 - 10,910 |
|---|---|
| 541,813 60,340 602,153 525,206 70,305 595,511 |
42
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
10. Analysis of Charitable Activities Expenses
| Company Staff costs Programme Direct costs Advertising & marketing Bank & loan interest Insurance Heat & light Repairs Cleaning Rent & rates Telephone Computers, IT & stationery Depreciation Bad debts General Motor & travel expenses Donations Governance costs: Professional & legal fees Audit & accountancy fees |
Unrestricted Restricted Total Unrestricted Restricted Total 2024 2024 2024 2023 2023 2023 £ £ £ £ £ £ 288,228 27,272 315,500 279,877 30,224 310,101 0 26,769 26,769 - 31,780 31,780 6,347 2,116 8,463 - 3,526 3,526 34,721 0 34,721 37,584 - 37,584 16,369 0 16,369 13,607 - 13,607 44,657 0 44,657 38,735 - 38,735 39,721 0 39,721 58,087 - 58,087 8,677 0 8,677 5,932 - 5,932 8,514 0 8,514 11,782 - 11,782 8,828 2,943 11,770 16,399 - 16,399 3,100 0 3,100 2,547 - 2,547 26,378 0 26,378 26,330 - 26,330 2,072 0 2,072 (40,794) - (40,794) 36,599 0 36,599 40,406 - 40,406 3,722 1,241 4,963 - 4,775 4,775 0 0 0 - - 0 12,076 0 12,076 19,876 - 19,876 4,745 0 4,745 10,910 - 10,910 |
|---|---|
| 544,754 60,340 605,094 521,278 70,305 591,583 |
43
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
11. Tangible Fixed Assets
| Group Cost At 1 October 2023 Additions Disposals Revaluation At 30 September 2024 Accumulated depreciation At 1 October 2023 Charge for the year Disposals At 30 September 2024 Net book amount At 30 September 2024 At 30 September 2023 Company Cost At 1 October 2023 Additions Disposals Revaluation At 30 September 2024 Accumulated depreciation At 1 October 2023 Charge for the year Disposals At 30 September 2024 Net book amount At 30 September 2024 At 30 September 2023 |
Freehold Plant and Office Motor property equipment equipment vehicles Total £ £ £ £ £ 6,317,783 348,973 48,242 38,595 6,753,593 - 7,854 - - 7,854 - (5,980) (600) - (6,580) - - - - - |
|---|---|
| 6,317,783 350,847 47,642 38,595 6,754,867 |
|
| 1,643,187 285,092 42,640 4,983 1,975,902 - 19,064 1,314 6,000 26,378 - (5,980) (600) - (6,580) |
|
| 1,643,187 298,176 43,354 10,983 1,995,700 |
|
| 4,674,596 52,671 4,288 27,612 4,759,167 |
|
| 4,674,596 63,881 5,602 33,612 4,777,691 |
|
| Freehold Plant and Office Motor property equipment equipment vehicles Total £ £ £ £ £ 6,317,783 348,973 47,642 38,595 6,752,993 - 7,854 - - 7,854 - (5,980) - - (5,980) - - - - - |
|
| 6,317,783 350,847 47,642 38,595 6,754,867 |
|
| 1,643,187 285,092 42,040 4,983 1,975,302 - 19,064 1,314 6,000 26,378 - (5,980) - - (5,980) |
|
| 1,643,187 298,176 43,354 10,983 1,995,700 |
|
| 4,674,596 52,671 4,288 27,612 4,759,167 |
|
| 4,674,596 63,881 5,602 33,612 4,777,691 |
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.
44
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2024
12. Investments
The company's principal trading subsidiaries are:
| Country of | Principal | ||
|---|---|---|---|
| Name | incorporation | activity | |
| Business-Led (Northern | Northern Ireland | Project Management | Company limited by |
| Ireland) Limited | guarantee | ||
| Heritage Experience | Northern Ireland | Video distribution | Company limited by |
| Limited | guarantee |
| 13. Debtors Trade debtors Amounts owed by subsidiary undertaking Prepayments and accrued income Other debtors |
Group Company 2024 2023 2024 2023 £ £ £ £ 39,921 40,608 41,121 40,608 - - 33,655 33,705 34,888 33,553 32,488 33,553 - 60,211 - 60,211 |
|---|---|
| 74,809 134,372 107,264 168,077 |
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
| 14. Creditors: falling due within one year Trade creditors Other taxation and social security Accruals and deferred income Bank loans Other creditors |
Group Company 2024 2023 2024 2023 £ £ £ £ 26,474 36,892 26,126 36,744 28,529 5,080 28,283 5,080 51,082 193,682 51,082 189,637 127,008 153,900 127,008 153,900 - 1,559 - 1,559 |
|---|---|
| 233,093 391,113 232,499 386,920 |
Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Danske Bank hold a first and only all monies Debenture over all property, assets and undertakings situate at Bank Road Business Park, Larne and at Willowbank Business Park, Larne.
| Creditors: falling due after more than one year | Group | Group | Company | Company |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Bank loans | 255,173 | 357,594 | 255,173 | 357,594 |
45
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2024
15. Analysis of net assets between funds
| 15. Analysis of net assets between funds 2024 Group Tangible fixed assets Net current assets Creditors: falling due after more than one year Total 2024 Company Tangible fixed assets Net current assets Creditors: falling due after more than one year Total 2023 Group Tangible fixed assets Net current assets Creditors: falling due after more than one year Total 2023 Company Tangible fixed assets Net current assets Creditors: falling due after more than one year Total |
Designated funds: Restricted Economic General Total funds Assets funds funds £ £ £ £ - 4,674,596 84,571 4,759,167 - (375,851) 830,955 455,104 - (255,173) - (255,173) |
| - 4,043,572 915,526 4,959,098 |
|
| Designated funds: Restricted Economic General Total funds Assets funds Funds £ £ £ £ - 4,674,596 84,571 4,759,167 - (375,851) 861,458 485,607 - (255,173) - (255,173) |
|
| - 4,043,572 946,029 4,989,601 |
|
| Designated funds: Restricted Economic General Total funds Assets funds Funds £ £ £ £ - 4,674,596 103,095 4,777,691 - (273,430) 636,109 362,679 - (357,594) - (357,594) |
|
| - 4,043,572 739,204 4,782,776 |
|
| Designated funds: Restricted Economic General Total funds Assets funds Funds £ £ £ £ - 4,674,596 103,095 4,777,691 - (273,430) 671,753 398,323 - (357,594) - (357,594) |
|
| - 4,043,572 774,848 4,818,420 |
Designated funds – Economic Assets, represent properties held by LEDCOM for the purposes of economic activity and to serve the small businesses and tenants of the organisation.
46
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2024
16. Unrestricted funds
| 16. Unrestricted funds 2024 Group At 1 October 2023 Net incoming/(outgoing) resources Transfers between funds At 30 September 2024 2024 Company At 1 October 2023 Net incoming/(outgoing) resources Transfers between funds At 30 September 2024 |
Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 739,204 4,782,776 - 176,322 176,322 - - 0 |
| 4,043,572 915,526 4,959,098 |
|
| Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 774,848 4,818,420 - 171,181 171,181 - - 0 |
|
| 4,043,572 946,029 4,989,601 |
| 2023 Group At 1 October 2022 Net incoming/(outgoing) resources Transfers between funds At 30 September 2023 2023 Company At 1 October 2022 Net incoming/(outgoing) resources Transfers between funds At 30 September 2023 |
Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 589,012 4,632,584 - 150,192 150,192 - - - |
|---|---|
| 4,043,572 739,204 4,782,776 |
|
| Designated funds: Economic General Total Assets funds funds £ £ £ 4,043,572 626,361 4,669,933 - 148,487 148,487 - - - |
|
| 4,043,572 774,848 4,818,420 |
Designated funds – Economic Assets, represent properties held by LEDCOM for the purposes of economic activity and to serve the small businesses and tenants of the organisation.
47
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
| 17. Restricted funds Group and company Go Succeed NI Explore Enterprise Support Service Spark Fresh Frontiers Larne Community Wealth Building Partnership Group and company NI Explore Enterprise Support Service Spark Fresh Frontiers Exploring Enterprise Go For It ASK/Amplify Optimal Programme |
Balance at Transfer Balance at 1 October Incoming Outgoing between 30 September 2023 resources resources funds 2024 £ £ £ £ £ - 30,318 (30,318) - - - 8,939 (8,939) - - - 2,396 (2,396) - - - 1,187 (1,187) - - - 17,500 (17,500) - - - 60,340 (60,340) - - Balance at Transfer Balance at 1 October Incoming Outgoing between 30 September 2022 resources resources funds 2023 £ £ £ £ £ - 1,788 (1,788) - - - 7,998 (7,998) - - - (6,135) 6,135 - - - 21,771 (21,771) - - - 35,011 (35,011) - - - 6,819 (6,819) - - - 3,053 (3,053) - - - 70,305 (70,305) - - |
|---|---|
Each of these funds is described in detail in the Trustee's report.
48
Local Economic Development Company (LEDCOM) Limited Company Limited By Guarantee Notes to the Financial Statements For the year ended 30th September 2024
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 profits 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 (LEDCOM) 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 transactions 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.
22. Financial instruments
| 22. Financial instruments Financial assets that are measured at amortised cost Cash and cash equivalents Trade debtors Amounts owed by subsidiary undertakings Total Financial liabilities that are measured at amortised cost Bank loans Trade creditors Accrued expenses Amounts owed to subsidiary undertakings Total |
Group Company 2024 £ 613,388 39,921 - 2023 £ 619,420 40,608 - 2024 £ 610,842 41,121 33,655 2023 £ 617,166 40,608 33,705 |
|---|---|
| 653,309 660,028 685,618 691,479 |
|
| Group Company 2024 £ 382,181 26,474 51,082 - 2023 £ 511,494 36,892 193,682 - 2024 £ 382,181 26,126 51,082 - 2023 £ 511,494 36,744 189,637 - |
|
| 459,737 742,068 459,389 737,875 |
49
Local Economic Development Company (LEDCOM) Limited
Company Limited By Guarantee Notes to the Financial Statements
For the year ended 30th September 2024
23. Net cash generated from operating activities
| Net incoming/(outgoing) 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) Net cash inflow from operating activities 24. Analysis of cash and cash equivalents Bank Bank Loans |
2024 2023 ££ 176,322 26,378 34,278 (12,456) – 59,563 (131,128) 150,192 26,330 37,668 (5,951) - (24,266) 129,507 |
|---|---|
| 152,957 313,480 |
|
| 2024 £ 2023 £ 613,388 619,420 (382,181) (511,494) |
|
| 231,207 107,926 |
50