MAINSTAY DRM LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income from.. Donations and legacies Charitable activities Other trading activities Investrnents 657,230 283,392 657,230 283,392 13,772 251,390 516 8.617 13,772 251,390 516 8,617 10,457 10,457 Total income 951,079 951,079 274.295 274,295 Expenditure on- Raising funds Charitable activilies 218 216,901 218 216,901 730 204.730 730 204,730 Total expenditure 217,119 217,119 205,460 205,460 Net income and movement in funds 733,960 733,960 68,835 68,835 Reconciliation of funds: Fund balances at 1 April 2024 3.384,613 10,000 3,394,613 3,315,778 10,000 3,325,778 Fund balances at 31 March 2025 4,118,573 10,000 4,128,573 3,384,613 10,000 3,394,613 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
MAINSTAY DRM LTD BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 14 3,555.332 3,609,230 Current assets Debtors Cash at bank and in hand 15 2,354 1,206,579 8,220 466,139 1,208,933 474,359 Creditors- arnounts falling due within one year 16 {115,7891 193,972} Net current assets 1,093,144 380.387 Total assets less current liabilities 4,648,476 3,989,617 Creditors.. amounls falling due after rnore than one year 17 1519,9031 {595,004) Net assets 4,128,573 3,394.613 The funds of the charity Restricted income funds Unrestricted funds 19 20 10.000 4,118.573 10.000 3.384.613 4.128,573 3,394,613 The financial statements were approved by the trustees on 24 i{ MrJE Tru orman Company registration number N1063756 (Northern Ireland) 11
MAINSTAY DRM LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activities Cash generated from operations 25 849,762 169,091 Investin9 activities Purchase of tangible fixed assets Investment income received 147,5681 10,457 110,5241 8,617 Net cash used in investing activities 137,1111 {1,9071 Financing activlties Repayment of bank loans 172,211) {69,466} Net cash used in financing activities 172,2111 169,4661 Net increase in cash and cash equivalents 740,440 97.718 Cash and cash equivalents at beginning of year 466,139 368,421 Cash and cash equlvalents at end of year 1,206,579 466,139 12
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Mainstay DRM Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 2 Cumulus Heights, Ballyvange. Downpalrick. Co Down. BT30 6. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum of Association the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the Charities SORP 'Accounling and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial slalements a prepared in sterling. which is the functional currency of the charity- Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the lime of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing Ihe financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been sel aside al the discretion of the trustees for specific purposes. The purpos8s and uses of the designated funds are sel out in the notes to the financial statements. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial stalemenls. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Rental income is recognised in the period lo which it relates. 13-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies IContinued} 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIt costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared cosls which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned beeen those activit5 on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity- Govemance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtu$ and fittings Motor vehicles Equipment 2°/0 per annum straight line 20 /0 per annum straight line 20010 per annum straight line 200/0 per annum straight line Freehold land is not depreciated. The gain or loss arising on the disposal of an asset is determined as the difference bebNeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reportillg end dale, 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 lo determine the extent of the impairment 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-lerm 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 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, with the net amounts presented in the financial slatemenls, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the assel and settle the liability simultsneously. 14-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Icontinuedl Basic financial 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 al arllortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present valLJe 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 instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabililies 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 ag current liabilities if payment is due within one year or less. If not. they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction pri and subsequently measured al amortised cost using the effective interest method. Derecognition of flnancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seryices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 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. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the eslimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both Cent and future periods. Fixed assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and eslimales of residual values. The trustees regularly review these asset lives and change them as necessary lo reflect current thinking on remaining lives in light of prospective economic utilisalion and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives 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 funds based on inlerpretalion of donations and grants received. 15
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Unrestri¢ted funds 2024 Donations and gifts 657,230 13,772 Donations and gifts Mainstay DRP- new build fuffld Other donations 650,000 7,230 13.772 657,230 13,772 Income from charitable activities Unrestricted funds 2025 Unrestricted funds 2024 Charitable activities Charitable rental income Other income 245,352 38,040 235,501 15.889 283,392 251,390 Income from other trading activities Unrestricted Unrestricted funds funds 2025 2024 Fundraising events 516 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 10,457 8,617 16-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds Unrestricted Unrestricted funds funds 2025 2024 Fundraising and publicity Other fundraising cost5 218 730 Expenditure on charitable activities Charitable activities Charitable activities 2025 2024 Direct costs Share of support and governance costs {see note 9} Support Governance 200,792 16,109 190,958 13,772 216,901 204,730 Analysis by fund Unrestricted funds 216,901 204,730 Support costs allocated to activities 2025 2024 Depreciation Rates Bank fees Repairs and maintenance Interest payable and similar charges Governance costs 101.464 5,512 157 68,765 24,894 16.109 96,896 4,929 156 61,164 27,813 13.772 216,901 204,730 Analysed between: Charitable activities 216,901 204,730 10 Net movement in funds 2025 2024 The net movement in funds is stated after chargingllcreditingl.. Fees payable for the audit of the charity's financial slalements Depreciation of owned tangible fixed assets 3,550 101,464 3,900 96,896 17
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Trustees None of the Iruslees lor any persons connected with them) received any remuneratson or benefits from the charity during the year. 12 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There were no employees whose annual remLSneration was more than £60,000. 13 Taxation The charity is exempt from income tax and capilal gains lax lo the extent that ils income and gain s are applied for charitable purposes. No tax charge has arisen in the year. 14 Tangible fixed assets Fraahold land Fixturgs and arsd buildin9$ fittings Motor vehicles Equipment Total Cost At 1 April 2024 Additions 4,414,950 74,668 46,512 35,339 1,901 4,526,858 1,056 47,568 At 31 March 2025 4,414,950 121.180 35,339 2,957 4,574,426 Depreciation and Impairment At 1 April 2024 Depreciation charged in the year 841,499 84,800 51.390 12,670 23,137 3,663 1,604 331 917,630 101,464 At 31 March 2025 926,299 64,060 26,800 1,935 1,019,094 Carrying amount At 31 March 2025 3,488,651 57,120 8,539 1,022 3,555.332 At 31 March 2024 3,573,453 23,278 12,202 297 3,609,230 Freehold land and buildings with a carrying amount of £3,414,32212024 - £3,499.1221 have been pledged to secure borrowings of the charity. Land with a carrying amount of £159,13412024 £159,134) is not being depreciated. 18
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Debtors 2025 2024 Amounts falling due within one year: Other debtors Prepayments and accrued income 1,513 8,220 2,354 8.220 16 Creditors: amounts falling due within one year 2025 2024 Notes Bank loans Trade creditors Other creditors Accruals and deterred income 18 75,101 30,130 72,211 9,223 753 11,785 10,558 115,789 93,972 17 Creditors: amounts falling due after more than one year 2025 2024 Notes Bank loans 18 519,903 595,004 18 Loans and overdrafts 2025 2024 Bank loans 595,004 667,215 Payable within one year Payable after one year 75.101 519,903 72,211 595,004 Arnounts included above which fall due after five years.. Payable by instalments 187,190 275,387 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 company. Bank loans are being repaid by way of monthly inslalments until Jan 2032 with an interest rate of LIBOR plus 2.60/.. 19-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At l April At 31 March 2024 2025 Sensory Garden 10,000 10,000 Previous year: At 1 April At 31 March 2023 2024 Sensory Garden 10,000 10.000 Senso Garden Restricted Fund This relates to funds that have been received by Mainstay DRM or fundraised specifically for the construction of a sensory garden. 20 Unrestricted funds The vnrestricted funds of the charity comprise the unexpended balances of donations and grants which are not SLJbjecl 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 Aprll 2024 Incoming resources Resources At 31 March expended 2025 Propety fund Sensory garden fLJnd New build fund General funds 16,876 2,089 16,876 2,089 645,404 3,454.204 650.000 301,079 14,596) 1212,523} 3,365,648 3,384.613 951,079 {217,119} 4.118,573 Previou5 year: At 1 April 2023 Incoming resources Resources At 31 March expended 2024 Propety fund Sensory Garden fund General funds 16,876 2,089 3,296,813 16,876 2,089 3,365,648 274.295 {205,4601 3,315.778 274,295 {205,4601 3.384,613 -20-
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Unrestri¢tod funds (Continued) Designated funds 11 is the intention of the trustees that free reseNes are used to support future capital builds. In the prior year, the charity designated £16.876 for any future capital works which may need to be carried out on its properties and £2,089 has been designated for a sensory garden. The new build ftjnd relates to a donation of £650,000 from Mainstay DRP specifically for the construction of a new build which will enhance seNices for clients with learning disabilities. 21 Anatysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Current assetsllliabilitiesl Long term liabilities 3,555,332 1,083,144 1519,903) 3,555,332 1,093,144 1519,9031 10,000 4,118,573 10.000 4,128,573 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assels Current assetsllliabilities) Long term liabilities 3,609,230 370,387 1595,004) 3,609,230 380,387 1595,004) 10,000 3,384,613 10.000 3,394,613 22 Contingent Liabilities A portion of capital grants received may become repayable if the company fails to comply with the terms of the letters of offer. 23 Capital commitments 2025 2024 Amounts contracled for but not provided in the financial statements". 2025 2024 Acquisition of property, plant and equipment 17,823 55.977 21
MAINSTAY DRM LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Related party transactions The company has a common board of trustees and works closely with Mainstay DRP, which shares the charity's passion for providing accommodation and care and support to people who have a learnin9 disability and their families. As at 31 March 2025, a balance of £1,513 is due from Mainstay DRP {2024 - £753 due lo Mainstay DRP}. During the year, the charity rented a number of properties to Mainstay DRP for £245,35212024 £227,904) and the charity received service charge income of £10,524 from Mainstay DRP {2024 - £11,196). During the year, the charity received a donation of £650,000 from Mainstay DRP. In addition, Mainstay DRP provides management, finance and administrative support lo the charity for no charge. 25 Cash generated from operations 2025 2024 Surplus for the year 733,962 68,835 Adjustrnents for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets {10,4571 101.464 (8,6171 96,896 Movements in working capital: Decrease in debtors Increase in creditors 5,866 18.927 1,382 10,595 Cash generated from operations 849.762 169,091 26 Analysis of changes in net fundsl(debtl Al 1 April 2024 Cash flowsAt 31 March 2025 Cash at bank and in hand 466,139 740,440 1,206,579 Loans falling due within one year Loans falling due after more than one year 172,2111 1595,0041 12,8901 75,101 175,101} 1519,903} 1201,0761 812,651 611,575 22-