COMPANY REGISTRATION NUMBER.. N1603999 CHARITY REGISTRATION NUMBER: NIC107433 Limavady Community Development Initiative Ltd Company Limited by Guarantee Financial Statements 30th September 2022 DONALDSON & THOMPSON Chartered Accountants & statutory auditor 3 Limavady Road Londonderry BT47 6JU
Limavady Community Development Initiative Ltd Company Limited by Guarantee Financial Statements Year ended 30th September 2022 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 13 statement of financial position 14 statement of cash flows 15 Notes to the financial statements 16
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 30th September 2022 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30th September 2022. Reference and administrative details Registered charity name Limavady Community Development Initiative Ltd Charity registration number NIC107433 Company registration number N1603999 Principal office and registered 24D Benevenagh Drive office Limavady Co Londonderry BT49 DAQ The trustees Keith Leighlon John Wilson Maureen Hudson Ann McNickle Gwynelh McQuiston Deborah Mills James Herron (Retired 3rd October 20221 Chief Executive Wendy McAleese Ilnterim> to 5th May 2022 Jill Proctor 5th May 2022 to 7th November 2022 Olivia MGCurry 23rd January 2023 Auditor Donaldson & Thompson Chartered Accountants & statutory auditor 3 Limavady Road Londonderry BT47 6JU Bankers Bank of Ireland 2 The Diamond Coleraine Co Londonderry BT52 1 DE SoliGltors Martin King French & Ingram LLP 52 Catherine Street Limavady Co Londonderry BT49 gDB
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {conlinued) Year ended 30th September 2022 Structure, governance and management The organisalion is a charitable company limited by guarantee, incorporated on 6th August 2010 and accepted as a charity by HM Revenue & Customs, reference number XR52185. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 . Appointment of Executive Committee.. LCDI is governed by an Executive Committee elected by its members on an annual basis. Commitlee Induction and Training.. New Executive Committee members undergo indLJclion training lo brief them on roles and responsibilities and their legal obligations under charity and company law, the committee and the decision-making processes, the strategic and operational planning processes, the organ isalional structure and key organisalional activities. Executive ComMllee members are provided with copies of the NICVA Governance Manual which includes the Memorandurn and Articles of Association, Rale Descriptions for Office Bearers and Committee members and Sub Committees, Finance Procedures and the Equal Opportunities Palicy. Organisalional Structure.. The Executive Committee ensures the good governance of the organisalion by selling ils strategic objectives and policy direction through LCDI'S three-year strategic plan and monitoring progress on this through the annual operational planning process. The Committee meets every two months and the Finance and Resource Sub- Committees which deal with the human and financial resources of the organisation meet on a-monthly basis. The Chief Executive Officer, appointed by the Cornmitlee, manages the day to day operations of the organisation. To facilitate effective operations, the General Manager has delegated authority for operational matters including the application and monitoring of strategic and operationa5 objectives. Related Parties.. LCDI is an independent organisation and therefore all operations are carried out in accordance with this. Risk Management,. Financial risks are assessed by the organisation through the Resources Committee on a quarterly and annual basis. Objectives and activities Principal activities.. Limavady Community Development Initiative ILC Dllobjectives are to advance comillunity development by providing facilities and amenities for and support and assistance to, community and voluntary groups and organisations. Advance health and well-being relieve poverty, advance education, relieve those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage, advance the arts, culture and heritage, provide facilities in the interest of social welfare for reaction and other leisure time occupations with the object of improving the conditions of life for the said residents and finally lo promote religious and racial harmony, eqLJality and diversity. Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (corrtlnuedj Year ended 30th September 2022 Achievements and performance This was the fifth year in the implementation of the five-year strategic plan running from 2017 to 2022. The following highlights some of the work undertaken to support the delivery of the plan during the accounting period October 2021 to September 2022.. Environmental Programmes Recycle @LCDI is an environmental project which divert waste from landfill, support the local community and local jobs, promote recycling and our free collection service of preloved furniture donation5 helps prevent fly tipping. During the accounting period October 2021 lo September 2022 we have diverted 500 tonnes of waste from landfill and have completed more than 1500 collections and deliveries. A SLA with local manufacturer, Fast House has contributed greatly to these figures. Garden Centre @ LCDI is a partnership between LCDI and the Western Health & Social Care Trust. It provides a day opportunity for 15 adults with various learning disabilities, allowing them to participate in a range of horticultural activities and providing respite for clients, families and carers. The project operates Monday - Friday and during the accounting period October 202110 September 2022 provided 11,000 hours of supported work experience for our clients. Family Support Programmes Wrap Around School Provision @ LCDI, is a cross communily-based afterschool's project providing wrap around out of school care for 48 Children. During the accolinting period October 2021 to September 2022 we provided 30,000 hours of affordable childcare. The impact of Covid - 19 during the first six months of the accounting period was significant with the service being affected with reduced numbers and constant positive cases. Playgroup@ LCDI: is a communily-based playgroup providing a pre-school session 5 mornings a week from 8.30am noon {24 spaces) which follow the pre-school curriculum. The project is inspected annually by Social Services and ETI and provide 5280 hours of care per year. Lifestart @LCDI is a family support programme for parents of children aged between birth and five years, which focuses on child development. nurture, and protection. Our growing child programme along with our Family Support sessions delivered 2000 hours during the accounting period October 2021 to September 2022. 'The Growing Child, programme provides advice, guidance, early intervention and signp051ing services.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {continuedJ Year ended 30th September 2022 Achievements and performance (conlinuedj Social Inclusion Programmes Respite care @LCDI is a project aimed al providing respite lo carers from their busy caring roles. The idea is that they have a responsible person at home with their family member while they run errands or socialise on a regular basis. During the accounting period October 2021 to September 2022, we were unable to deliver this service due to the vulnerability of the clients and since March 21 having no staff in this project. Good Morning Roe Valley @ LC DI is a project delivering a daily telephone call to older people around the borough who may otherwise hear from no one on a regular basis. The project is a signposting service as well and is a good friend lo the wider family circle of its clients as they know that someone will be in touch with their loved one each day. During the accounting period of October 2021 to September 2022, the project continues to make an average 60 calls per day which amounted lo 15,600 calls lo lo local older people being undertaken during the year. Community Meals @ LCDI provides a nutritionally balanced meal along with a range support services both on and off sile the later only being possible thanks lo the volunteers helping to deliver the service. During the accounting period of October 2021 to September 2022 an average of 150 meals are delivered weekly. This would equate to an average of 650 meals per month, tolalling 7,800 meals for the accounting period. Daycare @LCDI is a daycenlre for adults with physical disabilities aged 18-65yrs and has been in Dperation for 26 years. The centre aims to work with their clients and families to provide developmental support by engaging in client led activities. From October 202110 September 2022, places equating lo Dver 6,712 hrs of care were provided. emphasising on holistic mentoring to support the participants emotional and mental wellbeing. Financial support Programmes The Advice Centre @LCDI is an independent advice service delivering support and guidance across Causeway Coast and Glens Borough Council. During the accounting period October 2021 to September 2021, it dealt with 11089 enquiries from clients, and generated £5,234,516 of income via appeal tribunals, benefit claims. This service ceased in May 2022.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conttnued) Year ended 30th September 2022 Achievements and performance (continued) Community Cohesion Programmes The Volunteer Centre @LCDI provides developmental supports a range of volunteers in the Greater Limavady Area, supporting them make a difference lo their local community. The work undertaken by the volunteers involved in this strategic approach to service for vulnerable and l or socially isolating residents lo date has included Making LJP and delivery of weekly care packages for families experiencing financial hardship but who were not covered by the existing DFC Icouncil scheme. Weekly shopping trips for those who could afford to pay for their shop but were socially isolation. Topping up of Utility cards Collection and delivery of prescriptions Dog walking Hospital runs. Delivery of local papers Collection of pensions During the accounting period October 2021 to September 2022, the project provided 4,854 hours of direct volunteer support, engaging 720 individuals. Limavady Hens Shed, Limavady Hens Shed was developed out of Covid and the programme has continued to go from strength lo strength, engaging local women from across the community in several different developrrental facilitated workshops. During the accounting period October 2021 September 2022 3,000 hours of developmental support were delivered. R.E.A.C.H.' Is a new programme designed to provide a social framework for adults living with a learning disability During the accountiiig period October 2021 September 2022 3,900 hours of developmental support were delivered. Community Cohesion events LCDI.. The status of LCDI as a cross communily organisalion located in a shared space means that the organisation can run events throughout the year which bring communities from throughout the locality together regardless of community, social or financial background. During the accounting period October 2021 to September 2022, we ran only 1 large scale open event which attracted 600 participants. Community Training and Education Community Works Training @LCDI provides affordable practical training for local community organisalions to support them undertake tlieir services. During the accounting period October 2021 10 September 2022, 600 individuals availed of a range Df training including first aid, child protection, food safety and Hygiene, governance, and volunteer management. E.Q.U.A.L@LCDI is a training and support programme designed to provide adults with additional needs the support required to increase their capacity with a view to them engaging in further training and ultimately employment opportunities. The programme supported 48 adults develop their confidence, knowledge, and skills during the accounting period October 2021 to September 2022.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 30th September 2022 Achievements and performance (continued) Anli-Poverty Programmes Foodbank.. was a new programme which only came under the LCDI umbrella in March 2019 when the existing service was not able to logistically continue. The foodbank was extremely busy during the accounting period October 2021 to September 2022 and has continued to be managed by LCDI staff & Volunteers. LCDI Foodbank accept referrals from any slatulory or communitylvolunlary sector agency with referrals also coming from GP'S, childcare providers or housing associations. During the accounting period October 2021 to September 2022 the foodbank provided 250 emergency food parcels. Social Supermarkets after identifying a need LCDI set up a self-funded social supermarket in November 2020 and during the accounting period October 2021 to September 2022 have helped 409 families in their journey out of food poverty and re-directed 10 tons of food waste from landfill. We supported 48 volunteers who gave 2340 hoLJrs of their time to the programme. The social supermarket cliarges a nominal fee of £5 per family per week if parl of our EQUAL programme or £1 O per family if referred through an external agency. The clients will embark on a jOLJrney not only addressing the food poverty, but will also attend cookery classes, budgeting classes and will receive a recognized training qualification and work experience lo them move into further training or employment. Baby Bank - Offers pre-loved clothes, nursery equipment and toys to families who are participating in our programmes or who have been referred through the appropriate channels. During the accounting period October 2021 to September 2022 the programme supported 48 volunteers and 2000 hours of volunteering Fuel stamps @LCDI is a project delivered in partnership with the local Council, and local businesses to provide a service which allows residents to save towards their healing bills During the accounting period October 2021 to September 20?2 134, 300 individual stamps with a cumulative value of £671,500 were saved by residents who were budgeting to avoid fuel poverty. Financial review The results for the year are contained in the financial statements attached. Investment Policy.. The Resources Sub-committee has considered the most appropriate policy for investing funds and decided that a mixture of bank deposit accounts is the best approach. The investment policy is reviewed each year by the Committee. Reserves Policy.. Unrestricted funds are essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfil the legal obligations of the Charity in the event that current levels of income are not maintained. The reserves policy has been designed to recognise LCDI'S requirements for reserves in light of the main risks to the organisation. The aim is to provide sufficient funds to cover any unforeseen costs which may arise, recognise the volatile grant environment as well as allowing for the payment of any liabilities which would arise should the Charity cease to operate. Any call upon the use of reserves will be at the approval of the Executive Committee which will examine the rationale for doing so and agree an amount where appropriate. At 30th September 2022, the level of "free reserves" excluding fixed assets and designated funds was £257,334. While this is below our ideal reserve level il does allow for liquidity and we intend to develop further reserves in the coming years.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {cotTtlnuedJ Year ended 30th September 2022 Plans for future periods LCDI has a Strategic Plan for the period 2023-2028. We hope this will allow for further growth and expansion of our services to help us achieve our mission. Trustees, responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees lo prepare financial statements for each year which give a true and fair view of the slate of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the method5 and principles in the applicable Charities SORP., make judgments and accounting eslimales that are reasonable and prudent, stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accLJracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The charity's trustees are covered by insurance indemnifying them when acting in their capacity as trustees of the charity. Auditor Each of the persons who is a trustee al the date of approval of this report confirms that,. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware", and they have taken all slep5 that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. A resolution lo reappoint Donaldson & Thompson as auditors will be proposed at the forthcoming Annual General Meeting.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (corrtlnuedj Year ended 30th September 2022 The Iruslees, annual report and the strategic report were approved on 29th June 2023 and signed on behalf of the board of trustees by: Keith Leighton Trustee ohn Wilson Trustee
Limavady Community Development Initiative Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Limavady Community Development Initiative Ltd Year ended 30th September 2022 Opinion We have audited the financial statements of Limavady Community Development Initiative Ltd (the 'charily') for the year ended 30th September 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as at 30th September 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in noteto the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for iSSLJe. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Limavady Community Development Initiative Ltd (continued) Year ended 30th September 2022 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, aur responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the Irustees, report. We have nothing lo report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. 10
Limavady Community Development Initiative Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Limavady Community Development Initiative Ltd (contlnuedj Year ended 30th September 2022 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlernal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but lo do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outliiied above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misslatemenl in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greatei regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAS (UKI, we exercise professional judgment and maintain professional scepticism thrDughout the audit, We also,. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. 11
Limavady Community Development Initiative Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Limavady Community Development Initiative Ltd (continLJedJ Year ended 30th September 2022 Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial slatemenls, including the disclosures, and whether the financial slalements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely lo the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charity'5 members those matters we are required lo state to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our avdil work, for this report, or for the opinions we have formed. Alislair Sterritt (Senior Statutory Auditor) For and on behalf of Donaldson & Thompson Chartered Accountants & statutory auditor 3 Limavady Road Londonderry BT47 6JU 29th June 2023 12
Limavady Community Development Initiative Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30th September 2022 2022 Restricted funds Total funds 2021 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income 6,910 539,516 14,304 439,212 61 21,214 978,728 67 140,194 996,141 72 Total income 546,432 453,577 1,000,009 1,136,407 Expenditure Expenditure on charitable activities Total expenditure 609,864 321,587 931,451 977,271 609,864 321,587 931,451 977,271 Net income and net movement in funds 163,4321 131,990 68,558 159,136 Reconciliation of funds Total funds brought forward Total funds carried forward 896,282 308,804 1,205,086 1,273,644 1,045.950 832,850 440,794 1,205,086 The stalenient of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 16 to 29 form part of these financlal ststements. 13
Limavady Community Development Initiative Ltd Company Limited by Guarantee statement of Financial Position 30th September 2022 2022 2021 Note Fixed assets Tangible fixed assets 13 268,272 286,692 Current assets Debtors Cash at bank and in hand 14 192,209 1,534,337 144,160 1,377,241 1,726,546 1,521,401 Creditors: amounts falling due within one year 16 721,174 603,007 Net current assets 1,005,372 918,394 Total assets less current liabilities 1,273,644 1,205,086 Net assets 1,273,644 1,205,086 Funds of the charity Reslricled funds Unrestricted funds 440,794 832,850 308,804 896,282 Total charity funds 18 1,273,644 1,205,086 These financial statements were approved by the board of trustees and authorised for issue on 29th June 2023, and are signed on behalf of the board by. [lA- £e4g/4hm gokn Keith Leighton Trustee John Wilson Trustee The notes on pages 16 to 29 form part of these financial statements. 14
Limavady Community Development Initiative Ltd Company Limited by Guarantee Statement of Cash Flows Year ended 30th September 2022 2022 2021 Note Cash flows from operating activities Net income 68,558 159,136 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charge5 Accrued expenses 27,482 1671 3,642 94,106 29,392 1721 3,162 70,547 Cl?cl1?ges iii.. Trade and other debtors Trade and other creditors 148,0491 34,371 113,170) 112,810> 236,185 Cash generated from operations 180,043 Interest paid Interest received 13,6421 67 {3,1621 72 Net cash from operating activities 176,468 233,095 Cash flows from investing activities Purchase of tangible assets 19,0621 19,0621 138,5141 Net cash used in investing activities 138,5141 Cash flows from finaiiciiig activities Proceeds from borrowings Nel cash used in financing activities 116,1161 116,1161 Net increase in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 151,290 1,377,241 1,528,531 194,581 1,182,660 15 1,377,241 The notes on pages 16 to 29 form part of these financial ststements. 15
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 30th September 2022 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 24D Benevenagh Drive, Limavady. Co Londonderry, BT49 OAQ. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Ihe Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting policies Basls of preparation The financial slalements 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 concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimatlon uncertainty The preparation of the financial statements requires Imanagemenl 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 circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees lo 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 restrictions 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. 16
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 Accounting policies (continued) Incoming resources Income All income is included in the statement of financial activities when the charity is entitled tD the income, any performance related conditions attached have been met Dr are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Donations and legacy income is received by way of donations, legacies, grants and gifts and is included in fLIII in the Statement of Financial Activities when receivable. Vvhere legacies have been notified to the charity but the criteria for income recognition have not been mel, the legacy is treated as a contingent asset and disclosed if material. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity, being the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. Investment income is included when receivable. Income from charitable trading activity is accounted for when earned. I ncome from grants, where related to performance and specific deliverable5, are accounted for as the charity earns the right to consideration by its performance. Resources expended Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure lo which it relate5'. Costs of raising fuiids comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, other5 are apportioned on an appropriate basis, as set out in the notes to the accounts. 17
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 Accounting policies fcontlnued) Tangible assets All fixed assets are initially recorded al cost less accumulated depreciation and accumulated impairment loss, Cost includes all costs that are directly attributable to bringing the asset into working condition for ils intended use. Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Freehold property Motor vehicles Equipment 20/0 Straight line 250/D reducing balance 100/0 Straight line Impalrment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is irnpaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible lo estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generaling unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or group5 of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated lo each of the cash-generaling units that are expected to benefit fro the synergies of the Combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo 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 Dr other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 18
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (¢ontinuerlJ Year ended 30th September 2022 Accounting policies (continued) Financial instruments (Continued) Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal bLJsiness 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 al a market rate of interest for a similar debt instrument. other financial instruments are subsequently 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment al 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, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk Gharacleristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset lo the exlenl that the prepayment will lead to a reduction in future payments ar a cash refund. Contributions to defined contribution plans and associated liabilities are allocated to activities and between restricted and unrestricted funds on the basis of the connected payroll expense. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Limavady Community Development Initiative Ltd is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes lo contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases lo be a member. 19
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 30th September 2022 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations - Daycare Services Donations - Play Group Donations - After Schools Donations - Elderly Services Donations - Community Transport Donations - Volunteer Bureau Donations - Volunteer Bureau No 2 Foodbank Donations - Refurnish Donations - GlassICard Recycling Donations - Overheads Donations - Advice 3,836 3,836 1,155 1,155 14,106 14,106 1,219 700 1,219 898 198 6,910 14,304 21,214 Unrestricted Funds Restricted Total Funds Funds 2021 Donations Donations - Daycare Services Donations - Play Group Donations - Afler Schools Donations - Elderly Services Donations- Community Transport Donations - Volunteer Bureau Donations- Volunteer Bureau No 2 Foodbank Donations - Refurnish DonatlDns - Glasslcard Recycling Donations- Overheads Donations - Advice 12,224 1,845 6,683 6,030 4,679 12,224 1,845 6,683 6,030 4,679 400 23,136 13,110 5,266 63,786 3,035 400 23,136 13,110 5,266 63,786 250 2,785 113,873 26,321 140,194 20
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2022 Other income from charitable activities - Lifestart Other income from charitable activities - Daycare Services other income from charitable activities - Play Group Other income from charitable activities After Schools other income from charitable activities - Elderly Services Other income from charitable activities - Community Transport other income from charitable activities - Refurnish Limavady Shop other income from charitable activities - Glasslcard Recycling Other income from charitable activities - Garden CentrelGreen Shed Other income from charitable activities - Overheads Otlier income from charitable activities - New Deal Fuel Stamps 2 Other income from charitable activities - Advice Other iiicome from charitable activities - Community Works Training Other income from charitable activities - Volunteer Bureau Ollier income from charitable activities - Volunteer Bureau No 2 Other income from charitable activities - Family Centre Other income from charitable activities - Equal Project Other income from charitable activities - Reach & Hen's Shed 22,706 22,706 72,959 58,565 72,959 58,565 140,617 140,617 17,160 17,160 16,677 16,677 58,517 58,517 45,941 45,941 25,776 44,257 25,776 44,257 22,855 22,855 117,085 117,085 8,142 ,142 75,694 75,694 12,500 12,500 7,025 7,025 211,227 211,227 21,025 21,025 539,516 439,212 978,728 21
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (corjtinuedj Year ended 30th September 2022 Charitable activities (continued) Llnreslricted Funds Restricted Total Funds Funds 2021 Other income from charitable activities - Lifestart other income from charitable activities - Daycare Services Other income from charitable activities - Play Group Other income from charitable activities - After Schools Other income from charitable activities - Elderly Services Other income from charitable activities - Community Transport Other income from charitable activities - Refurnish - Limavady Shop Other income from charitable activities - Glasslcard Recycling Other income from charitable activities - Garden CentrelGreen Shed Other income from charitable activities - Overheads Other income from charitable activities - New Deal Fuel Stamps 2 Other income from charitable activities Advice other income fram charitable activities - Community Works Training Other income from charitable activities Volunteer Bureau Other income from charitable activities - Volunteer Bureau No 2 other income from charitable activities - Family Centre other income from charitable activitie5 - Equal Project other income from charitable activities - Reach & Hen's Shed 27,113 27,113 74,419 64,842 74.419 64,842 83,502 83,502 43,368 43,368 12,207 12,207 47,548 47,548 44,622 44,622 26,103 50,002 26,103 50,002 20,506 20,506 143,460 143,460 11,371 11,371 74,737 74,737 95,342 95,342 29,914 29,914 147,085 147,085 508,404 487,737 996,141 Investment income Unrestricted Funds Restricted Total Funds Funds 2022 Bank interest receivable - Unrestricted funds Bank interest receivable - Restricted funds 61 61 61 67 22
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 Investment income (contlnuedj Unrestricted Funds Restricted Total Funds Funds 2021 Bank interest receivable Unrestricted funds Bank interest receivable - Restricted funds 61 61 61 72 23
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 Expenditure on charitable activities by fund typo Unrestricted Funds Restricted Total Funds Funds 2022 Lifestart Daycare services Playgroup Afterschools Stepchange Elderly services Community Transport Volunteer Bureau Volunteer Bureau No.2 Refurnish - Limavady shop Glass I Card recycling Garden centre l Greenshed Overheads New Deal Fuels Stamps 2 Advice AIVC - Small grants Community Works training Peace IV Family Centre Big Lottery Pay Plan Equal Project Reach & Hen's Shed 32,788 32,788 98,054 74,123 145,200 6,569 4,598 22,920 74,954 45,147 11,879 14,034 60,941 11,525 6,398 88,697 512 2,925 38 12,195 98.054 74,123 145.200 6,569 4,598 22,920 74,954 45,147 11,879 14,034 60,941 11,525 6,398 88,697 512 2,925 38 12,195 1,525 109,900 32,964 1,525 183,463 32,966 73,565 609,864 321,587 931,451 Unreslricled Fund5 Restricted Total Funds Funds 2021 Lifeslart Daycare services Playgroup Afterschools Stepchange Elderly services Community Transport Volunteer Bureau Volunteer Bureau No.2 Refurnish - Limavady shop Glass I Card recycling Garden centre l Greenshed Overheads New Deal Fuels Stamps 2 Advice AIVC - Small grants Community Works training Peace IV Family Centre Big Lottery 36,121 36,121 99,705 69.169 79.043 6,856 46,404 17.014 63,818 71,374 33,633 8,300 74,106 32.090 6,420 131,936 512 3,907 25 26,077 25 99,705 69,169 79,043 6,8Jf6 46,404 17,014 63,818 71,374 33,633 8,300 74,106 32,090 6,420 131,936 512 3,907 25 26,077 25 24
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 30th September 2022 Pay Plan Equal Project Reach & Hen's Shed 38 38 170,698 170,698 503,274 473,997 977,271 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2022 Total fund 2021 Lifestart Daycare services Playgroup Afterschools Stepchange Elderly services Community Transport Volunteer Bureau Volunteer Bureau No.2 Refurnish - Limavady shop Glass I Card recycling Garden centre l Green5hed Overheads New Deal Fuels Stamps 2 Advice AIVC - Small grants Community Works training Peace IV Family Centre Big Lottery Pay Plan Equal Project Reach & Hen's Shed 32,788 98,054 74,123 14Jf,200 6,569 4,598 22,920 74,954 45,147 11,879 14,034 60,941 11,525 6,398 88,697 512 2,925 38 12,195 32,788 98,054 74,123 145,200 6,569 4,598 22,920 74,954 45,147 11,879 14,034 60,941 11,525 6,398 88,697 512 2,925 38 12,195 36,121 99,705 69.169 79,043 6,856 46,404 17,014 63,818 71,374 33.633 8,300 74,106 32,090 6,420 131,936 512 3,907 25 26,077 25 38 170,698 1,525 183,463 32,966 1,525 183,463 32,966 931,451 931,451 977,271 10. Net income Net income is stated after chargingllcreditingl.. 2022 2021 Depreciation of tangible fixed assets 27,482 29,392 11. Staff costs 25
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 30th September 2022 11. Staff costs (continuedj The average head count of employees during the year was 41 (2021.. 421. The average number of full-time equivalent employees during the year is analysed as follows., 2022 2021 Number of staff - 41 42 No employee received employee benefits of more than £60, 000 during the year12021. Nill. Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid lo key management personnel for services provided to the charity was £64,57212021.'£76, 515). 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 13. Tangible fixed assets Land and buildings Motor vehicles Equipment Total Cost At 1 Oct 2021 Additions 199,982 75,520 186,041 9,062 461,543 9,062 At 30 Sep 2022 Depreciation At 1 Oct 2021 Charge for the year At 30 Sep 2022 199,982 75,520 195,103 470,605 39,969 4,050 51,626 5,974 83,256 17,458 174,851 27,482 44,019 57,600 100,714 202,333 Carryiiig amount At 30 Sep 2022 At 30 Sep 2021 155,963 17,920 94,389 268,272 160,013 23,894 102,785 286,692 14. Debtors 2022 2021 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 108,352 26,259 21,291 36,307 52,624 26,259 38,597 26,680 192,209 144,160 26
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 15. Cash and cash equivalents Cash and cash equivalents comprise the following 2022 2021 Cash al bank and in hand Bank overdrafls 1,534,337 (5,8061 1,528,531 1,377,241 1,377,241 16. Creditors,. amounts falling due within one year 2022 2021 Debenture loans Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Other creditors 16,116 5,806 57,572 585,165 7,745 64,886 721,174 27,345 491,059 7,243 61,244 603,007 17. Pensions and other post retirement benefits Defined Gontribution plans The amount recognised in income or expenditure as an expense in relation lo defined contribution plans was £9,409 (2021. £10,233). 18. Analysls of charitable funds Unrestricted funds At 1 Ocl 2021 At Income Expenditure 30 Sep 2022 General funds Designated Funds 896,282 201.432 345,000 1609,864) 487,850 345,000 896,282 546,432 1609,864) 832,850 At 1 Oct 2020 At Income Expenditure 30 Sep 2021 General funds Designated Funds 777,268 622,288 1503,274) 896,282 777,268 622,288 1503,2741 896,282 27
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 30th September 2022 18. Analysis of charitable funds (contlnued) Restricted funds At 1 Oct2021 At Income ExpenditLJre 30 Sep 2022 Restricted Funds 308,804 453,577 {321,587) 440,794 Al 1 Oct 2020 At Income Expenditure 30 Sep 2021 Restricted Funds 268,682 514,119 1473,9971 308,804 19. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 230,516 711,517 (109,1831 832,850 37,756 268,272 1,015,029 1,726,546 1611,9911 1721,1741 440,794 1,273,644 Unreslricled Funds Restricted Total Funds Fund5 2021 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 239,327 721,953 164,998) 47,365 799,449 1538,0101 286,692 1,521,402 1603,0081 896,282 308,804 1,205,086 20. Ethical standards I n common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements. 21. Analysis of changes in net debt At At 1 Oct 2021 Cash flows 30 Sep 2022 Cash at bank and in hand Bank overdrafts Debt due within one year 1,377,241 157,096 (5,8061 16,116 1,534,337 (5,8061 116,116) 1,361,125 167,406 1,528,531 28
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2022 22. Related parties Limavady Community Development Initiative Limited (LCDI Ltd) is the sole member of Roe Valley Community Property Limited IRVCP Ltd), a cornpany limited by guarantee, incorporated in Northern Ireland. RVCP Ltd provided catering services to the value of £12,161 (2021. £5,626) to LCDI Ltd during the year ended 30 September 2022. There was a balance of £Nil12021'. £Nill owed to RVCP Ltd from LCDI Ltd at 30 September 2022. During the year ended 30 September 2022, LCDI Ltd was charged a total of £19,429 (2021: £41,669) in respect of rent, service charges and other services by R VCP Ltd. At 30 September 2022, the amount due from R VCP Ltd in relation lo rent, service charges and other services was Nil {2020. £23,880). 23. Designated funds Designated funds, as disclosed within the Analysis of Charitable Funds note, refers lo that part of unrestricted funds which the directors have allocated for the purpose of developing specific future projects and future expenditure on particular capital assets. 29