Charity Registration No. NIC105044
Company Registration No. NI031966 (Northern Ireland)
GARVAGH DEVELOPMENT TRUST
(a company limited by guarantee and not having a share capital)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GARVAGH DEVELOPMENT TRUST
CONTENTS
Page
Charity information
1
Trustees' report
2 - 4
Independent examiner's report
5 - 6
Statement of financial activities
7 - 8
Balance sheet
9
Notes to the accounts
10 - 18
GARVAGH DEVELOPMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Trustees
Miss A Clyde
Dr J Kerr
Mr P McKinney
Mrs J Moore
Mr J Smyth
Mrs R Topping
Mr B Weir
Miss T Magowan
Mr I Laughlin
Charity number
NIC105044
Company number
NI031966
Registered office
85 Main Street
Garvagh
Coleraine
Co Londonderry
BT51 5AB
Independent examiner
Moore (N.I.) LLP
30-32 Lodge Road
Coleraine
Co. Londonderry
BT52 1NB
Bankers
Ulster Bank Limited
30-32 Catherine Street
Limavady
BT49 9DB
Solicitors
Mallon McCormick Solicitors
Station Master's House
16 Station Road
Maghera
County Londonderry
BT46 5BS
GARVAGH DEVELOPMENT TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

The charity maintains a B1 listed building; 5 units which are rented to local businesses and 9 rooms available for hire to the public catering for groups ranging in size from 5 - 100 people. They also run a cafeteria called The Pantry.

 

The objects of the company are:

 

1. to promote the benefit of the inhabitants of Garvagh and the neighbourhood thereof by the advancement of education and the provision of facilities in the interest of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants;

 

2. to preserve for the benefit of the public whatever land, buildings or other structures may exist in Garvagh and its environs of particular beauty or historical or architectural interest;

 

3. to provide or secure the provision of public amenities in Garvagh and its environs for the benefit of the inhabitants thereof.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Advancing education

The direct benefits which flow from this purpose are: increased access to information, increased confidence and self-esteem and increased ability to access employment opportunities. The benefits are evidenced through feedback and evaluation from the group and local community. There is no harm anticipated from this purpose. The charity's beneficiaries are people living in the rural area of Garvagh and District. A private benefit may arise from trustees accessing our ongoing programme of activities for the community. These benefits are incidental and necessary to ensure the benefit is provided to our beneficiaries.

Providing facilities in the interests of social welfare for recreational activities designed to promote health and fitness or other leisure-time occupation, with the object of improving the conditions of life for the said inhabitants

The direct benefits which flow from this purpose are: the provision of a neutral venue for local people to meet and socialise, increased access to information, increased confidence and self-esteem and increased cross-community interaction. The benefits are evidenced through feedback and evaluation from the group and local community. There is no harm anticipated from this purpose. The charity's beneficiaries are people living in the rural area of Garvagh and District. A private benefit may arise from trustees accessing our ongoing programme of activities for the community. These benefits are incidental and necessary to ensure the benefit is provided to our beneficiaries.

Preserving for the benefit of the inhabitants of Garvagh and District whatever of the historical, architectural and constructed heritage may exist in and around the Village of Garvagh in the form of buildings of particular beauty or historical, architectural or constructional interest

The purpose of this charity is to provide management and administration to secure, by such means as are available, the preservation, protection and restoration of Garvagh Community Building, a listed building, for the benefit of the inhabitants of Garvagh. The benefits include the maintenance of a listed building for use by the local community, visitors and tourists. What was once a nearly derelict building is now structurally secure and being fully used by the local community, small businesses and other charitable organisations. The charity's beneficiaries are people and business living in Northern Ireland who use and visit Garvagh Community building.

GARVAGH DEVELOPMENT TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Providing improved social and environmental conditions as a result of community renewal and regeneration activities leading to a better quality of life for the inhabitants

The beneficiaries are the general public. The benefits include the maintenance of current amenities and the creation of new village amenities for use by the local community, visitors and tourists. What was once neglected in terms of amenities including pathways, parks, public leisure facilities, signage and lighting is now fit for purpose and structurally secure and being fully used by the local community, small businesses and other charitable organisations. The charity's beneficiaries are the general public living in Northern Ireland who use and/or visit the village of Garvagh and its environs.

Achievements and performance
Financial review

The company returned net expenditure for the year of £70,348 (2022 - £48,070 net expenditure). At 31st December 2023 the total funds of the charity amounted to £509,936 (2022 - £580,284) comprising designated funds of £476,317 (2022 - £493,481), general unrestricted funds of £33,619 (2022 - £54,566) and restricted funds of £0 (2022 - £32,237).

 

Of the total funds reported above, £24,336 is made up of cash at bank and in hand.

Reserves policy

The trustees endeavour to maintain sufficient funds to ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association.

 

Garvagh Development Trust registered with the Charity Commission for Northern Ireland on 11 May 2016.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Miss A Clyde
Dr J Kerr
Mr P McKinney
Mrs J Moore
Mr J Smyth
Mrs R Topping
Mr B Weir
Miss T Magowan
Mr I Laughlin
Mr O Quigg
(Resigned 16 November 2023)

The management of the company is the responsibility of the trustees who are elected under the terms of the Memorandum and Articles of Association.

 

Miss A Clyde, Mr P McKinney, Mr J Smyth, Miss T Magowan and Mr I Laughlin, being one half of the trustees for the time being, in accordance with Section 34 of the Articles of Association, retire by rotation at the Annual General Meeting. The above persons, being eligible, offer themselves for re-election.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

GARVAGH DEVELOPMENT TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Miss T Magowan
Trustee
Dated: 5 August 2024
GARVAGH DEVELOPMENT TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF GARVAGH DEVELOPMENT TRUST
- 5 -

I report on the accounts of the charity for the year ended 31 December 2023, which are set out on pages 7 to 18.

Respective responsibilities of trustees and examiner

The trustees, who are also the directors of Garvagh Development Trust for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 and The Charities Act (Northern Ireland) 2008.

 

Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to:

 

(i)

examine the accounts under section 65 of the Charities Act

(ii)

follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act

(iii)

state whether particular matters have come to my attention.

 

 

Basis of independent examiner's report

I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act 2008. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

 

My role is to state whether any material matters have come to my attention giving me cause to believe:

 

1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 and Section 63 of the Charities Act (Northern Ireland) 2008.

2. That the accounts do not accord with those accounting records

3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland

4. That there is further information needed for a proper understanding of the accounts to be reached.

 

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Dr R I Peters Gallagher OBE FCA
for and on behalf of Moore (N.I.) LLP
Chartered Accountants
30-32 Lodge Road
Coleraine
Co. Londonderry
BT52 1NB
GARVAGH DEVELOPMENT TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
TO THE TRUSTEES OF GARVAGH DEVELOPMENT TRUST
- 6 -
Dated: 5 August 2024
GARVAGH DEVELOPMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general
designated
general
designated
2023
2023
2023
2023
2022
2022
2022
2022
Notes
£
£
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
5,640
-
292
5,932
2,961
-
79,306
82,267
Charitable activities
4
39,745
-
-
39,745
40,221
-
-
40,221
Other trading activities
5
135,568
-
-
135,568
110,030
-
-
110,030
Other income
6
3,956
-
-
3,956
36,456
-
-
36,456
Total income
184,909
-
292
185,201
189,668
-
79,306
268,974
Expenditure on:
Charitable activities
7
56,463
17,164
41,881
115,508
72,246
17,164
112,042
201,452
Other expenditure
11
140,041
-
-
140,041
115,592
-
-
115,592
Total expenditure
196,504
17,164
41,881
255,549
187,838
17,164
112,042
317,044
Net expenditure
(11,595)
(17,164)
(41,589)
(70,348)
1,830
(17,164)
(32,736)
(48,070)
Transfers between funds
(9,352)
-
9,352
-
-
-
-
-
Net movement in funds
9
(20,947)
(17,164)
(32,237)
(70,348)
1,830
(17,164)
(32,736)
(48,070)
Reconciliation of funds:
Fund balances at 1 January 2023
54,566
493,481
32,237
580,284
52,736
510,645
64,973
628,354
Fund balances at 31 December 2023
33,619
476,317
-
509,936
54,566
493,481
32,237
580,284
GARVAGH DEVELOPMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

GARVAGH DEVELOPMENT TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
15
497,690
516,216
Current assets
Stocks
16
1,000
800
Debtors
17
1,326
424
Cash at bank and in hand
24,336
76,888
26,662
78,112
Creditors: amounts falling due within one year
18
(14,416)
(14,044)
Net current assets
12,246
64,068
Total assets less current liabilities
509,936
580,284
Net assets excluding pension liability
509,936
580,284
The funds of the charity
Restricted income funds
-
32,237
Unrestricted funds - general
33,619
54,566
Unrestricted funds - designated
476,317
493,481
509,936
580,284

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The Directors/Trustees acknowledge responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 5 August 2024
Miss T Magowan
Trustee
Company registration number NI031966 (Northern Ireland)
GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Charity information

Garvagh Development Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 85 Main Street, Garvagh, Coleraine, Co Londonderry, BT51 5AB.

1.1
Accounting convention

The accounts have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes. The designated funds for fixed assets is that part of unrestricted funds that represents fixed assets held.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, applicable VAT and other sales related taxes.

GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
2% straight line
Fixtures, fittings and equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13

Grants

Capital grants are included as incoming resources when receivable and categorised within designated funds. Depreciation is subsequently charged against the fund each year equivalent to the rates on the relevant assets in question.

 

Grants of a revenue nature are credited to income in the period to which they relate.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Donations and legacies
Unrestricted
Restricted
Total
Total
funds
funds
general
2023
2023
2023
2022
£
£
£
£
Donations and gifts
5,640
-
5,640
2,961

Forest school

-
292
292
79,306
5,640
292
5,932
82,267
For the year ended 31 December 2022
2,961
79,306
82,267
Donations and gifts
Other
5,640
-
5,640
2,961
5,640
-
5,640
2,961
Forest School
Other
-
292
292
79,306
-
292
292
79,306
4
Income from charitable activities
2023
2022
£
£

Causeway Coast and Glens Borough Council

7,330
4,625

Rent receivable

26,680
25,065

Room hire

5,735
10,531
39,745
40,221
5
Income from other trading activities
2023
2022
£
£

The Pantry income

135,568
110,030
GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
6
Other income
Unrestricted
Unrestricted
funds
funds
general
general
2023
2022
£
£
Other income
3,956
36,456
7
Expenditure on charitable activities
2023
2022
£
£
Staff costs
8,600
11,348
Depreciation
18,526
18,664

Forest School expenditure

7,649
62,905

Forest school wages

34,232
49,136
69,007
142,053
Share of support costs (see note 8)
42,461
56,622
Share of governance costs (see note 8)
4,040
2,777
115,508
201,452
Analysis by fund
Unrestricted funds - general
56,463
72,246
Unrestricted funds - designated
17,164
17,164
Restricted funds
41,881
112,042
115,508
201,452
GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
8
Support and governance costs
Support costs
Governance costs
2023
2022
Basis of allocation
£
£
£
£
Staff costs
9,683
-
9,683
16,423
Support

Rates

2,022
-
2,022
1,923

Support

Insurance

5,644
-
5,644
5,406

Support

Light and heat

17,412
-
17,412
19,642

Support

Repairs and maintenance

3,638
-
3,638
4,369

Support

maintenance

Printing, postage and stationery

1,202
-
1,202
2,192

Support

and stationery

Telephone

1,414
-
1,414
2,310

Support

Bank charges

424
-
424
1,140

Support

General expenses

1,022
-
1,022
3,217

Support

Legal and professional
-
4,040
4,040
2,777
Governance
42,461
4,040
46,501
59,399
Analysed between
Charitable activities
42,461
4,040
46,501
59,399

Governance costs includes payments to the independent examiners of £4,040 (2022 - £2,777).

9
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
18,526
18,664
10
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11
Expenditure on other trading activities
2023
2022
£
£

The Pantry purchases

64,380
51,130

The Pantry wages

72,168
63,206
The Pantry repairs
3,493
1,256
140,041
115,592
GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
12
Employees
Number of employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration and support
4
4
The Pantry
5
5
9
9
Employment costs
2023
2022
£
£
Wages and salaries
116,083
128,765
Social security costs
7,550
9,721
Other pension costs
1,050
1,627
124,683
140,113
There were no employees whose annual remuneration was £60,000 or more.
13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14
Remuneration of key management personnel

The senior management team is made up of the trustees and the manager. The remuneration of key management personnel is as follows:

2023
2022
£
£
Aggregate compensation
26,457
30,716
GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
15
Tangible fixed assets
Land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2023
887,264
54,175
941,439
At 31 December 2023
887,264
54,175
941,439
Depreciation and impairment
At 1 January 2023
376,251
48,972
425,223
Depreciation charged in the year
17,745
781
18,526
At 31 December 2023
393,996
49,753
443,749
Carrying amount
At 31 December 2023
493,268
4,422
497,690
At 31 December 2022
511,013
5,203
516,216
16
Stocks
2023
2022
£
£
The Pantry stock
1,000
800
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,286
384
Prepayments and accrued income
40
40
1,326
424
18
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
7,575
7,516
Accruals and deferred income
6,841
6,528
14,416
14,044
GARVAGH DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,100
3,254

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

20
Analysis of net assets between funds

Unrestricted designated

Unrestricted general

Restricted

Total
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
476,317
21,373
-
497,690
Current assets/(liabilities)
-
12,246
-
12,246
476,317
33,619
-
509,936
21
Financial commitments, guarantees and contingent liabilities

Certain grants received and receivable may become repayable to the funder if the charity is no longer able to meet the conditions under which they were awarded. Due to the nature of these contingencies it may not be possible to quantify the potential financial effect or give an indication of the timing as to the liabilities that may arise.

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