Ards Development Bureau & Community Network ststement of Financial Activities (incorporating the Income and Expenditure Account) For the Year Ended 31 March 2024 funds Total 2024 Total 2023 Income from: Grants Other income Bank interest 250,830 250,830 18,885 237 321,482 14,833 68 18,885 237 Total income 18,885 251.067 269.952 336,383 Expenditure on: Charitable activitles Direct costs Support & Govemance costs 182.933 182,933 200,282 93,567 93,567 91,345 Total expenditure 276,500 276.500 291,345 Net Incomel(expenditure> 18,885 {25,433) (6,548) 44,756 Transfers between funds Net movement In funds 18,885 (25,433) (6,548) 44,756 Reconciliation of funds: Total funds brought foDNard 220,768 1,139,015 1,359.783 1,315,027 Fund balances at 31 March 2024 239,653 1,113,582 1,353,235 1,359,783 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the qUirements for an income and expenditure account under the Companies Act 2006.
Ards Development Bureau & Community Network Balance Sheet For the Year Ended 31 March 2024 2024 2023 Fixed assets Tangible assets 1,357,316 1,357,326 1,357,316 1.357,326 Current a&sets Debtors Cash at bank and in hand 45,985 55,836 33,954 79,983 101,821 113,937 Creditors: amounts falling due within one year (105,902) (111,480) Net current assets (4,081) 2,457 Total assets less current liabiltties 1,353,235 1,359,783 Income funds Restricted funds Unrestricted funds 10 1,113,582 239.653 1,139,015 220,768 Total charlty funds 1,353.235 1,359.783 The company is entitted to the exemption from the audit requirement contained in section 477 of the Companies Act 2006 for the year ended 31 March 2024. No member of the company has deposited noti, pursuant to section 476, requiring an audit of these accounts under the requirements of the Companies Act 2006. The trustees acknowledge their responsibiltties for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming reSoUrS and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherbwse compty with the requirements of the Companies Act 2006 relating to accounts. so far as applicable to the company. These accounts have been prepared in accordance with the provisions applicable to companies, subject to the small companies, regime. The financial staternents were approved and authorised for issue by the Board on 4 December 2024. Signed on behalf of the board of trustees J Gill Trustee D W McAlonan Trustee & Chair Company Registration No. N1037588 10
Ards Development Bureau & Communty Network Notes to the Financial Statements For the Year Ended 31 March 2024 Summary of significant accounting policies (a) General infomiation and basis of preparation Ards Development BUaU & Community Network is a prrvate company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is 55-55A Frances Stree( Newtownards, Co. Down, BT23 7D The charity constitutes a public benefft enb'ty as defined by FRS 102. The financial ststements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charits'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northem Ireland) 2008, the Companies Act 20( and UK Generally Accepted Accounting Practs"ce. The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the fvnctional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial ststements are set out below. These poliaes have been consistentty applied to all years presented unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of th8 general objectives of the charity and which have not been designated for other purposes. Designated fvnds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. (c) Income recognition Al incoming resources are included in the Statement of Financial Actrvities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be rneasud reliabty. and it is probable that the income will be r1ved. Voluntary income is received by way of grants, donations and gffts and is included in the full Statement of Financial Activities when reivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity. are recognised when the charity becomes unconditionally entitied to the grant. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, tt can be measured reliably, and the Charity has control over the item. Fair value is detemiined on the basis of the value of the gift to the charity. For example, the 11
Ards Development Bureau & Community Nelwork Notes to the Financial Statements For the Year Ended 31 March 2024 amount the charity would be willing to pay in the open market for such facilities and seNices. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line wth the SORP (FRS 102). Further detail is given in the Trustees, Annual ReporL Income derived from events is recognised as eamed (that is, as the related goods or sen11S are provided). Investment income is induded when r1vable. Income from charitable actNities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject specific perfomiance conditions. Grant income induded in this category provides funding to support programme activities and is recognised where there is entitlement, probable receipt and the amount can be measured with sufficient reliability. (d) Expenditure rOgnitIon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs lated to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, tt is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising fvnds., Expenditure on charitsble activitses includes,. and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. (e) Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include Offi costs, govemance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charty. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditu on charitsble activities on a basis consistent wtth use of the resources Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infomation in support of the charitable activities. (fj Tangible fixed assets Tangible fixed assets. other than freehold land & buildings, are stated at cost (or deemed cost} or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value. of each asset on a systematic basis over its expected useful life as follows: Frxtures and fittings 33% per annum reducing balance 12
Ards Development Bureau & Community Network Notss to the Financial Statements For the Year Ended 31 March 2024 Computer equipment Motor vehicles 20% per annum reducing balan 25% per annum reducing balan (g) Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. (h) Loans and borrowtngs Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method. less impairment. If an arrangement consts"tutes a finan transaction it is measured at present value. (l) Impairnient Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carying amount whe the carying amount eXedS its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. U) Provisions Provisions are recognised when the charfty has an obligation at the balance sheet date as a result of a past event, it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. (k) Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned beeen the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finan charges, are included in creditors. Rentals payable and r1Vable under operating leases are charged to the SOFA on a straight-line basis over the period of the lease. 11) Employee beneffts When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charty operates a defined contribution plan for the benefit of its employees. Contiibutions are expensed as they become payaDIe. (m) Tax The charty is an exempt charity wtthin the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tssts set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 13
Ards Development Bureau & Communty Network Notes to the Financial Statements For the Year Ended 31 March 2024 (n) Going concern The financial statements have been prepared on a going concem basis as the trustees believe that no material UnrtaIntieS exist. The trustees have considered the level of fijnds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concem. Training and investment income Unrestricted Restricted 2024 2023 Revenue grant income 250,830 250,830 321,482 250,830 250, 830 321,482 Other income Unrestricted Restricted 2024 2023 Rental income 18,885 18,885 14,833 18,885 18,885 14,833 Income from investments 2024 2023 Interest receivable 237 68 237 68 14
Ards Development Bureau & Community Network Notes to the Financial Statements For the Year Ended 31 March 2024 Project costs Unrestricted Restricted 2024 2023 Wages and salaries Staff pension costs Printing postage stationery Rent Donations Family povety packs Mentoringlfacilitstion Event costs 61,075 4,954 3,267 6,997 61.075 4,954 3,267 6,997 59,214 4,299 2,318 4,515 70.210 36,430 70,210 36,430 60,731 69,205 Total 182,933 182,933 200,282 Governance and support costs Unrestricted Restricted 2024 2023 Wages and salaries staff pension costs Staff training costs Insurance Light & heat Repairs and maintenance Cleaning Postage & ststionery Telephone Computer expenses Travelling expenses Legal and professional Accountancy Bank charges and interest Loan interest Sundry expenses Depreciats'on on computer equipment Depreciab'on on office equipment Depreciation on motor vehicles 26,175 2,123 26,175 25,377 2,123 1,843 5,585 13,706 4,406 2.556 135 6,538 634 5,637 658 1,740 448 7,506 4,050 8.495 296 4,219 5,585 8,848 13,706 9,056 4,406 12,286 2,556 2,665 135 1,545 6,538 5,440 634 711 5,637 3,094 658 318 1,740 2,085 589 7,506 4,050 8,495 296 4,219 4,050 7,369 5.625 93,567 93,567 91,345 15
Ards Development Bureau & Community Network Notes to the Financial Statements For the Year Ended 31 March 2024 Tangible red assets Land and buildings freehold Computer equipment Office furniture and fftts'ngs Motor Vehicles Total At 1 April 2023 Additions Disposals 1,310,088 142,276 13,000 68,004 30.000 1,550,368 13,000 At 31 March 2024 1,310.088 155,276 68,004 30,000 1,563,368 Depreciation: At 1 April 2023 Charge for the year On Disposal 112,802 8,495 67,115 296 13,125 4,219 193,042 13,010 At 31 March 2024 121,297 67,411 17,344 206,052 Net book value- At 31 March 2024 1 310 088 593 1357 316 At 31 March 2023 1310 088 889 1357 326 Debtors 2024 2023 Accrued income Other debtors 41.945 4,040 33,954 45,985 33,954 16
Ards Development Bureau & Community Network Notes to the Financial Statements For the Year Ended 31 March 2024 Creditors: amounts falling due withln one year 2024 2023 Loans Trade creditors Other tax and social securty Accruals and deferred income 96.040 7,063 714 2,085 98.660 8,119 2,616 2,085 105,902 111,480 10 Restricted fvnds Balan at Income 2023 Expenditure Transfers Balance at 2024 Other reserves Premises modernisation Project Outreach Community Resource Centres Scrabo Project 83,251 1,040,194 251,067 (276,500) 57,818 1,040.194 7,054 7,054 8.516 8,516 1,139,015 251,067 (276,500) 1,113,582 The other restricted reserves relate to ongoing projects within the charity. The Premises Modernisation Project relates to the cost of the purchase and refurbishment of the building at 4345 Frances Street and is the totsl cost to date of land and buildings freehold as shown in note 7. The Outreach Cornmunty Resource Centres funds relate to the purchase and depreciation of computers for these centres. The Scrabo Project funds relate to the ongoing project in Newtownards. 11 Contingent liabilities The grants received are subject to repayment rf conditions relevant to their payment do not continue to be meL EXpt for the above there are no other commitments and contingencies requiring disclosure. 17
Ards Development Bureau & Community Network Notes to the Financial Statements For the Year Ended 31 March 2024 12 Trustees None of the trustees (or any person connected with them) reiVed any remuneratr'on or beneffts from the charity during the year. 13 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Employees 14 Staff costs and employee benefits No employees received total employee beneffts (excluding employer pension costs) of more than £60,000. 15 Taxatlon No corporation tax has been provided in these accounts because the income of the charty is within the exemption granted by Section 505 of the Income and Corporation Taxes Act 1988. 16 Company limited by guarantee The company is limrted by guarantee. The liability of each member És limited to £1 each. 17 Related party transactlons There were no related paty transtionS during the year. 18