The Trustees present their annual report and financial statements for the year ended 31 March 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
The principal activity of Garvagh Museum Ltd is to promote the benefit of collecting and preserving artefacts from the local area for the benefit of the local community and tourism. As part of a local community engagement programme the museum organises a wide variety of exhibitions within its own grounds as well as in other community venues. These exhibitions display items of local and regional significance and are designed to engender an informed appreciation and understanding of history of all the local communities. The museum offers opportunities for its members to develop and enhance their skills and abilities in the heritage sector, through running the museum, recording and cataloguing recent acquisitions, providing talks to local groups on museum activity, the preservation of artefacts and from being involved in the organisation of exhibitions.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
The museum organises events and exhibitions in association with other community groups. The museum's collection grows solely from public donations and it currently compromises over 4,000 items, constituting one of the largest independent museum collections in Northern Ireland. The museum continues to grow its collection and to utilise this in following its aims and objectives. It remains one of the largest independent museums in Northern Ireland.
The museum continues to maintain its museum accreditation with Northern Ireland Museum Council and Arts Council in England. This ensures the collection and organisation are achieving requisite museum standards. This is a significant professional achievement for a voluntary organisation with no paid professional staff.
Throughout the financial year visitor numbers declined slightly on last year but the number of groups visiting has increased
Museum - 889
Exhibitions - 2
Groups - 18
Outreach Event - 3
The pool of volunteers prepared to facilitate visitors has remained static. Opening hours are unchanged every Saturday in June and September and every Thursday to Saturday in July and August.
The new group visit category called “the family group” continues to help increase visitor numbers to the museum by pre-booking for a visit at a daytime or evening slot to suit both categories.
Volunteers continue to input significant additional hours worked to meet guidelines on extra cleaning of toilets, glass displays, ongoing outdoor maintenance e.g. grass cutting, removal of ivy from the walled garden etc. An approximate total of 427 volunteer hours was recorded.
In recognition of the voluntary efforts of the museum over the years, the museum entered into a strategic partnership with Causeway Coast and Glens Council. The museum receives financial support in return for providing heritage-based services and facilities for local groups, individuals and tourists.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will 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. This level of reserves has been maintained throughout the year.
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.
The Charity is a company limited by guarantee.
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:
Trustees are appointed from the following community groups:
Opted members from local community agreed by board
Garvagh High School Staff & Board of Governors (as the school is now closed there is no new representation although the former staff and governors have remained on the board)
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 organisational structure of Garvagh Museum Limited is as following:
Chairperson- Mrs P Hutchinson
Vice Chair- Mr A Fleming
Treasurer- Mr I Davidson
Secretary- Mrs Jean Moffatt
The Trustees' report was approved by the Board of Trustees.
I report on the financial statements of the Charity for the year ended 31 March 2025, which are set out on pages 6 to 13.
Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, it is my responsibility to:
examine the financial statements under section 65 of the Charities Act (Northern Ireland) 2008;
follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and
state whether particular matters have come to my attention.
Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
My role is to state whether any material matters have come to my attention giving me cause to believe that:
1. Accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
2. The financial statements do not accord with those accounting records; or
3. The financial statements 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 financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102); or
4. There is further information needed for a proper understanding of the financial statements to be reached.
I have completed my examination and I 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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Garvagh Museum Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 142a Main Street, GARVAGH, Co Londonderry, BT51 5AE.
The financial statements have been prepared in accordance with 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
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.
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.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
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:
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).
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.
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.
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.
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.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
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.
Rates
Light and heat
Insurance
Repairs and maintenance
Printing, postage and stationery
Telephone
Sundry expenses
Bank interest and charges
Advertising
Website costs
None of the Trustees (or any persons connected with them) received any remuneration during the year. One trustee was reimbursed a total of £18 (2024 one trustee reimbursed £50) for expenses paid on behalf of the charity.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2024 - none).