The International Cantre for Local and Regional Development Company Llmited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 July 2024 2024 Restricted funds Totsl funds Total fvnds 2023 Unrestrfcted funds Note Income and andowments Charitable activities Other income 2,590 115,242 117,832 114.632 2,163 116.795 Total Income 2,590 115,242 117,832 Expendlture Expenditure on charitable actlvltl88 Total ex￿ndItUrn (8,909) {105,463) (114,372) (140,264) (8,909) (105,463) (114,372) (140.264) Not Incom•l(oxp•ndltur•) (6,319) 9,779 3,460 (23.469) Transfers belween funds 42.040 (42,040) Net mov•mont In fund8 35,721 (32,261) 3.460 (23.469) Reconclllatlon of funds Total fijnds brought f0Th￿rd Total fund$ carrf￿ forward 32,012 93.104 125.116 148.585 67,733 60.843 128.576 125.116 The statement of financial activities includes 811 galns and losses recognlsed In the year. All income and expenditure derive from continuing activlties. Th• nots• on page• 29 to 38 fomi part of thes0 flnanclal ststemants. 27 The International Cantre for Local and Regional Development Company Limited by Guarantee statement of Financial Posltlon 31 July 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 14 466 152.482 286 216,202 152,948 216.488 Creditors: amounts falllng duè wlthln one ygar Net current assets 15 24.372 91.372 128.576 128.576 125.116 125,116 125.116 Total a8Sèt• less current Ilabllltle8 N•t a880ts 128,576 Funds of the charfty Restricted funds Unrestricted fund8 60,843 67,733 128,576 93,104 32.012 Total charlty funds 17 125,116 These financial statements were approved by the board of trustees and authorised for issue on l O April 2025. and are signed on behalf of the board by: Prof L Maguire Trustee The nots8 on p•g88 29 to 36 forni part of theJ8 flnanclal 8tatoment•. 28 The International Centre for Local and Regional Development Company Limited by Guarantee Notes to the Flnancial Stat8ments Year ended 31 July 2024 Gonerdl Inforniatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northem 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 compllanca These financial statement$ have been prepared In compliance with FRS 102, 'The Flnanclal Reportlng Standard applicable In the UK and the Republlc 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 Republlc of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounllng pollcle8 B•81s of proparatlon The financial statements have been prepared on the hlstorical cost basls, as modified by the revaluation of certain financial assets and Ilabilities and investment properties measured at fair value through income or expendSture. The financial statements are prepared in sterllng, whlch is the functional currency of the entity. Golng concom There are no material uncertaintles about the charlty's ablllty to continue. Judgomonts and k•y sources of 08tlmatlon uncgrtalnty The preparation of the financial 8tatements requires management to make judgements, estimates and assumptions Ihat affect the amounts reported. These estlmates and judgements are continually reviewed and are based on experlenc8 and other factors, includlng expectations of future events that are belleved to be rea80nable under the clrcumstancej. Foralgn currnnclo• Forelgn currency transactions are inltlally ￿cOrded in the functlonal 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, wth any gains or losses being taken to the statement of financial activities. The International Centre for Local and Regional Development Company Limlted by Guarantee Notes to the Financlal Ststements (¢onthJuedJ Year ended 31 July 2024 Accountlng pollcles (eonlirtued) 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 eamiarked by the trustees for partrcular future project or commitment. R88tricted funds are subjected to restrictions on Ihelr expenditure declared by the donor or through the term8 of an appeal, and fall into one of two $ub-classes'. r88trlcted Income funds or endo4wnent funds. Incomlng resourc All Incoming resources are Included in the statement of financlal activities when enti￿ernent has passed to the charity., it is probable that the economic benefits associated the transadion will flow to the charity and the amount can be reliably measured. The following specific policies are applled to partlcular categories of Incom8: Income from donatlons or grants18 recogni88d when there Is evidence of entiuement to the gfft. ￿Ceipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entiuement is established. income from donated goods is measured at the fair value of the go¢Jds 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 seNices are recognised in the accounts when recelved if the value can be rellably mea8ured. No amounts are Included for the contribution of general volunteers. income from contracts for the supply of servlces Is recognised with the deltvery of the cantractèd servlce, Thls is classified as unrestrlcted fund3 unless there Is a contractual requirement for il to be Spent on a partlcular purpose and returned If unspent. in which case tt may be regarded as reslrlcted. 30 The International Cantre for Local and Regional Development Company Limited by Guarantee Notes to the Flnancial Statements f¢ontlnv6d) Year ended 31 July 2024 Accountlng pollcles (¢ortllnued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT vthich cannot be fijlly recovered, and is classified under headings ofthe Statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activth'es, events, non- charitsble trading activities, and the sale of donated goods. expenditure on charitable actlvities includes all co$t8 Incurred by a charity In undertaking activitles that further its charitable alms for the benefit of its beneficlaries. Includlng those support costs and costs relatin9 to the govemance of the charity apportioned to charitable actlvltles. other expenditure includes all expendlture that Is nelther related to ralslng funds for the charity nor part of its expenditure on charitable actlvltles. All costs are allocated to expenditure categorles reflecting the use of the resource. Dlrect co3ts attributable to a single activlty are allocated directly to that activity. Shared costs are apportioned betrween the activities they contribute to on a reasonable, justifiable and consistent basis. Flnanclal In8trumonts A financral asset or a financlal liablllty Is recognised only when the charlty becomes a party to the contractual provisions of the instrument. Basic financlal Instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current Ilabilltle8 are subsequently measured at the cash or other conslderation expected to be pald or receSved and not discounted. Debt Instruments are 8ubsequently meagured at amortl8ed cost. IAhere investments in Shares are publicly traded or thalr falr value can othep4vise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised In Income and expenditure. All other such Investments are subsequently mea8ured at cost less impainnent. Other financial instruments, Including derivatives, are Inltlally re¢ogni$ed at fair value, unless payment for an asset is deferred beyond normal business temis or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the ftrture payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are sub5equenlly measured at fair value, wth any thanges recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. 31 The International Centre for Local and Regional Development Company Llmlted by Guarantee Notes to the Financlal Statements fcontlnu•dJ Year ended 31 July 2024 Accountlng pollcles (conllnu•dJ Financial instruments (eontlnu•d) Financial assets that are measured at cost or amortised cost a￿ reviewed for objective evidence of impaimient at the end of each reporting date. If there is objeclive evidènce of impaimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financlal assets that are individual slgnificant, these are assessed Indlvidually for impairment. other financlal assets are either a88885ed Individualty or grouped on the basls of simllar credit rlsk characteristics. Any wernals of Impairment are recognlged Immedlately, to the extent that the reversal does not result In a carrylng amount of the flnanclal asset that exceeds what the carylng amount would have been had the impairment not prevlously been r8¢ognlsed. Llmlt•d by guarantee The Intemational Centre for Local and Reglonal Development 1$ a company Ilmited by guarantee and does not have a share capital. The Ilablllty of each member is Ilmited to an amount not exceeding £1. Charftsblo a¢tlvltlo8 Unrestricted Funds Restricted Total Funds Funds 2024 Dery Clty and Strabane Councll Universty of Ulster Commuting Study Monaghan County Council Citlzen Rural - UCD 45,643 12,872 34,931 21,798 45,643 12,872 34.931 21.796 2,590 2,590 2,590 115,242 117.832 Unrestricted Funds Restricted Total Funds Fund8 2023 Derry Cty and Strabane Council University of Ulster Commuting Study Monaghan County Council Citizen Rural - UCD 31.104 13.284 70.244 31.104 13.284 70.244 114.632 114.632 32 The International Centre for Local and Regional Development Company Llmlted by Guarantee Notes to the Financlal Statsments f¢onllnuod) Year ended 31 July 2024 Other Incom9 Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank Revaluation Gain 2,163 2,163 Expendlture on charltable actlvltlos by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable aclivlty Support ¢08ts 8.699 210 100,242 5,221 108,941 5,431 8.909 105,463 114,372 Unrestricted Funds Restricted Total Funds Fund$ 2023 Charitable activity Support costs 16,256 118,289 5.719 134.545 5,719 140,264 16,256 124,008 Expondlture on charltabl8 actlvltlo$ by a¢tlvlty typ• Acllvitles undertaken directly Support Costs Total fund• 2024 Total fund 2023 Charltable actlvlty Governance costs 108,941 108,941 5,431 134,545 5,719 5,431 108,941 5,431 114,372 140,264 Analy81s of 8UPPOrt eo8t8 Charitable activity Total 2024 Totsl 2023 Govemance Costs 5,221 5,221 5,719 10. Not incomo1(oxpenditure) Net incomel(expenditure) is stated after ¢hargingl(crediting)'. 2024 2023 Foreign exchange differences 428 2,128 33 The International Centre for Local and Regional Development Company Llmlted by Guarantee Notes to the Financial Ststements (¢onllnued) Year ended 31 July 2024 11. Audltors remuneration 2024 2023 Fees payable for the audit of the financial statements 4,400 4.190 12. Staff costs The average head count of employees durlng the year wa$ Nil (2023: Nil). No employee recelved employee benefits of more than £60,000 durlng the year (2023.. NII). 13. Tru•to• r•munoratlon and oxpen888 The organisations trustees dld not recelve remuneratlon In the year however they were relmbur$ed travel expense8 and research project related expenses In year totalllng £177.59 (2023.. £96.60) 14. Debtorn 2024 2023 Prepayments and accrued income 466 286 16. Credltors: amounts falllng due wlthln one year 2024 2023 Accruals and deferred Income Social security and other taxes Other credltors 20.857 3,333 182 78,213 5,854 7.305 91,372 24,372 18. D•f•rrod Incom• 2024 2023 At 1 August 2023 Amount released to income Amount deferred in year At 31 July 2024 46.384 (46.384) 46.384 46,384 34 The International Centre for Local and Regional Development Company Llmlted by Guarantee Notes to the Financlal Statements (contlnu Year ended 31 July 2024 17. Analysls of charitable funds Unr8Stri¢ted funds At 1 August 2023 At Transfers 31 July 2024 Income Expenditure General funds 32,012 2,590 (8,909) 42.040 67.733 At 1 August 202 At Tran8fers 31 July 2023 Income Expendlture General funds 28,892 2,163 (16,256) 19.413 32.012 R•strlcted fund• At 1 August 2023 At Transfers 31 July 2024 Income Expendlture NW Project Ulster University Commuting Study Monaghan Councll 27,737 45.643 12,872 34,931 21,796 115,242 (33,389) (12,872) {39,455) {19,767) (105,463) {40.011) 65,367 60,843 {2,029) (42,040) 93,104 60,843 At 1 August 2022 At Transfers 31 Juty 2023 Incorne Expenditure NW Project Ulster University Commuting Study Monaghan Councll 29,401 12,772 79,720 31,104 13,284 70.244 (26,127) (13,284) (84,597) (6.641) (12,772) 27,737 65,367 121,893 114.632 (124,008) (19.413) 93,104 Transfers have tsken place In the year to reclassify income which was received to cover core costs previously accounted for in unrestricted fundlng. 35 The International Centre for Local and Regional Development Company Llmlted by Guarantee Notes to the Flnanclal Statements (eontthuedj Year ended 31 July 2024 18. Analysls of net assets betwèèn funds Unrestricted Funds Restricted Total Funds Funds 2024 Current assets Creditors less than 1 year Not assèts 60,843 92,105 (24.372) 67.733 152,948 (24.372) 128,576 60,843 Unrestrlcted Funds Restrfcted Total Fund8 Funds 2023 Current assets Creditors less than 1 year Not 4s80ts 47,182 169,326 (91,372) 77,954 216.488 (91.372) 125,116 47,162 19. Ethlcal Standards In common wth many other businesses of our slze and nature we use our audltots to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 20. Taxatlon The Company is a registered charlty, and as Such 1$ entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 21. Contlngenel•• A contlngent Ilablllty exlsts to repay grant8 and Trust monles recelved should certaln condltlons not be fulfilled by the charlty. In thè oplnion of the Trustees, the tsrrns of the Letters of Offerg have been, or ￿11 be, cornplled wlth and no Ilablllty18 expected.