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 circUmstan￿s.
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