Company Number: N1043863 Charity Number. N1104760 Destined Ltd (A Company Ilmlted by guarantee) Aeeounts for the year onded 31 March 2024
Destined Ltd (A company limited by guarantee) Contents Page Inforniation Dircctors Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Not¢s to th¢ accounts 9-16
Destined Ltd (A company limited by guarantee) Information Company No: N1043863 Charity No: NICI04760 Directors Kevin Burke Tony McGuiness Maeve McLaughlin Adele Darby George Harkin Thomas McGlinchy Deirdre McGuiness Mark Baldrick Michael Cole Fiona Byrne Robbie l-lazelott Accountants McGroarty Mccafferty & Company Ltd Accountants & Tax Consultants 2 Carlislc Terrace De BT48 6JX Reglstered Office Foyle Valley Railway Museurn l Foyle Road Derry BT48 6SQ Bankers Bank of Ireland 27 Culmore Road Derry BT48 8JB Solicitors Walter Hegarty Solicitors 4 Queen Street Derry BT48 7EF Page I
Destined Ltd (A company limited by guarantee) Report to the Directors for the year ended 31 March 2024 The directors present their report and the financial statements for th¢ year ended 31 March 2024. The directors of Destined Ltd for the purposes of company law and who serv¢d during th¢ y¢ar and up to th¢ date of this r¢port are set out on page l. Our Aims and Objectlves Pu oses and Aim 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 with learning disabilities. The mission statement is 'Empowering People witli Learning Disabilities and Promoting Social Inclusion,. It lias two distinct strands of activity; to give its members ilie skills and self-confidence to play a fuller role in society. and to support the coinmunity 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 Foyle Road site. The centre provide5 tlie base for a Council wide social inclusion 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 organisation is based in tlie North West Learning Disability Centre and delivers programmes morning, afternoon and evenings tliroughout the week and has programmes running at weekends, and also a similar one in Feeny tliat services the rural area. Destined Ltd operates a person centred planning process to inforni the type and content of its programmes, but the group operates on the simple assumption that its members have tlie same rights as everyone else to participate in thc community and the only difference is that they may need a bit of extra support to do so. The programme of work for the organisation in the next financial year will include the full refurbishment of the Foyle Valley Railway Museum, the refurbisl)ment of the Tank-house on site that is the last remaining piece of infrastructure of tlie Great Northern Railway? the development of the Destined carwa5h a5 a social enterprise, the devclopment of an urban social farm, th¢ establishment of a learning disability service provider consortium and tlie establishinent of a social housing initiative. Destined Ltd will continue to develop and deliver appropriate services to its membership that is currently at 250 people aiid will seek to offer additional places to another 50 people over the year. Financial Review Princi al Fundin Sources Tlie key funders of the Destined programme include the National Lottery Dorniant Accounts, Rank Foundation, Tudor Trust, Community Foundation NI, Nl Housing Executive, Deny City & Strabane District Council as well as a range of other small funders. Page 2
Structure, Governance and Management Govemin Document The organisation is a company with charitable status. The entity was fonned on 19th August 2002. The company was established under Memorandum & Articles of Association which outlined tlie area of benefit and the objects of tlie charitabl¢ organisation. Recruitment and A ointment of th¢ Board of Directors The directors of the company are also charity 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 members of Board give their time voluntarily and receive no benefits from the charity. Mem Inducti n and Trainin Board members are already fainiliar with the work of Destined Ltd. Board members are encouraged to participate in relevant activities. Training has been delivered by CENI to the members of the Board over the past years on the roles and rcsponsibilities of a Director. This followed govemance training over the past few years that resulted in Destined being awarded the All-lreland Aontas Award for innovation and good practice. The Inain obligation of tlie Board are to develop and oversee the implementation of policy and to ensure that structures and management complies with legal requirements and good governance practice. The Board meets every sccond month and reports on past developments and future plans are presented. anisational Stru¢tu The organisation structure consists of I I directors with a number having leaming disabilities. A general manager heading up a management team of 8. They oversee a range of project committee5 delivering programmes. Risk Mana ement As part of the risk Inanagement policy Destined Ltd lias initiated a fundraising strategy that lias seen the group being pro-active in allracting funds throughout the city. It recently launched a weekly lotto to increase levels of sustainability aiid has an active fundraising committee. Responsibilities of the Board of Dlrectors In addition to the responsibilities outlined above the Board will prepare financial statements for eacli financial year which give a fair and true view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure for the financial year. In preparing thosc financial statements, the Board should follow best practice and: Select 5Ultable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS102). make judgements and estimates that are reasonable and prudent. and prepare financial statements on the going concem basis unless it is iiot appropriate to assume that the company will continue on that basis. Page 3
slate whether applÈcabR¢ UK Accountiiig Standards have been followed, subjcct to wiy makridl departures disclosed and explained in the fanCIal statetnents. prepare the financial statemcnts on thc going conccm basis unless it is inapproriate to assume thc company will contiiiu¢ in busines%.. The dircctors arc r¢sponsibl¢ for maintaining proper accounting rccords which disclosc with r¢asonable accuracy at any tim¢ the financial positian of the charity and cnablcs them to cnsure that the financial stateincnts coiiiply with th¢ Companies A¢t 2006. The dircctors arc ulsu rcsponsiblc for saf¢guarding th¢ assets of tlIL Lhurity and hence for taking reasoiiuble slepti for ihe prevenlion and detection of fraud and other irregularities. This report is prepared in accordailce with the special provisioiis of part 15 of the Companies Act 2006 relating to small companie.8 and in accordance with SORP 2019 (FRS102). This r and autliorised for i.sue by tlie Board on 14 October 2024 aiid signed on it8 behalf by: Oldf,G Dlrector Maeve M¢Laughlln Dfirector Murk Baldrlck Page 4
Destined Ltd (A company limited by guarantee) Independent Examiner's Report on the unaudited financial statements to the directors of Destined Ltd We report on the accounts of the charity for the year ended 31 March 2024. Respective responsibilitics of ¢harlty commlttee members and examiner As the charity's directors you are responsible for the preparation of the accounts in accordance with the requiremenls of tlie Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to: examine the accounts under Section 65 of the Charities Act; follow the procedurcs laid down in the general Directions given by the Commission under Section 65(9) (b) of tlie Charities Act. state whetlier particular matters have come to our attention. Basls of Independent examincr's report We Iiave examincd your charity accounts as required under Section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by th¢ Charity Commission for Northern Ireland under Section 65 (9)(b) of the Cliarities Act. The exainination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts. aiid seeking explanation from you &s charity directors concerning any such matters. Our rol¢ is to state wlietlier any mat¢rial matters have come to our attention giving us cause to believe: l.Tliat accounling records wcrc not kept in accordan¢¢ with Se¢tion 386 of the Companies Act 2006. 2.That the accounts do not accord witl) those accounting records. 3.That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principlcs of the Charities Statement of Recommonded Practice applicable to liarities preparing their accouiits in accordance witli the Financial Reporting Standard applicable in the UK and Republic of Irelaiid. 4.That there is further information needed for a proper understanding of the accounts to be reached. Independent Examiner's Statement We can confirm we are qualified to undertake the examination and are regulated and a member of Chartered Accountants Ireland, wliich is one of the listed bodies. We have completed our examination and have no concerns in respect of the matters 1 4 listed above and, in conncction with tlie following Directions of the Charity Commission Northem Ireland. we have found no matters that require drawing to your attention. McGroarty Mccafferty Company Li Accountants & Tax Consultants 2 Carlisle Terrace Derry B T48 6.JX Date: 14 October 2024 ited Page 5
Destined Ltd (A company limited by guarantee) Statement of Financial Activities for the year ended 31 March 2024 Unrestricted Funds Restricted Funds 2024 2023 Income and Expondituro Incoming Resources Graiits & Sundry Iiicome 155,735 259,854 415,589 496,364 Total Incoming Resources 155,735 259,854 415,589 496,364 Resources Expended Charitable activities 118,967 297,432 416,399 522,827 Total Resources Expended 118.967 297,432 416,399 522,827 Net Incoming l (Outgoing) Resources 12. 36.768 (37,578) (810) (26,463) Balances brouglit forward l April 2023 (47,154) 1,340,652 1,293,498 1,319,961 Balances Carried forward 31 March 2024 (10,386) 1,303,074 1,292,688 1,293,498 The above amount5 relate to continuing operations of the company. The company has no recognised gains and losses other than those included in the results above and therefore no separate stateinent of total recognised gains and losses has been presented. There is no difference between tlie n¢t incoming resources for the year stated above and their historical ¢ost equivalents. Page 6
Destined Ltd (A company limited by guarantee) Balance sheet as at 31 March 2024 2024 2023 Notes Fixed assets Tangible assets 1,448,120 1,482,025 Current asset5 Debtors Cash at bank and in hand 7,413 5,424 22,041 7,991 12,837 30,032 Current IIAbllltles Bank loans and overdrafts Other creditors Accruals 27,385 21,287 15,896 53,978 41,091 16,514 64.568 111,583 Net current liabilities (51,731) (81,551) Tolal assets less currcnt liabfilltlcs 1,396,389 1,400,474 Long-t¢rm liabilities 10 (103,701) (106,976) Net assets 1,292,688 1,293,498 Rcserves (noto ) Unreslricted Restricted (10,386) 1,303,074 (47,154) 1,340,652 1,292,688 1,293,498 Page 7
Destined Ltd (A company limited by guarantcc) {continucd) In approving thcsc financial statcmcnts as dircctors of thc company wo hcrcby confirni: Thc compuny wus entitlcd to cxcmption from audit und¢r $477 of the Companies Act 2006 rclutinbr to bmall comapnies. The m¢mber4 have not required the company to obtsin an audit in accordance with section 476 of the Companies Act 2006. The directors ackiiowledge their responsibilities for complying with the requirenients of the Compai1ie.8 Act 2006 with respect to accounting records and preparation ot'accounts. Tlicsc accounts liavc bc¢n prcparcd in accordancc with dic provisions applicablc to siiiall Lonipanics subjcct to the sniall companics rcgime in accordance WAth Charitics SORP (FRS102). Thc financial statcmcnts wcrc approvcd and authoriscd for issue by the Board on 14 Octob¢r 2024 and signcd on its bcliulf by; yLbi140L Director Macvc McLaughlin Dlrector Mark Baldrfick Date . 14 October 2024 Date . 14 October 2024 Reg15tration numberll &N1043863 Page 8
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Accounting p(bllcles The charity is a private limited company by guarantee, registered in Northem Ireland and a registered charity in Nortliem Ireland. The address of the registered office is Foyle Valley Railway Museum, I royle Road, Derry¥ BT48 6SQ. 1.1. Accounting convention The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years prcscnted unless otherwise stated. The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland Charities SORP 2019 (FRS102) and the Companies Act 2006. Tlie financial statements are prepared on a going concern basis under the historical cost convention, modified to included certain items at fair value. The financial stateinents are presented in sterling whicli is the functional currency of the charity. Incoming resources All incoming resources are included in the statement of fInancilll activities when the charity is entitled to the incomc and the amount can b¢ quantified with reasonable accuracy. The following sp¢¢ific policies are applied to particular categories of in¢ome: Voluntary income is received by way of grants, donations and gifts and is included in full in tlie stalement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific perfonnance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to Ilie Charity where this can be quantified. The value ofservices provided by volunteers has not been included. Gifts donated for resale are included as incoming resources within activities for generating funds wlien they are sold. 1.3. Rcsourccs expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the ¢harity in the delivery of its activiti¢5 and services for its beneficiaries. It includes both costs that can be allocated directly to sucli activities and those costs of an indirect nature necessary to support them. Page 9
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 1.4. Tangible fixed #ssets and deprociatlon Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Land and buildings Fixtures & Fittings Motor vehicles 2Yo Straight Line 150/0 Straiglit Line 150/0 Straight Line 1.5. Debtors & ereditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairn]ent are recognised in expenditure. 1.6. Ca¥h at bank and in hand Cash and ca51i equivalents iiiclude casli at bank and in hand. 1.7. Golng Concern The financial statements have been prepared on a going Concern basis as the directors believe tliat no malerial uncertainties exist. The directors have considered the level of funds held and the expected level of income and expeiiditure for 12 months from authorising these financial statements. The budgeted incoine aiid expenditure is su1Clent with the level of rcserves for the charity to be able to continue as a going concern. 1.8. Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease tcmi. Page 10
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Incomo 2024 2023 Restricted Ineome Arts Couiicil Derry Ciiy & Strabane District Council Children in Need National Lottery Heritage Fund The Screwfix foundation Dormant Accounts Education Authority - Restricted Community Foundation Nl Halifax Nl Housing Executive Tudor Trust Irisli Youtli Foundation LFT Big Lottery fund - Five Circles Big Lottery - People & Communities Rank foundation Clear Project Ulster Garden Villages 9,970 15,030 4,864 15,000 120,756 3,000 54,120 2,981 36,639 5,000 31,942 40.000 3,772 4,620 3,000 36,639 276 7,500 50,000 19,600 48,000 3,060 20,000 53,916 4,000 259,854 333,831 Unrestrictod Ineome Ulster University Locality and The Guardian Fundraising & Donations WHSCT Other income unrestricted 3,500 10,000 48,731 74,322 19,182 55,615 56,521 50,397 155,735 162,533 Total Income 415,589 496,364 (i) Restricted Funds Funds received which are earmarked by the Funder for specific purposes. Such purposes are within the overall aims of the organisation. (li) Unrestricted 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 investment and working capital. Page 11
Dcslined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Resources Expendcd Unrestricted Funds Restricted Funds Total 2024 Total 2023 Management & AdministratloD Wagcs & Salaries Penslon Costs Big Lottery Fund - Connecting Older Peop12,567 Big Lottery Fund - Five Circles Big Lottery- People and Communities Cafe expenses Tutor Trust expenses National Lottery Heritage expenses Cleaning Programine expenses Insurance Liglit and Heat Printing, Postage & Stationcry Computcr Equipment Repairs & Maintenance Telephone Sundry expenses Accountancy Transport costs Bank charges UCIT Loan interest Preinium Credit interest Depreciation 16,708 150,870 7,300 167,578 7,300 2,567 6,646 73,613 35,255 63,383 21,696 46,846 1,093 127,345 28,792 39,327 11,120 8,202 34,998 100,341 111,461 8,202 34,998 868 5,092 6,030 5,074 5,215 1,570 1,123 2,078 9,385 868 5,092 6,030 5,074 5,215 6,593 6,218 5,053 6,701 3,073 5,616 2,490 1,638 279 41,159 1,570 11,123 2,078 9,385 ,375 36,483 37,858 118,967 297,432 416,399 522,827 Net (outgoing)l incoming resources for the year 2024 2023 Net (outgoing)l incoming resources is stated after charging: Depreciation and other ainounts written off tangible fixed assets Accountancy fees 37,858 1,570 41,159 3,073 Page 12
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Stuff Costs Employment Costs 2024 2023 Wages and Salaries Social security costs 224,096 21,317 250,673 17,648 245,413 268,321 No employee received emoluments of more tlian £60,000 (2022: None) Number of employees The average monthly numbers of employees during the year, calculated on the basis of full time equivalents, was as follows: 2024 Number 2023 Number Average nuinber of einployee5 Taxation As a charily, Destined Ltd is exempt from t&x on income and gains falling within section 505 of tl)e T&xes Act 1988 or s256 of the T&xation of Chargeable Gains Act 1992 to the extent that th¢s¢ are applied to its cliargeable objects. Accordingly, no tax charges liave arisen in the charity. Page 13
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 Tangible assets Land and building& freehold Equipment Motor vehlcles Total Cost At l April 2023 Additions 1,461,602 3.953 I 16,322 5,200 1,583,124 3,953 At 31 March 2024 1,465,555 116,322 5,200 1,587,077 Depreciation At l April 2023 Cliarge for the year At 31 March 2024 51,748 29,310 45,121 7,878 4,230 670 101,099 37,858 81,058 52,999 4,900 138,957 Net bookvalucs At 31 Marcli 2024 1,384,497 63,323 300 1,448,120 At 31 Marcli 2023 1,409,854 71,201 970 1,482,025 Debtors 2024 2023 Grants receivable Other debtors 981 6,432 15,609 6,432 7,413 22,041 Creditors: amounts falllng due within one year 2024 2023 Taxes and social security creditor Bank loans and overdraft Deferred income & other Creditors A¢¢ruals 6,297 42,375 12,841 53,978 28.250 16,514 15,896 64,568 111.583 Page 14
Destined Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 10. Long-term liabilities 2024 2023 Loans 103,701 106,976 11. Security Destined Ltd is subject to the following charges; The Executive Office dated 9th June 2020 on supplemental financial assistance based on the harge of14tli May 2019 that is not registered in the Land Registry against tlie company's land. The Executive Office dated 14th May 2019 that is not registered in Land Registry against the company's land. The Community Foundation for Northern Ireland dated 16th May 2017 that is not registered in Land Registry against the company's land. 12. Movements in Funds At l April Incoming Outgoing 2023 resources resources At 31 MArch 2024 Restricted funds: Total restricted funds Unrestricted funds: Total unrestricted funds 1,340,652 259,854 (297,432) 1,303,074 (47,154) 155,735 (118,967) (10,386) Total funds 1,293,498 415,589 (416,399) 1,292,688 Purposes of Restricted Funds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report. 13. Related Party Transactions Destined Ltd is owed £6,432 from a company that has similar directors. During the financial year Destined Ltd made payments totalling £20,547 for rent of a respite and activity ¢entr¢ to a relative of a key management personnel. 14. Limited by Guarantee The company is limited by guarantee and does not have a share capital. Page 15
Destined Ltd (A company limited by guarantee) Notes to Ihe accounts for the year ended 31 March 2024 15. Post Balanee Sheet events No significant events have taken place since the year end that would result in adjustments to 2024 financial information or inclusion of a note thereto. Page 16