COMPANY REGISTRATION NUMBER: N1603999 CHARITY REGISTRATION NUMBER: NIC107433 Limavady Community Development Initiative Ltd Company Limited by Guarantee Financial Statements 30th September 2023 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 2023 Page Trustees. annual report (incorporating the directors, report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 12 Statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Year ended 30th September 2023 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 2023. Reference and administrative details Registered chartty name Limavady Community Development Initiative Ltd Charity registration number NIC1 D7433 Company registration number N1603999 Piincipal office and registered 24D Benevenagh Drive office Limavady Co Londonderry BT49 OAQ The trustees Keith Leighton John VIAlson Maureen Hudson Ann McNickle Gwyneth McQuiston Deborah Mills James Herron (Retired 3rd October 2022) Chief Executive Wendy McAieese (Interim) to 5th May 2022 Jill Proctor 5th May 2022 to 7th November 2022 Olivia Mccurry 23rd January 2023 Auditor Donaldson & Thompson Chartered Accountants & statutory audttor 3 Limavady Road Londonderry BT47 6JU Bankers Bank of Ireland 2 The Diamond Coleraine Co Londondery BT52 1DE Solicitors Martin King French & Ingram LLP 52 Catherine Street Limavady Co Londonderry BT49 9DB
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors. Report) (contlnued) Year ended 30th September 2023 Structure> governance and management The organisation is a charitable company limited by guarantee, incorporated on 6th August 2010 and accepted as a charity by HM Revenue & Customs. ieference 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. Commitiee Induction and Training-. New Executive Committee members undergo induction training to 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 organisational structure and key organisational activities. Executive Committee members are provided with copies of the NICVA Governance Manual which includes the Memorandum and Articles of Association, Role Descriptions for Office Bearers and Committee members and Sub Committees, Finance Procedures and the Equal Opportunities Policy. Organisational Structure.. The Executive Committee ensures the good governance of the organisation by setting its 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 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 General Manager, appointed by the Committee, 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 operational 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 (LCDI)objectives are to advance community 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 to promote religious and racial hamiony, equality and diversity. Strategic report The following sections for achievements and perfomiance and financial review form the strategic report of the charity.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directors, Report) (eofttlnuéd) Year ended 30th September 2023 Achievements and perfomiance LCDI have just commissioned Courtney Consultancy to prepare a new strategic plan for 2024-2028. Environmental Programmes Recycle @LCDI is an environmental project which diverts waste from landfill, supports the local communty and local jobs. promotes recycling and our free collection service of preloved fumtture donations helps prevent fly tipping. During the accounting period October 2022 to September 2023 we have diverted 400 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 reaming disabilities, allowing them to participate in a range of horticuttural activities and providing respite for clients, families and carers. The project operates Monday- Friday and during the accounting period October 2022 to September 2023 provided 16,000 hours of supported work experience for our clients. Family Support Programmes Wrap Around School Provision @ LCDI- is a cross community-based afterschool's project providing wrap around outofschool. During the accounting period October2022 to September2023 we provided 20,000 hours of affordable childcare, offering full day care during school holiday to up to 48 children. Playgroup@ LCDI.. is a community-based playgroup providing a pre-school session 5 mornings a week from 8.30am noon {24 SpaS) which follow the pre-school curriculum. The project is inspected annually by Social Services and ETI and provide 18,00 hours of care per year. Lrfestart @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 growng child programme along wth our Family Support sessions and parent and toddler group delivered 1000 hours during the accounting period October 2022 to September 2023. 'The Growing Child. programme provides advice, guidance, early intervention and signposting seNices. Good Moming Roe Valley @ LCDI is a project delivering a daily telephone call to older people around the borough who may otherwise hearfrom no one on a regular basis. The projectis a signposting seNice as well and is a good friend to 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 2022 to September 2023, the project continues to make an average 40 calls per day which amounted to 10,000 calls to to local older people being undertaken during the year.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) {continuedJ Year ended 30th September 2023 Achievements and performance (contlnued) Communty Meals @ LCDI provides a nutritionally balanced meal along with a range support seNices both on and off site the later only being possible thanks to the volunteers helping to deliver the setvice. During the accounting period of October2021 to September2022 an average of150 meals are delivered weekly. This would equate to an average of 650 meals per month. totalling 7,800 meals for the accounting period. Daycare @LCDI provides physical. mental and social support for 15 physically disabled adults in the Limavady Borough between the ages of 18-65yrs. This is achieved through client led projects which educate. inform, stimulate and entertain as well as providing much needed respite. The centre also promotes Disability Awareness and helps members develop liFe skills. This ultimately improves quality of life for members and provides opportunities for interaction and socialisation which is critical for individual health and wellbeing. The project provides morethan 10.500 hours and promotes integrats-on in the community though projects such as the Christmas Soiree, Summer BBQ Banquets and regular outings. Community Cohesion Programmes The Volunteer Centre @LCDI provides developmental supports a range of volunteers in the Greater Limavady Area, supporting them make a difference to their local community. During the accounting period October 2022 to September 2023, 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 to strength, engaging local women from across the community in several different developmental facilitated workshops. During the accounting period October 2022 - September 2023 3,000 hours of developmental support were delivered. R.E.A.C.H- Is a programme designed to provide a social framework for adults living wth a learning disability. During the accounting period October 2022 - September 2023 2,000 hours of developmental support were delivered. Community Cohesion events LCDI.. The status of LCDI as a cross community organisation located in a shared space means that the organisation can run events throughout the yearwhich bring communities from throughout the locality together regardless of community. social or financial background. During the accounting period October 2022 to September 2023, 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 communty organisations to support them undertake their services. During the accounting period October 2022 to September 2023, 400 individuals availed of a range of training including first aid, child protection. food safety and Hygiene, govemance, and volunteer management. E.Q.U.A.L@LCDI is a training and support programme designed to provide adults wth 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 2022 to March 2023. Unfortunately ESF funding for this project Geased which resulted in job losses. Recognising the huge need within the local community the Trustees that LCDI would self-ftjnd the continued delivery of these vital services, albeit on a reduced level.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (continued) Year ended 30th September 2023 Achievèments and perforniance (continued) Anti-Poverty Programmes The foodbank was extremely busy during the accounting period October 2022 to September 2023 and has continued to be managed by LCDI staff & Volunteers. LCDI Foodbank accept referrals from any statutory or communitylvoluntary sector agency with referrals also coming from GP'S, childcare providers or housing associations. During the accounting period October 2022 to September 2023 the foodbank provided 480 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 2022 to September 2023 have helped 160 families in their joumey out of food poverty, with a an ever growng waiting list. and re-directed 10 tons of food waste from landfill. We supported 48 volunteers who gave 2340 hours oftheir time to the programme. The social supermarket charges a nominal fee of £5 perfamily per weekThe clients will embark on a journey not only addressing the food poverty, but will also attend cookery dasses, budgeting classes and will have an opportunity to gain valuable work experience to encourage them to move into further training or employment. This Project has no core funding, but is funded through council in different forms. Grant applications for the project is also essential. Donations from within the communty and local businesses sustain the projecl day to day, and so engagement within the communty and PR is very important, helping us stock shelves and maintain supplies. Milk, Eggs, Cheese etc. are purchased weekly which runs to about £5000 per year alone. this is funded directly from LCDI. 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 2022 to September 2023 the programme supported 48 volunteers and 2000 hours of volunteering Fuel stamp saving Scheme @LCDI is a project delivering in partnership with the Causeway Coast and Glens Council. a seNice which allows residents to save towards their heating bills During the accounting pertod October2022 to September 2023 140,000 individual stamps wth a cumulative value of £700.000 were saved by residents who were budgeting to avoid fuel povety. LCDI engaged with 70 outlets across the council area to ensure the scheme was accessible to all. 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.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (contlnued) Year ended 30th September 2023 Financial review (continued) Reserves Policy.. Unrestricted ndS 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 grdnt environment as well as 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 al the approval of the Executive Committee which will examine the rationale for doing so and agree an amount where appropriate. At 30th September 2023, the level of 'Yree reserves" excluding fixed assets and designated funds was £207,025. While this is below our ideal reserve level it does allowfor liquidity and we intend to develop further reserves in the coming years Plans forfuture 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 to prepare financial statements for each year which give true and fair view of the state 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 methods and principles in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent. state whelher 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 it 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 accuracy at 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 85 trustees of the charity.
Limavady Community Development Initiative Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (continued) Year ended 30th September 2023 Auditor Each of the persons who is a trustee at 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'5 auditor is unaware" and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infomiation and to establish that the charity's auditor is aware of that information. A resolution to reappoint Donaldson &Thompson as auditors will be proposed atthe forthcoming Annual General Meeting. The trustees, annual report (incorporating the directors, report) and the strategic report were approved on 27th June 2024 and signed on behalf of the board of trustees by.. £e4Akn Keith Leighton Trustee John Wi150n 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 2023 Opinion We have audited the Iinancial statements of Limavady Communty Development Initiative Ltd (the 'charity') for the year ended 30th September 2023 Mthich comprise the statement of financial activities (induding incotne 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 preparation 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 state of the charity's affairs as at 30th September 2023 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 Stsndards on Auditing (UK) (ISAS (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 reporL 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 wth 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 concem 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 condrtions that. individually or collectively, may cast signrFicant doubt on the charity's ability to continue as a going conrn for a period of at least e1ve months from when the financial ststements are authorised for issue. 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 2023 Other information The other information comprises the infomiation 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 explicitFy stated in our report, we do not express any torm of assurance conclusion thereon. In connection with our audit of the financial statements, our 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 otherwise 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 misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfonned, 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 AGt 2006 In our opinion. based on the work undertaken in the course ofthe audit- the information given in the trustees, report for the financial year for which the financial statement5 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 exception In the light ofthe knoedge and understanding ofthe charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, 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 specrfied by law are not made., or we have not received all the information and explanations we require for our audit.
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 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible forthe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is neSSary 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 concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so. Auditovs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, 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 (UK) will always detect a material misstatement when it exists. Misslatements 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 ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined 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 to a material misstatement 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 greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, Gollusion, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identity and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi 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 detecting a material mi5Statement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresental-ons, or the override of intemal Gontrol. Obtain an understanding of intemal control relevant to 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. 10
Limavady Community Development Initiative Ltd Company Limited by Guarantee Independent Auditor's Report to the Members of Limavady Community Development Initiative Ltd (continuedj Year ended 30th September 2023 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 exist5 related to events or conditions that may cast signrficant doubt on the charity's ability to continue as a going concern. Ifwe condude 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. rf such disclosures are inadequate, to modrfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, andwhetherthe financial statements representthe underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance 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 to the charity's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent 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 audit work, for this report, or for the opinions we have fomied. Alistair Sterritt (Senior Statutory Auditor) For and on behalf of Donaldson & Thompson Chartered Accountants & statutory auditor 3 Limavady Road Londonderry BT47 6JU 27th June 2024 11
Limavady Community Development Initiative Ltd Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 30th September 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Nots Income and endowments Donations and legacies Charitable activities Investment income 8,887 550.142 13 36,087 217,847 61 44,974 767,989 74 21,214 978,728 67 Total income 559,042 253,995 813,037 1.000,009 Expenditure Expenditure on charitable activities Total expenditure 9.10 624,115 212,934 837,049 931,451 624,115 212,934 837,049 931,451 Net {expenditure)lincome and net movement in funds (65,073) 41,061 (24,012) 68,558 Reconciliation of funds Total funds brought forward Total funds carried forrtard 832,850 440,794 1,273,644 1,249,632 1,205,086 767,777 481.855 1,273,644 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 to 28 fomi part ofthese financial statements. 12
Limavady Community Development Initiative Ltd Company Limited by Guarantee statement of Financial Position 30th September 2023 2023 2022 Note Fixed assets Tangible fixed assets 13 248,606 268.272 Current assets Debtors Cash at bank and in hand 14 144,012 1.545,693 192,209 1,534,337 1,689,705 1,726,546 Creditors- amounts falling due within one year Net current assets 16 688,679 721,174 1.001,026 1.005.372 Total assets less current liabilities 1,249,632 1,273.644 Net assets 1,249,632 1.273.644 Fund5 of the charity Restricted funds Unrestricted funds 481,855 767,777 440,794 832,850 Total charity funds 18 1,249,632 1,273,644 These financial statements were approved by the board of trustees and authorised for issue on 27th June 2024, and are signed on behalf of the board by.. Jokn KeFth Leighton Trustee John Wilson Trustee The notes on pages 15 to 28 form part of these financial statements. 13
Limavady Community Development Initiative Ltd Company Limited by Guarantee statement of Cash Flows Year ended 30th September 2023 2023 2022 Note Cash flows from operating activities Net (expenditure)fincome (24,012) 68,558 Adjustments fi?r Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued (income)lexpenses 26,491 (74) 3,889 (4.277) 27.482 (67) 3.642 94.106 Changes in." Trade and other debtors Trade and other creditors 48,197 (26,134) 24,080 (48,049) 34,371 Cash generated from operations 180,043 Interest paid Interest reGeived (3.889) 74 (3,642) 67 Net cash from operating activities 20,265 176,468 Cash flows from investlng activities Purchase oftangible assets Net cash used in investing activities (6.825) (6,825) (9,062) (9,062) Cash flows from financing activities Proceeds from borrowings Net cash used in financing activities (16,116) (16,116) Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 13,440 1,528,531 151,290 1,377,241 1.528,531 15 1,541,971 The notes on pages 15 to 28 form part of these financSal statements. 14
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 30th September 2023 General information The charity is a public benefft 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 Londondery. BT49 OAQ. Statement of compliance These financial ststements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)} and the Companies Act 2006. Accounting policies Basis of preparation The financial ststements 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 expendrture. 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 estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to 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. 15
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnuéd) Year ended 30th September 2023 Accounting policies (continued) Incoming resources Income All income is included in the statement of financial activities when the charity is entitled to the income, any perfomiance related conditions attached have been met or 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 full in the Statement of Financial Activities when receivable. Where legacies have been notified to the charity but the criteria for income recognits-on have not been met, 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 Gharity, are reGognised when the charity becomes unconditionally entitled to the grant. Donated seNices and facilitie5 are included atthe value to the charity. being the amountthe 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 activrty is accounted for when eamed. Income from grants, where related to perfomiance and specific deliverables, are accounted for as the charity eams the right to consideration by its performance. Resources expended Expenditure Expenditure is recognised on an aGcTuals 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: Costs of raising fijnds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes. Chaiitable expenditure comprises those costs incued by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activrties 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 beeen the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activily are allocated directly. others are apportioned on an appropriate basis, as set out in the notes to the accounts. 16
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (COFJiinued) Year ended 30th September 2023 Accounting policies fcontlnued) Tangible assets All fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment loss. Cost includes all costs that are directly attributable to bringing the asset into working condition for its intended use. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows-. Freehold propety Motor vehicles Equipment 2°A straight line 25 % reducing balance 10 /0 Straight line Impaimient of fixed assets A review for indicators of impaim)ent 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 impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to 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-generating 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 groups of assets. For impaimient testing of goodwill, the goodwll acquired in a business Gombination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from 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 to the contractual provisions of the instrument. Basic financial instruments are inttially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are 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 at fair value wtth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimient. 17
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2023 Accounting policies (eontlftued) Flnancial instrnments (cortllnued) Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset Is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. otherfinancial 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 at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equty 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 characteristics. 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 contrlbution 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 to the extent that the prepayment will lead to a reduction in fvture payments or a cash refund. ContribLrtions to defined contribution plans and associated liabilities are allocated to activities and beeen 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 to 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 cease5 to be a member. 18
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (contintsedj Year ended 30th September 2023 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations - Daycare Services Donations- After Schools Donations - Social Economy Donations - Volunteer Bureau Donations- Volunteer Bureau No 2 Foodbank Donations- Overheads Donations- Advice 4,637 4.637 200 200 9.600 26.487 4.050 9,600 26,487 4,050 8.887 36,087 44.974 Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations- Daycare SeNices Donations- After Schools Donations - Social Economy Donations - Volunteer Bureau Donations- Volunteer Bureau No 2 Foodbank Donations - Overheads Donations- Advice 3,836 1,155 3,836 1,155 14,106 14,106 1,219 898 1,219 700 198 6,910 14,304 21,214 19
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2023 Charitable actlvities Unrestricted Funds Restricted Total Funds Funds 2023 Other income from charitable activities - Lrfestart 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 - Social Economy other income from charitable activities - Elderly Services other income from charitable activities - Community Transport other income from charitable activities- Refumish- 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 from 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 activities - Equal Project Other income from charitable activities - Reach & Hen's Shed 13,980 13.980 73,280 61,231 73,280 61,231 102,420 102.420 19,480 19,480 19,463 19,463 20,959 20,959 56,527 56,527 31,565 31,565 26.934 88,832 26,934 88,832 25,025 25,025 4.003 4,003 64.597 64,597 6,607 6,607 13.734 13,734 132.663 132.663 6.689 6.689 550.142 217,847 767.989 20
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2023 Charitable activities (continued) Unrestricted Funds Restricted Total Funds Funds 2022 Other income from charitable activities - Lifestart Other income from charitable activtties- Daycare Services other income from charitable activities - Play Group Other income from charitable activtties - After Schools Other income from charitable activities - Social Economy other income from charitable activities - Elderly Services Other inwme from Gharitable activities- Communty Transport Other income from charitable activities - Refurnish - Limavady Shop Other income from charitable activities - Glasslcard Recyciing 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 from charilable activities - Community Works Training other income from charitable activities - Volunteer Bureau Other income from charitable activities - Volunteer Bureau No 2 Other income from charitsble activities - Family Centre Other income from charitsble 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 8,142 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 Investment income Unrestricted Funds Restricted Total Funds Funds 2023 Bank interest receivable - Unrestricted funds Bank interest receivable - Restricted funds 13 13 61 61 13 61 74 21
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 30th September 2023 Investment income (eontlnuèd) Unrestricted Funds Restricted Total Funds Funds 2022 Bank interest receivable - Unrestricted funds Bank interest receivable - Restricted fvnds 61 61 61 67 Income by funder 2023 After School Fees- Parents Contributions Arts Council Causeway Coast & Glens Borough Council Coast Community Development & Health NeOrk Community Foundation Northem Ireland Department for Communities European Social Funds Glenshane Care Association Mini Bus Invoices Other Income & Donations Pathways Fund Public Donation Refumish Limavady Social Economy The Juila and Hans Rausing Trust Fund The National Lottery Western Education & Library Board Western Health & Social Care Trust Amounts Deferred 101,379 2.970 73,896 1,550 9.600 5,000 63,646 161,850 1,300 7,450 50,817 13,980 10,456 56,335 62,688 6,607 10,000 58,847 108,482 6,184 813.037 22
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 30th September 2023 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Lifestart Daycare seNices Playgroup Afterschools Social Economy stepchange Elderly services LCDI Community Transport Limavady Volunteer Centre LCDI- Roevalley Food bank & SoGial Inclusion Programmes Refurnish- Limavady shop Glass I Card recycling Garden centre l Greenshed Overheads Fuels Stamps 2 Advice AIVC- Small grants Community Works training Peace IV Family Centre Pay Plan Equal Project Reach & Hen's Shed 9,334 9,334 105,035 55,345 144,672 28,559 105,035 55,345 144,672 28,559 8,084 27,984 8,084 27,984 50.329 50,329 33,320 33,320 61.006 35.252 5,813 113,773 10,159 61,006 35,252 5,813 113,773 10,159 4,418 4,418 18,090 18,090 109,792 109,792 16.084 16,084 624,115 212,934 837,049 Unrestricted Funds Restricted Total Funds Funds 2022 Lifestart Daycare services Playgroup Atterschools Social Economy Stepchange Elderly services LCDI Community Transport Limavady Volunteer Centre LCDI- Roevalley Food bank & Social Inclusion Programmes Refumish- Limavady shop Glass I Card recycling Garden centre l Greenshed Overheads Fuels Stamps 2 Advice AIVC- Small grants Community Works training 32,788 32,788 98,054 74,123 145,200 98.054 74,123 145,200 6,569 4.598 22,920 6,569 4,598 22,920 74,954 74,954 45,147 45.147 11.879 14.034 60,941 11,525 6,398 88,697 512 2,925 11,879 14,034 60,941 11,525 6,398 88,697 512 2,925 23
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Ststements (eontinued) Year ended 30th September 2023 Peace IV Family Centre Pay Plan Equal Project Reach & Hen's Shed 38 38 12.195 1.525 183,463 32,966 12,195 1,525 109,900 32,964 73,565 609,864 321,587 931,451 10. Expenditure on charitable activities by activity type Activits-es undertaken Total fund5 directly 2023 Total fund 2022 Lifestart Daycare services Playgroup Afterschools Social Economy stepchange ElderSy services LCDI Community Transport Limavady Volunteer Centre LCDI- Roevalley Food bank & Social Inclusion Programmes Refumish - Limavady shop Glass I Card recycling Garden centre l Greenshed Overheads Fuels Stamps 2 Advice AIVC - Small grants Community Works training Peace IV Family Centre Pay Plan Equal Project Reach & Hen's Shed 9,334 105,035 55,345 144,672 28,559 9,334 105,035 55,345 144,672 28,559 32,788 98,054 74.123 145,200 6,569 4,598 22,920 74,954 8,084 27,984 50,329 8,084 27,984 50,329 33,320 61,006 35,252 5,813 113,773 10,159 33,320 61,006 35,252 5,813 113,773 10,159 45,147 11,879 14,034 60,941 11,525 6,398 88,697 512 2,925 38 12,195 1,525 183.463 32.966 4,418 4,418 18,090 18,090 109,792 16,084 109.792 16.084 837,049 837,049 931,451 11. Net {expenditure}fincome Net (expendilure)fincome is stated after chargingl(crediting)'. 2023 2022 Depreciation of tsngible fixed assets 26,491 27,482 24
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 30th September 2023 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 552,421 28.617 7.941 590,949 34,225 9,409 1,301 588.979 635,884 The average head count of employees during the year was 37 (2022.. 41). The average number of full-time equivalent employees during the year is analysed as follows.. 2023 2022 Number of staff - 37 41 No employee received employee benefits of more than £60,000 during the year (2022- Nil). 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 to key management personnel for seNices provided to the charity was £51,982 (2022.. £64,572). 13. Tangible fixed assets Land and bLFildings Motor vehicles Equipment Total Cost At 1 Oct 2022 Additions 199.982 75,520 195.103 6,825 470,605 6,825 At 30 Sep 2023 Depreciation At 1 Oct 2022 Charge for the year At 30 Sep 2023 199.982 75,520 201,928 477,430 44.019 4,049 57,600 4.480 100,714 17,962 202,333 26,491 48,068 62,080 118,676 228,824 Carrying amount At 30 Sep 2023 151,914 13,440 83.252 248,606 At 30 Sep 2022 155.963 17,920 94,389 268,272 25
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2023 14. Debtors 2023 2022 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 90,774 24,100 21,076 8,062 108,352 26.259 21,291 36,307 144.012 192,209 15. Cash and cash equivalents Cash and cash equivalents comprise the following= 2023 2022 Cash at bank and in hand Bank overdrafts 1,545,693 (3,722) 1,541,971 1,534,337 15,806) 1,528,531 16. Creditors: amounts falling due within one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes other creditors 3,722 33,082 580,888 7,154 63.833 5,806 57,572 585,165 7,745 64,886 688,679 721,174 17. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7.941 {2022.' £9,409). 26
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30th September 2023 18. Analysis of charitable funds Unrestricted funds At 1 Oct 2022 At Income Expenditure 30 Sep 2023 General funds Designated Funds 487,850 345.000 559.042 (624.115) 422.777 345,000 832.850 559,042 (624.115) 767,777 At 1 Oct 2021 At Income Expenditure 30 Sep 2022 General funds Designated Funds 896,282 201,432 345,000 (609,864) 487,850 345,000 896,282 546,432 (609,864) 832,850 Restricted funds At 1 Oct 2022 At Income Expenditure 30 Sep 2023 Restricted Funds 440,794 253,995 {212,934) 481,855 At 1 Oct 2021 At Income Expenditure 30 Sep 2022 Restricted Funds - 308,804 453,577 (321,587) 440,794 19. Analysis of nat assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 215,752 637,288 (85,263) 32,854 1.052.417 (603,416) 481.855 248.606 1,689,705 (688.679 767.777 1,249.632 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 230,516 711,517 (109,183) 37,756 268,272 1,015,029 1,726,546 (611,991) (721,174) 440.794 1.273,644 832.850 27
Limavady Community Development Initiative Ltd Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 30th September 2023 20. Ethical standards In 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 2022 Cash dows 30 Sep 2023 Cash at bank and in hand Bank overdrafts 1.534,337 (5,806) 1,528,531 11.356 2,084 1,545,693 (3.722) 1,541,971 13,440 22. Related parties Limavady Community Development Initiative Limited (LCDI Ltd) is the sole member of Roe Valley Community Property Limited (RVCP Ltd). a company limited by guarantee, incorporated in Northem Ireland. RVCP Ltd provided catering ServIS to the value of £11,871 (2022.. £12,161) to LCDI Ltd during the year ended 30 September 2023. There was a balance of £1,909 (2022: £Nil) owed to RVCP Ltd from LCDI Ltd at 30 September 2023. During the year ended 30 September 2023, LCDI Ltd was charged a total of £21,162 (2022: £19,429) in respect of rent, service charges and other services by RVCP Ltd. At 30 September 2023, the amount due from RVCP Ltd in relation to rent. service charges and other services was £250 (2022: £Nil). 23. Designated funds Designated funds, as disclosed within the Analysis of Charitable Funds note. refers to 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. 28