The International Centre for Local and Regional Development Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 July 2023 2023 Restricted funds Total funds 2022 Unreslricted funds Total funds Note Income and endowments Charitable aclivities Other income 114,632 114.632 2,163 133,823 2,163 Total income 2,163 114.632 116,795 133,823 Expenditure Expenditure on charitable aGtivities Total expenditure (16.256) (124,008) (140.264) (117,840) (16,256) (124,008) (140,264) {117,8401 Net (expenditure)lincome (14,093) (9,376) (23.4691 15,983 Transfers between funds 19,413 (19,413) Net movement in funds 5,320 (28,789) (23,469) 15,983 Reconciliation of funds Total funds brought forward Total funds ¢arried forward 26,692 121,893 148.585 132,602 32.012 93.104 125,116 148,585 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5. The not05 on pages 30 to 37 form part of these flnanclal statomenls. 28
The International Centre for Local and Regional Development Company Limited by Guarantee Statement of Financial Position 31 July 2023 2023 2022 Note Current assets Debtors Cash at bank and in hand 14 286 216.202 38.162 172,566 216,488 210,728 Creditors". amounts falling due within one year Net current assets 15 91.372 62.143 125,116 148,585 Total assets less current liabilities 125,116 148,585 Net assets 125,116 148,585 Funds of the charity Restricted funds Unrestricted funds 93,104 32.012 121.893 26,692 Total charity funds 17 125,116 148,585 These financial statements were approved by the board of trustees and authorised for issue on 22 April 2024. and are signed on behalf of the board by.. Prof L Magu Trustee The notes on pages 30 to 37 form part of these financial statements. 29
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2023 General information The charity is a public benefit entity and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Belfast School of Architecture & Built Environment. Ulster University, York Street, BT15 1 ED, Belfast. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 102) {Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going Goncem There a no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circUmstans. Foreign currencies Foreign currency transactions are initially recorded in the functional currency. by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. 30
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements {conlinu8dJ Year ended 31 July 2023 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entiliement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the Gharity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift. receipt is probable and its amount can be measured reliably. legaGy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are reGognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classtfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. 31
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2023 Accounting policies (continued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising aclivities, events, non-charitable trading activities. and the sale of donated goods. expenditure on Gharitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. AII costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequenlly measured at amortised cost. Where investments in shares are publicly trad8d or their fair value can othemise be measured reliably, the investment is subsequently measured at fair value with Ghanges in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value. unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequendy measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. 32
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2023 Accounting policies (contlnutdj Financial instruments (continuedj Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, Ihese are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairrnent are recognised immediately. to the extent that Ihe reversal does not result in a carrying amount of the financial asset thal exceeds what the carrying amourbt would have been had the impairment not previously been recognised. Limited by guarantee The International Centre for Local and Regional Development 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. Charitable activities Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Donegal Council Derry City and Strabane Council University of Ulster Commuting Study 14.583 49,894 12.640 56,706 14,583 49,894 12,640 56,706 31,104 13.284 70,244 31.104 13.284 70.244 114,632 114.632 133.823 133,823 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank Revaluation Gain 2,163 2,163 33
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2023 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Charitable activity Support costs 16,256 118,289 5,719 134,545 5,719 16,256 124.008 140,264 Unrestricted Funds Restricted Total Funds Funds 2022 Charitable activity Support costs 2,709 6,108 97.513 11,510 100,222 17,618 8,817 109,023 117,840 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Charitable activity Governance costs 134,545 134,545 5.719 100,222 17,618 5,719 134,545 5.719 140,264 117,840 Analysis of support costs Charitable activity Total 2023 Totsl 2022 GovernanGe costs 5,719 5,719 17,618 10. Net (expenditure)lincome Net (expenditure)lincome is stated after chargingl(crediting)-. 2023 2022 Foreign exchange differences 2.128 1.184 11. Auditors rernuneration 2023 2022 Fees payable for the audit of the financial statements 4.190 3,990 34
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements (contlntsed) Year ended 31 July 2023 12. Staff costs The average head count of employees during the year was Nil (2022: Nil). No employee received employee benefits of more than £60,000 during the year (2022= Nil). 13. Trustee remuneration and expenses The organisations trustees did not receive remuneration in the year however they were reimbursed travel expenses and research project related expenses in year totalling £96.60 (2022= £0). 14. Debtors 2023 2022 Trade debtors Prepayments and accrued income Other debtors 3.739 19,628 14,795 286 286 38,162 15. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income Social security and other taxes other creditors 78,213 5,854 7,305 29.553 8,671 23,919 91,372 62,143 16. Deferred income 2023 2022 Amount deferred in year 46.384 35
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2023 17. Analysis of charitable funds Unrestricted funds At 1 August 2 022 At Transfers 31 July 2023 Income Expenditure General funds 26.692 2,163 (16,256) 19,413 32.012 At 1 August 2021 At Transfers 31 July 2022 Income Expenditure General funds 13,347 (8,817) 22,162 26,692 Restricted funds At 1 August 2022 At Transfers 31 July 2023 Income Expenditure NW Project ICBAN Donegal Council Ulster University Commuting Study 29.401 31,104 (26,127) (6,641) 27.737 12.772 79.720 13,284 70,244 {13,284} (84,5971 {124.008) (12,772) 65.367 121,893 114,632 (19.413) 93,104 At 1 August 2021 At Transfers 31 July 2022 Income Expenditure NW Project ICBAN Donegal Council Ulster University Commuting Study 27,067 49,894 (31.9421 (15,6181 (884) (5.6601 29,401 14.583 12,640 56,706 (8,923) {12.640) (55,5181 (109,023) 12,772 78,532 12,772 79,720 119.255 133.823 (22,162) 121,893 Transfers have taken place through the year to reclassify income which was received to cover core costs previously accounted for in unrestricted funding. 36
The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2023 18. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 32,012 184,476 (91,372) 93.104 216,488 (91,372} 125,116 32.102 Unrestricted Funds Restricted Total Funds Funds 2022 Current assets Creditors less than 1 year Net assets 26,692 184,036 (62,1431 121.893 210,728 (62,143) 148,585 26,692 19. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tsx authorities and assist with the preparation of the financial statements. 20. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 21. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been. or will be, complied with and no liability is expected. 37