MAINSTAY DRM LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restrictod funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Other trading aclivities Investments 13,772 251.390 516 8,617 13,772 251.390 516 8,617 9.736 242,578 1.574 1,534 9,736 242,578 1,574 1,534 Total income 274.295 274.295 255.422 255,422 Expenditure on". Raising fvnds Charitable activities 730 204,730 730 204,730 2,090 197,463 2,090 197,463 Total expenditure 205.460 205,460 199,553 199,553 Net income 68,835 68.835 55,869 55,869 Transfers between funds 200,044 (200.044} Net movement in funds 10 68,835 68,835 255,913 (200,044) 55.869 Reconciliatton of funds: Fund balances al 1 April 2023 3,315.T18 10.000 3.325.778 3.059,865 210.044 3,269,909 Fund balances at 31 March 2024 3,384,613 10.000 3,394.613 3,315,778 10,000 3,325,778 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 11
MAINSTAY DRM LTD BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Fixed assets Tangible assets 14 3,609,230 3,695.2 Current assets Deblo Cash at bank and in hand 15 8,220 466.139 9.602 368.421 474.359 378.023 CreditOf4: amounts falNng due wlthln year 17 (93.972) (80.632) Net ¢urv•nt assets 380.387 297,391 Total assets l•u cumnt liablllll 3,989.617 3.992.993 Crodltors: amounts falhng duo after more than ono y•ar 18 159s.L) (667,215) hlet assets excludlng pen8lon Hablllty 3.394.613 3.325,778 Net assets 3.394.613 3,325.778 The funds of the charrty Restricted income funds Unrestricted funds 19 10.000 3.384.613 10.000 3,315.778 3.394.613 3,325.778 The financial stalements were approved by the truslees orn .... ... . ... . . FJ Gorman Tfustee Company registralion number Nl(K3756 (Northern Ireland) 12-
MAINSTAY DRM LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activitles Cash generated from operations 25 169,091 137,468 Investlng activltles Purchase of tangible fixed assets Investment income received 110,524) 8,617 (24,3531 1.534 Net cash used in investing actlvltles (1,9071 (22,819) Financing actlvities Repayrnenl of bank loans (69.466) (66,837) Net cash used in financing activities (69,4661 (66,837) Net Increaso In cash and cash equivalents 97.718 47,812 Cash and cash equivalenls at beginning of year 368.421 320,609 Cash and cash equivalents at end of year 466,139 368,421 13-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Mainstay DRM Ltd is a private company limited by guarantee incorporated in Northem Ireland. The registered office is 2 Cumulijs Heights. Ballyvange, Downpatrick, Co Down. BT30 6. 1.1 Accounting convent40n The financial statements have been prepared in accordance wilh the charity's Memorandum of Association the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ('FRS 102.1 and the Charities SORP -Accounting and Reporting by Charities= Slatemenl of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial stslements are prepared in sterling, which is the functional currenw of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are set oul below. 1.2 Going concern At the time of approwng the financial statements. the trustees have a reasonable expectation Ihal the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds a available for use at the discretion of the tnJstees in furtherance of their charitable objectives. Designated funds comprisè funds which have been set aside at the discretion of the trustees for specifi purposes. The purposes and uses of the designated funds are set out in the notes to the financial slatements. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restrided funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entided to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be recetved. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation io donations received under Gtft Aid or deeds of covenant is recogni5ed at the time of the donalion. Rental income is recognised in the period to which it relates. 14-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefft to third party, it is probable that a transfer of economic benefits will be required in settlement, and the amounl of the obligation can be measured reliably. Expenditure is classtfied by activty. The costs of each acttvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity a allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable lo a single activity are apportioned between Ihosè activities on a basis consistent wilh the use of resour$. Central staff costs are allocated on the basis of time spenl. and depreciation charges are allocated on the portion of the assefs use. Support costs are those costs incurred directly in support of expen(liture on the objects of the charity. Govemance costs are those incurred in connection with administration of the charity and compliance with constitulional and statutory requirements. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. nel of depreciation and any impairment losses. Depreciation is recognised so as to VrIe off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings Motor vehicles Equipment 2 % per annum straight line 200/0 per annum straight line 200/0 per annum straight line 20% per annum straight line Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is detennined as the dtfference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impaimient of fixed assets At each feporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estimated in order to determine the ext8nl of th8 impaimient loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 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 of its financial inslnmenls. Financial instruments are recognised in the charitys balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts 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 or to realise the asset and settle the liability simultaneously. 15-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financlal assets Basic financial assets, which include debtors and 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 al the present value of Ihe future receipls discounted al a rnarket rate of interest. Financial assets dassified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inib.ally recognised at transaction price unless the arrangement constilutes a financing transaction. where the debt instrument is measured al the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequenlly carried at amortised cost. using the effectNe 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 rf paymenl 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 usin9 Ihe effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the chartty's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's setvicEs are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo tenInate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the applicatr.on 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 hislorical experience and other factors that are considered to be relevant. Aclual r8sulls may differ from these estimates. 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. Flxed Assets The annual depreciation charge on fixed assets depends primarily on Ihe estimaled lives of each type of asset and estimates of residual values. The tru51ees regularty review these asset lives and change them as necessary to reflect currenl thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisalion charges for the period. Detail of the useful live5 is included in the accounting policies. Restricted and Unrestricted Funds Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these fijnds based on interpretation of donations and grants received. 16-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted funds 2024 Unrestricled funds 2023 Donations and gifts 13.772 9,736 Donations and gifts Other donations 13,772 9,736 13.772 9,736 Income from charitable activities Unrestricted funds 2024 Unrestricted funds 2023 Charitable activities Charitable rental income Other income 235.501 15.889 227,015 15.563 251,390 242,578 Income from other tfadlng activities Unrestricted Unrestricted funds funds 2024 2023 Fundraising events 516 1,574 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 8,617 1,534 17-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundraising and publicity Other fundraising costs 730 2,090 Expenditure on charitable acllvitias Charitable activities Charltable activities 2023 2024 Dlrect costs BEAMAActivities 2,433 Share of support and governance costs (see note 9) Support Govemance 190.958 13.772 186,108 8,922 204,730 197,463 Analysis by fund Unrestricted funds 204,730 197,463 Support Costs Support Govemance costs costs 2024 Support Govemance costs costs 2023 Depreciation Rates Bank Fees Repairs and Maintenance Interest payable and similar charges Insurance Audit fees Legal and professional 96.896 4,929 156 96,896 4.929 156 92.504 5.830 189 92.504 5.830 189 61.164 61,164 56.515 56,515 27.813 27,873 30,657 413 30.657 413 3,630 5,292 3.900 9,872 3,900 9.872 3,630 5,292 1.958 13.772 204.730 186,108 8.922 195,030 Analysed between Charilable activities 190,958 13,772 204,730 186,108 8,922 195.030 Govemance costs includes payments to the auditors of £3,900 (2023- £3,630) for audit fees. 18-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net movement in funds 2024 2023 The net movement in funds is staled after chargingl(crediting)- Fees payable for the audit of the charivs financial statements Deprecialion of owned tangible fixed assets 3,900 96,896 3,630 92,504 11 Trustees None of the trustses (or any persons connected with them) rec8ived any remuneration or benefits from the charity during ihe year. 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Totsl There were no employees whose annual remuneration was more than £60,000. 13 Taxation The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year. 14 Tangible fixed assets Freehold land Flxtuyes and and buildings frt¢ings Motor vehicles Equlpment Total Cost At 1 April 2023 Additions Disposals 4.414.951 64.144 10,524 48,339 1,901 4.529,335 10,524 113,000) (13.000) At 31 March 2024 4.414,951 74.668 35,339 1,901 4,526,859 Depreciation and impaim)ent At 1 April 2023 Depreciation charged in the year Eliminated in respect of disposals 756.695 84,803 45.574 5.816 30.268 5.869 {13,000) 1.196 408 833,733 96,896 {13,0001 At 31 March 2024 841.498 51.390 23,137 1,604 917,629 Carrylng amount At 31 March 2024 3,573,453 23,278 12,202 297 3,609,230 At 31 March 2023 3.658.256 18.570 18,071 705 3.695,602 19-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tanglble flxèd assets (Continued) Freehold land and buildings with a carrying amount of £3.414,319 {2023- £3.499,122) have been pledged to secure borrowings of the charity. Land with a carying amount of £159.13412023 - £159,134) is nol being depreciated. 15 Debtors 2024 2023 Amounts falling due within one year. Other deblors Prepayments and accrued income 1,382 8,220 8,220 8,220 9,602 16 Loans and overdrafts 2024 2023 Bank loans 667,215 736,681 Payable within one year Payable after one year 72,211 595.004 69,466 667,215 Amounts induded above which fall due after five yeaTS= Payable by instalments 275.387 360,142 Bank loans are secured by a floating charge over assets and undertakings of the charitable company and by way of a legal mortgage over the properties owned by the charitable rnpany. Bank loans are being repaid by way of monthly instalments until Jan 2032 with an interest rale of LIBOR plus 2.6°h. 17 Credttors: amounts falling due wlthin one year 2024 2023 Notes Bank loans Trade creditors Other creditors Accruals and deferred income 16 72.211 9.223 753 11,785 69,466 11,166 93.972 80,632
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 16 595,004 667,215 19 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific condFbons by donors as to how they may be used. At 1 Aprll 2023 Transfers At 31 Mar¢h 2024 Sensory Garden 10.000 10,000 Previous year: At 1 April 2022 Transfers At 31 March 2023 Garfield Weston Bailey Thomas Beatrice Lang Ulsler Bank Staff Charity Fund The Wolfson Foundation The Clothworkers Foundation Awards for All Northem Ireland Ulster Garden The Forbes Charitable Foundation Sensory Garden 44,365 26,030 43,383 2.351 27,765 43,383 1.955 9.830 982 10,000 144,3651 126,0301 143.3831 {2,3511 127.7651 (43.3831 (1.9551 (9,8301 1982) 10.000 210.044 (200,044) 10,000 Restricted Funds The restricted funds as at 31 March 2022 relate to income received from providers towards the construction of Cumulus Heights and the provision of equipment and fixtures for the new facility- Although these fijnds were spent Ihey continued to be identified as restricted as conditions relating to the capital grants are still applicable. As the wnditions have been satisfied the funds were transferred in the prior year to unrestricted. Senso Garden Restricted Fund This relates to funds thal have been received by Mainstsy DRM or fundraised specifically for the construction of a sensory garden. 21
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrestricted funds The unrestricted funds of the charity comprise the unexperbded balances of donats'ons and grants which are not subjecl to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Property fund Sensory Garden fiJnd General funds 16.876 2.089 3,296,813 16,876 2,089 3,365,648 274.295 (205,460) 3,315.778 274.295 1205,460) 3,384.613 Previous year: At 1 April 2022 Incoming resources Resources oxpended Transfers At 31 March 2023 Propety fund Sensory Garden ftjnd General funds 16.876 2,089 3,040,900 16,876 2,089 3,296,813 255.422 1199.553) 200,044 3.059.865 255.422 1199.553) 200.044 3.315.778 The company has designated £18.965 of its unrestricted funds for the following purposes. £16,876 is for any future capital works which may need to be carried out on its properties. £2.089 has been designated for a sensory garden. 21 Anatysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assetsl{liabilities) Long term liabilities 3.609.230 370.387 {595.004) 3,609,230 380,387 {595,0041 10.000 3.384.613 10,000 3,394,613 -22-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysi5 of net assets between funds (Continued) Unrestricted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsl(liabilities) Long lem liabilities 3,695,602 287,391 (667.215) 3,695,602 297,391 (667,215) 10.000 3.315.778 10.000 3.325.778 22 Contingenl Liabilities A porlion of capital grants received may become repayable rf the Company fails to comply with the tems of the letters of offer. 23 Capitsl commitments 2024 2023 Amounts contracted for but not provided in the financial statements: 2024 2023 Acquisition of property, plant and equipment 55.977 17,823 24 Related party transactions The company has a common board of trustees and works closely with Mainstay DRP, which shares the tharity's passion for providing accommodation and care and support lo people who have a learning disability and their families. As at 31 March 2024 a balance of £753 is due to Mainstay DRP (2023 - £1.382 due from Mainstay DRPI. During the year. the company rented a number of properties to Mainstay DRP for £227,904 {2023: £219,966). During the year. the charity received service tharge income of£11.196 from Mainstay DRP12023: £8,391). In additj'on. Mainstay DRP provides management. finance and adminislrative support to the charity for no charge. -23-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Cash generated from operations 2024 2023 Surplus for the year 68,835 55.869 Adjustments for. Investment income recogni5ed in statement of financial activities Depreciation and impaimient of tangible fixed assets {8.6171 96,896 {1,534} 92,504 Movements in working capitsl: Decreasellincreasel in debtors Increase in credrtors 1.382 10.595 (9,602} 231 Cash generated from operallons 169,091 137.468 26 Analysls of changes in net (debt)Ifunds At 1 Aprll 2023 Cash IlowsAt 31 March 2024 Cash at bank and in hand 368.421 97.718 466,139 Loans falling due wthin one year Loans falling due after more than one year {69.466) (667,215) 12,745} 72.211 172,2111 {595.0041 (368.260) 167,184 (201,0761 -24-