Company Number: N1043863 Charity Number: N1104760 Destlned Ltd (A conipaiiy limited by guarantee) AcLounts for tlie year elided 31 March 2023
Destined Ltd (A c()iiipany lin?ited by guaraiitee) Contents Page Iiifoi'matioii Directors Report Tiidepeiident Examiner's Report Statement of Financilll AcLivities Balance Slieet Notes to the accoun15 9-16
Destined Ltd (A coiiipany limited by giuarantee) Informatlon Company No: N1043863 Charity No: NICI 04760 Secretary Colin Cusaclc (Resigiied 06 July 2022) Dfirectors Kevin Burke Colni Cuback (Resigned 06 July 2022) Tony McGuine&s Maeve McLaughliii Adele Darby Katclyiiii Doniielly (Resigiied 06 July 2022) Geoi'ge Harkiii Thomas McGlincliy Deii'drc McGuiiiesS Mark Buldi'ick Michael Cole Fiona Byrne Robbi¢ Hazelott ALC(TrUllt#nts McGroarty Mccaffcrty & Compaiiy Ltd Accountants & Tax Consultants 2 Cai-lisle T£rrace Derry BT48 6JX Reg5stered Office Foyle Valley Ruilway Mubeum l Foyle Road Derry BT48 6SQ Bankers Bank of Irelttnd ?7 Culinore Road Deiry BT48 8JB Solicitors Walter Hegarty Solicitors 4 Queen Street Deriy BT48 7EF Page I
Destined Ltd (A company limited by guarantee) Report to the Directors for the year ended 31 March 2023 The directors present their report and the fll]ancial statements for the year ended 31 March 2023. The directors of Destined Ltd for the purposes of ¢ompany law and who served during th¢ year alld up to the date of this report are set out on pag¢ l. Our Alms and Objectives Pur and Aims The main area of charitable activity is to promote the benefit of the inhabitants of Northern Ireland and surrounding area and to provide innovative, pragmatic, daytime, evening time and drop in services for people witli learning disabllities. The mission statement is 'Empowering People with Learning Disabilities and Promoting Social Inclusion,. It has two distinct strands of activity. to give its members the skills and self-confidence to play a fuller role in society; and to support the community to be pro-active in the process of social inclusion. In support of these aims Destined constructed a North West Learning Disability centre at its Foyl¢ Road site. The centre provides the base for a Council wide social inolusion programme that supports people with learning disabilities to become involved in every aspect of community life. The organisation has established an out-reach centre in Feeny. County Derry to complement the work of the new centre in rural areas. The Focus of our Work The orgaiiisation is based in the North West Learning Disability Centre and delivers programmes morning, afternoon and evenings throughout the week and has programmes running at weekends. and also a similar one in Feeny tl)at services the rural area. Destined Ltd operates a person centred planning process to inforni the type and content of its programmes. but the 8roup operates on the simple assumption that its members have the same rights as everyone else to participate in the communÉty and the only diff¢rence is that they may need a bit of extra support to do so. Tlie programme of work for the organisation in the next financial year will include the full refurbishment of the Foyle Valley Railway Museum. the refurbishment of the Tank-house on site that is the last remaining piece of iiifrastructure of the Great Northern RaRlway9 the development of the Destined carwash as a social enterprise, the development of an urban social farni, the establishment of a learning disability service prnvider consortium and tlie establishment of a social liousing initiative. Destined Ltd will continue to develop and deliver appropriate services to its membership that is currently at 250 people and will seek to off¢r additional places to another 50 people over the y¢ar. Financial Review Princi al Fundin Sources Thc key funders of the Destined programme include the Big Lottery Fund, Derry City and Strabane District Council and the Western Health and Social Care Trust. The group w&g also supported by a range of funders to enable it to provide services to thc membership through Zoom, Facebook, social media and through activity packs. Page 2
Destined Ltd has continued its relationship over the year with the Heritage Lottery fund which saw the delivery of a programme in conjunction with St Joseph's School and St Mary's College that supported the installation of a railway interpretative centre in the museum. Structure, Governance and Management Governin Doculnent The organisation is a coinpany with charitable status. The entity w&s fornigd on 19th August 2002. The company was established under Memorandum & Articles of Association which outlined the area of benefit and the objects of the charitable organisation. Recruitment and A ointmen f the B of Di or The directors of the company are also charÉty trustees for the purposes of charity law and under the company's Articles are known as members of the Board. Under the requirements of the Memorandum and Articles of Association, one third of the members of the Board must stand for re-election at the Annual General Meeting. All Inembers of Board give their time voluntarily and receive no benefits from the charity. Members Inducti ndTr inin Board members are already fatniliar with the work of Destined Ltd. Board members are encouraged to participate in relevant activities. Training h&s been delivered by CENI to the members of the Bollrd over the past years on the roles and responsibilities of a Director. This followed governance training over the past few years that resulted in Destined being awarded the All-lreland Aontas Award for innovation and good practice. Obli ations of tlie B ard Tlie main obligation of the Board are to d¢velop and oversee the implementation of policy and to ¢nsur¢ that slructures and maiiageinent complies with legal requirements and good governance practice. The Board meets every second month and reports on past developments and future plans are presented. Or anisational Structure The orgaiiisation structure consists of I I directors with a number having learning disabilities. A general manager heading up a management team of 8. They oversee a range of project committees delivering programmes. kman en As part of tlie risk inanagement policy Destined Ltd h&s initiated a fundraising strategy that has seen the group being pro-active in altracting funds throughout the city. It recently launched a weekly lotto to in¢re&se levels of sustainability and has an active fLU]draising coinmittee. Rcsponslbllities of the Board of Directors In addition to the responsibilities outlined above the Board will prepare financial statements for each financial year which give a fair and true view of the state of affairs of the charitable company &s at the balance sheet date and of its incoming resources and application of resources, including income and expenditure for the fInancial year. In preparing those financial statements, the Board should follow best practice and: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRSI 02). Page 3
make judgements and estimates that are reasonable and piudent: and pi-epare financial statements on the going coiicei-ii basis unless it is iiol appi-opriale lo assume Ihal Ihe company will coIilinue oli that basis. slate whetliei- applicablc UK Accounling Standards have been followed, subject lo any material dcparlurcs disclosed and explained in the financial statement&. pi'epdi-c tlie fiiiaiicial statemeiits on the goingi concern basis uiiles5 It 15 iiiappiDiiate to assume the compaiiy will conLinuc in bu5illess.. Tlie directors are responsible for maincaining pi'oper accoiinting records which disclose with reabonable acciii'acy .It any tiine tlie fjnancigil po.sition of the charity and enables them to ensure that the finuncial .8lateinenls comply willi the Companies Act 2006. The dii'eclors al'e a150 responsible for safeguarding the assets of the ¢harily and lieiice for lakiiig i'easoiiablc steps for tlie PlEveiiiioii aiid detectioii of fi'aud aiid other iliEgulai'iti¢s, Tliis report is prepared in accordance with the special provisions of part 15 of the Coinpanies Act 2006 reEatiiig to sinall coinpuniei* und iii accoiylunce with SORP 2019 (FRS102). Tliis report was appi'oved and autliorised for issue by th¢ Board on 4 December 2023 and signed on its belialf by; fLb 4(1 SL Director Director Pagye 4
Destined Ltd (A conipany limited by guarantee) IndepL)ndent Exaininer's Report on the unaudited financial statements to the directors or D&stined Ltd We reporc 011 tlie accountb of the charity for the year ended 31 March 2023. Respective responslbllltles of cliarlty commfittee members ond examiner As tlie cliarity's direc(ors you are responsible for th¢ Pr¢piaOn of the accounts iii accordance with tlie IEquireinents of the Companies Act 2006. Having satisfied ourselve5 that the charity 18 not subject to audit uiidei. conipany law, aiid is eligible for iiidependciit ¢xamiiialioii, it is oui. rcspoiisibility to: exuinine Ilie accounts uiider Section 65 of the Chai'ities Act; follow the procedures Laid down in tlie general Directions given by the Con]mission uiider Section 65(9) (b) ol. Ilie Cliai'ities Act; .slale whether particular matter8 have come to our attention. Busis i)f Iiidependent examiiier's report We have exainined your charity accounts as required under Section 65 of the Charities Act and our exuniiiialioii waiTr CaiTied OUL iii accordaiice wilh the general diirclioiis giveii by the Charity Commissioii for Norchern Ireland under Section 65 (9)(b) of the Charities Act. Tlie exainination included a review of the accounting records kept by the charity and a cOIT]parisOn of the accouiils presciiled with thosc recoi'ds. It lllso included conbidei'ation of aiiy unusulll items oi. disclosures iii the accoiints., and seeking explanation from you as charity directors concerning any such niatters. Our i-ole is to slate whetlier any matei-ial matleis have cotne to our attention giviiig us cause to believe: l.Thal aLcouiiling i'ecoiyls wci'e not kept in accordance wAtlI Section 386 of tlic Compani¢s ACL 2006. 2.ThaL the aLLounls do not aLcord with those accounting records. 3.That the accounls do not comply with the accounting requiremenls of section 396 of the Compani¢s Acl 2006 aiid witli the Inethods and principles of tlie Chai-ittes Stalcment of Recommciided Practice applicable to cliarities preparing their accounts in accordance with the Financial Reporung Standard applicable in the UK and Republic of Ireland. 4.That there is further inforrnation needed for a proper understanding of the accounts to bc reached. Iiidepeiident Examliier's Statement We can confirm we aiE qualified to undertake tlie examination and are regulated and a member of Chartered Accountants Irelund, which ib one of the libted bodiet>. We liave Lonipleted our examination and have no concerns in respect of tlie matters 1 4 listed above aiid, in coiinection with tlie following Directions of the Charity Commissioii Northern Ireland; we liave found no IrJatLers that require drawing to your attention. Mecroarty Mccaffer & Company Limited Accollntants & Tax Consultants. 2 Carlisle Terrace Derry B T48 6JX Date: 4 Deceinber 2023 Page 5
Destined Ltd (A company limited by guarantee) Statement of Financlal Activities for the ycar ended 31 March 2023 Unrestricted Funds Restrlcted Funds 2023 2022 Incomc and Expenditure Incoming Resourc Graiits & Suiidry Income Total IucomAng Resources 162.533 333,831 496,364 490,529 162.533 333,831 496,364 490,529 Resources Expended Charitable activities 202,176 320,651 522,827 529,326 Total Resources Expended 202,176 320,651 522,827 529,326 Net Incomlng l (Outgolng) Resources 12. (39,643) 13,180 (26,463) (38.797) Transfer betw¢¢n funds (48,546) 48,546 Balances brought forward l April 2022 41,035 1,278,926 1,319,961 1,358,758 Balances carried forward 31 Marcli 2023 (47,154) 1,340,652 1,293,498 1,319,961 The above amounts relate to coiitinuiiig operations of the company. Tlie company has no recognised gains and 105ses Other than tliose inoluded in tlie results above and therefore no s¢paratc st&tement of total recognised gains and losses has been presented. Thcre is no difference between the net incoining resources for the year stated above and tlieir historical cost equivalents. Prf?ge 6
Destined Ltd (A company limited by guarantee) Balance sheet as at 31 March 2023 2023 2022 Notes Flxed assets Tangible assets 1,482,025 1.335,639 Current assets Debtors Cash at bank and in hand 22,041 7,991 25,992 35,285 30,032 61,277 Current liAbilities Bank loans and overdrafts Other oreditors Accruals 53,978 41,091 16,514 9,996 36,602 11,470 111,583 58,068 Net current (liabilitfies)lassets (81.551) 3,209 Total assets less current Ilabllltfies 1,400,474 1,338.848 Loiig-temi liabilities 10 (106,976) (18,887) Net assets 1,293,498 1,319,961 Reserves (note 13) Unr¢5tricted Restricted (47,154) 1,340,652 41,035 1,278,926 1,293,498 1,319,961 Page 7
Destined Ltd (A conipany limited by guarantee) (continued) In appiDviiig tlie5e finlL ncial statements as directors of the company we hereby conflnn: The coinpany was entitled to exemption from audit under s477 of the Companies Act 2006 relating to small Lomupnicb. Tlie membei's have not required tlie company to obtain ali audit iii accordaiice wilh seLlion 476 of the Coinpaiiies Act ?006. Tlie diiEctors ackiiowledge tlieir responsibilities foi. complying witli tlie iEquirements of the Compaiiies Act ?006 witli re&pect to accounting IEcords and pi'epai'alion of account&. Tliese accouiits liuve beeii pi'epared in uccordaiiLe witli the provisions applicable to small compaiiies subject to the sinaLL coinpanies regiin¢ in accordance with Chiiriti¢s SORP (FRS102). Tlie financial slatenients. were approved and authorised for issue by che Board on 4 December 20?3 and bisned on its behalf by. DirLctor Director Dato . 4 December 2023 Date . 4 Deceinbor 2023 Reglstratlon nuiiiber: N1043863 Page 8
Destined Ltd (A conipany liniited by guarantee) Notes to the accounts for the year ended 31 March 2023 Accountlng pollcles Thc chai'icy Ib a private limiced company by guarantee, regislei'ed in Northern Ireland and a regisQred charity in Nortliern Ireland. The address of the registered office is Foyle Valley Railway Museum, I Foyle Road, Deriy. BT48 6SQ. 1.1. Accountlng conventlon Th¢ significant accounting policies applied in th¢ preparation of thes¢ financiaL stateinents are set oiit below. These policies have been con51Stently applied lo all yeai'5 presented unless otherwise stated. The cliarity coiislitule.8 a public benefit entity as defined by FRSL02. The financial statement8 have beeii pi'epared in acLordaiice witli Accounting aiid Repoi'ling by Charities: Statement of Recommended Pizclice applicable to charities pi'epai'Liig their accouiits iii accolalICe with tlie Financial Repoi'tiiig Standard applicable in the UK and Republic of Treland Charities SORP 2019 (FRS102) and the Compaiiies Act 2006. The financial slaleinenl8 are prepared on a going concein basis under the historical cost convention. Inodified co included ceilain itetns at fail- value. Tlie financial staleinenl& ure prescnted in sterling which is the funclional currency of the charity. IiiLomin&J resourLL'S All incoming resourc¢s are includcd in the slateinent of financial activities when the charity is entitled to the inconie and the amount cali be quanlified with reasonable accuracy. The followiiig spccific policies arc appli¢d io particular categories of inconie., Volunlaiy incoine is received by way of gran15, donations and gifts and is included in full in the slalemeiit of fiii<111cial aclivilies wheii receivable. Grants wlieiE enlillemeiit is iiot coiidilioi)al oii the dclivery of a bpecific perforniance by Ilie cliuricy, are recognir>ed when the charity beconies unconditionally entitled lo the grant. Donated services and facilities are includ¢d at tlie value to the charity where this can be quantified. The value of services provided by volunteers has iiot been iiicluded. Gift8 donated tor resale are included as incoming resources within actLVltie.8 for generating funds when they are sold. 1.3. Resources expended Expenditui'e is i'ecognised on an accrual b&%is &% a liability il* incurred. Expenditure includetl any VAT wliich cannot be fully recovered, and i.s reported a.% parc of the expenditure to which it reLate.8. Chai'Ltable expendituiE comprises those cost8 incuiied by the charity in Ihc d¢livcry of its activities und services for its beneficiaries. It includes both cost8 that can be allocated directLy to such activKties and Ihose costs of an indirgct nature necessaiy to suppoit them. Page 9
Dostined Ltd (A conipany liniited by guarante¢) Notes to the accounts for the year ended 31 March 2023 1.4. Tan&iible fixed assets and depreciatlon Tan&vible fixed assets are stLlted at cost less depitciation. Depreciation is provided at rates calculated lo write off tlie cost or valuation less residual value of eacli 11S1iel over its expected useful life. as follows.. Land and buildings Fixtures & Fittiiigs Motoi. vehicles 2fo Straight Line 15% Straight Line 15% Straight Line 1.5. LLiasing Renials payable under operating leases are charged against income on a sti'aight line basis over the lease term. Page 10
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2023 Income 2023 2022 Restricted Income Arts Council Dery City & strabane District Council National Lottery Heritage Fund Education Authority - Restricted Community Foundation Nl Nl Housing Executive Tudor Trust Big Lottery Fund - Five Circles Big Lottery - People & Communities Department For Communities Disability Action Rank Foundation Clear Project Ulster Garden Villages 9,970 15,030 120,756 3,000 36,639 276 7,500 50,000 19,600 18,970 67,815 2,930 22,500 42,500 i 00,000 39,200 25,000 21,900 7,835 5,180 48,000 3,060 20,000 333,831 353,830 Unrestricted Incomo Fundraising & Donations WHSCT Other income unrestricted 55,615 56,52E 50,397 27,526 69,709 39,464 162,533 136,699 Total Income 496,364 490,529 (i) Restricted Funds Funds received which are eannarked by tlie Funder for specific purposes. Sucli purposes are witliin the overall aims of the organisation. (11) Unrestrlcted Funds Funds which are expendable at the discretion of the company in furtherance of the aims of the charity. In addition funds may be held in order to finance capital inv¢5tm¢nt and working capital. Page 11
Destined Ltd (A compaiiy litnitL'd by &Fuaraiitee) Notes to tlie accounts for tlle year ended 31 Marcli 2023 ResourLLJS ExpLinded Uiirestrlcted riunds Re&triLted Funds Totul 2023 Total 2022 Muiiugement & Adniiiiistration Pciisioii Costs Big Lotleiy Fuiid - Five Circles Big Lolleiy- People aiid Comrnunilies Cafe expeiises Tutor Tiu$t expeiises Peace tv expenseb National Lottery Heritage expenses WHSCT expenses Cleaning Prograinme expense5 Insurance Light aiid Heat Priiiting. Po.sl&lge & Stationery Coinputer Equipment Repairs & Mainienancc Telephon¢ Sundry expense5 Accountancy Ti'an.%port COtr¥lè* Bank chai'ges UCIT Loun iiilcresl Preinium Cirdit intcitst Depitcialioii 1,295 5,351 73,613 35,255 6,646 73,613 35,255 8,192 i 00,000 39,200 9,860 42,500 63,383 21,696 21,696 46,846 46,846 67.815 69.709 9,655 71,296 22.900 20,261 816 1,880 9,5?5 5,786 5,004 4,273 5,644 1,093 31.127 28.792 39.327 1,093 127,345 28.792 39,327 96,218 6.593 6.218 5.053 6,701 6.593 6.218 5,053 6,701 3,073 5,616 2,490 1,638 279 41,159 3,073 5,616 2,490 1,638 279 2,571 1,766 110 31,771 38,588 202,176 320,651 522,827 529,326 Nel (out&tuing)l inLoniing r&sources for tlie yeur 2023 2022 Net (outgoing)l incoming resourLes is stated after charging.. Depi'ecialion and other arnounts written off tangible tixed assets AcLounluncy fees 41,159 3,073 31,771 4,273 Page 12
Destined Ltd (A coi))pany liniitLd by guarantee) Notes to the accounts for tlie year ended 31 March 2023 Staff costs I mploynicnt costs 2023 2022 Wages and salarie.% Social .%ecurily C08ts 224,096 21,317 250,673 17,648 245,413 268,321 No eiiiployee received einoluinents of niore than £60,000 (?0? l.. None) Number of employees The average monthly nuinbers of employees during the year, calculated on the basis of full time equivaleiils, w(Is as follows.. 2023 Number 2022 Number Average nuinber of einploy¢es 15 15 Taxation As a chai'ily, Destined Ltd is exeinpt from cax on income and gains falling witliin section 505 of the Taxe% Act 1988 or 8256 of Ilie Taxation of Chargeable Gain8 Act 1992 to tlie extent that these are applied to its ch¢irgeable objects. Accordingly, no tax charses have arisen in the ¢liarity. Page 13
Destined Ltd (A euiiipany liniited by guarantee) Notes to the accounts for tlie year ended 31 March 2023 Tungible assets Land and buildings rreehold Equlpment Motor velilcles Total Cost At l April 20?2 Additlollb 1,293,677 167,925 96,702 19,620 5 ?00 1,395,579 187,545 Al 31 Murcli 2023 1,461,602 116.322 5,200 1,583,124 Dcpreciatioii Al l Api'il 2022 Chai'ge foi. the yeui. Ai 31 March 2023 25,874 25,874 30,616 14,505 3,450 780 59,940 41,159 51,748 45,121 4.230 LOI,099 NL't boi)k values Ai 31 MarLh 2023 1,409,854 71.201 970 1.482,025 At 31 Mai'cli ?0?? 1,267,803 66,086 1.750 1.335,639 Deb¢ors 2023 2022 Gi'aiitb I'¢ceivable Other debioi's 15.609 6,432 10,076 15,916 22,041 25,992 Crcditors: amouiits falling due within one year 2023 2022 Taxes <lnd social security creditor Bank loan5 and overdraft Deferred income & other creditorti Accrualb 12,841 80,963 1,265 16,514 7,986 9,996 ?8,6l6 11,470 111,583 58,068 Page 14
Destined Ltd (A company limited by guarantee) Notes to the accounts for the ycar ended 31 March 2023 10. Long-term IIAbillties 2023 2022 Loans 106.976 18,887 11. S¢¢urity Destined Ltd is subject to the following charges; Tlie Executive Office dated 9th June 2020 on supplemental fiiiancial assistAiice based on tlie charge of14th May 2019 that is iiot registered in the Land Registry against the company's land; Tlie Executive Office dated 14th May 2019 that is not registered in Land Registry against the oompaiiy's land: Tlie Community Foundation for Northern Irelaiid dated 16th May 2017 that is not registered in Land Registy against the Gompany's land. 12. Movemonts in Funds At l April Incomlng Outgofing 2022 resources resources Transfcrs At 31 March 2023 Restricted funds: Total restricted funds Unrestrlcted thnds: Total unrestrictcd funds 1.278.926 333,831 320,651 48,546 1,340.652 41,035 162,533 202,176 (48,546) (47.154) Total funds 1,319,961 496.364 522,827 1,293,498 Purposes of Restricted Funds Restricted grants awarded to tli¢ charity is provided to cover the core objects a5 explained in directors report. 13. Analysis of not assets between funds Unrestricted Restricted Funds Assets Total funds Fund balances at 31 Marcli 2023 as represented by; Tangible fixed assets Current assets Current liabilities and deferred income Liabilities > l year 130,321 1,351,704 1,482.025 13,158 16,874 30,032 (83,657) (27.926) (111,583) (106,976) (106,976) (47,154) 1,340,652 1,293.498 Page 15
Destined Ltd (A cumpany liiiiited by guaraiitee) Notes to the accounts for the year ended 31 March 2023 14. RLlatL'd Party TransaLtiuns Dcbliiied Ltd i.s owed £6,432 fiDm a company tliul lia5 5imilai' directors. Diiring tlie finanLial yeai. Destined Lcd illade payments totallins £16158 for rent of a respice and activity centre lo a rel<11ive of o key Inanagenient per8onneL. 15. LiiiiitLd by Guarai)tee Tlie coinpaiiy is liniited by guai'aiitee aiid does iiot liave a sliare capital. 16. Pust Balai)ce Sheel CVLiIIts No sigiitflcuiic evcii15 liave taken place siiice the year eiid chal would result in adjustiiiciils to 2023 fiiiaIicial inforinaiion or inclusion of a noce thereto. Page 16