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2023-04-01-accounts

Charity registration number NIC102524

Company registration number NI030558 (Northern Ireland)

GASYARD DEVELOPMENT TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

GASYARD DEVELOPMENT TRUST

CONTENTS

Page
Charity Information 1
Trustees' report 2 - 11
Independent auditor's report 12 - 15
Statement of financial activities 16
Balance sheet 17
Notes to the financial statements 18 - 29

GASYARD DEVELOPMENT TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Sean Collins (Chairperson)
Ms Joyce Logue
Ms Anne McMonagle
Mr Martin Connelly
Mr Adrian Kerr
Secretary Mr Martin Connelly
Charity number NIC102524
Company number NI030558
Registered office 128 Lecky Road
Brandywell
Derry
BT48 6NP
Auditor Moore (NI) LLP
21-23 Clarendon Street
Derry-Londonderry
BT48 7EP
Bankers AIB (NI)
Meadowbank
Strand Road
Derry~Londonderry
BT48 7TN
Solicitors McDermott & McGurk
12 Clarendon Street
Derry~Londonderry
BT48 7ET

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)" (effective 1 January 2019).

Objectives and activities

Our Vision, Mission and Approach

The Gasyard Development Trust’s mission is to do whatever it takes to increase the capacity of residents in the Triax area in order to enhance their social, economic and educational wellbeing including developing the built environment.

Company Objectives

The objects of the company as stated in the Memorandum of Association are:

Core Values and Beliefs

In addition to our company objectives, the following highlights the work of the Gasyard Development Trust (GDT):

GDT is committed to advancing arts, culture and heritage by making it easily assessable to the residents of the Triax area whilst respecting all cultural beliefs and heritage.

GDT is committed to equality, justice and promoting diversity in order to address poverty and exclusion.

GDT is committed to promoting social enterprise and economic sustainability in the Triax communities.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Our Purpose

The Gasyard Development Trust was set up in 1996 to construct a Neighbourhood Cultural Centre. Completion in 2001 enabled the Trust to provide a wide range of services both directly and indirectly for the community in the Bogside, Brandywell and surrounding areas. In-house projects, Bluebell Arts Project and the Children’s Centre deliver much-needed programmes and services to the local community. GDT as a project has a mix of roles – project deliverer, landlord, and facilities provider. The organisation helps to promote, in a strategic way, community and economic regeneration in partnership with other local groups, local schools and the private and statutory sectors.

Public Benefit

The Organisation is working exclusively for the local community, developing bespoke and creative programmes and activities for those suffering multiple levels of deprivation to reverse decline and create sustainable communities is at the forefront of our work as we meet our objectives. Our mission is to do whatever it takes to increase the capacity of residents in the Triax area in order to enhance their social, economic and educational wellbeing including developing the built environment.

It is further evidenced by noble indicators informing us that we have moved from 8th to 44th place for the areas with the highest level of multiple deprivations. While we still remain within the top 10 deprived areas in NI for having the highest levels of multiple deprivation, we are beginning to see the positive outcomes of how our partnership approach to developing the area is being achieved.

Private benefit

We do not provide any individual with a private benefit. Our directors may attend our programme but access these in the same way as others do, and, during our annual arts exhibition some of the artists attending may have sold some artwork and increased their profile. Any private benefit is incidental to providing members of the community with the opportunity to increase their skills base and knowledge, increase their appreciation and understanding of local arts projects or to enhance their quality of life.

Beneficiaries

While a number of our activities and programmes are targeted for the benefit of Derry City residents’ beneficiaries are mainly from the Bogside, Brandywell, Bishop Street, Fountain and Creggan communities. Programmes targeting city wide residents are focused on those most vulnerable including children with disabilities, older people with disabilities or those who have alcohol or drug addictions.

Restrictions on who can benefit

There are no restrictions that prevent beneficiaries from accessing our programme. Our centre has full disabled access with onsite car parking available, has had a disability audit with recommendations being carried out as per feedback, is an every customer counts advocator, ASD friendly and has received the Covid-19 Reassurance Mark. All targeted programmes designed to upskill or remove community isolation have no associated fees with nominal donations applicable for some activities. All staff have received additional training in ASD Awareness, Safe Talk, Listening Ear, Sign Language Training and Health and Safety training.

Trustees Statement of Compliance

In setting our objectives and planning our activities for the year the trustees have given careful consideration to the Charity Commission for Northern Ireland’s guidance on public benefit to ensure that the activities have helped to achieve the charity’s purposes and provide a benefit to the beneficiaries.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

The Gasyard Development Trust is quite unique and as a project with a mixture of roles, project deliverer, landlord and facilities provider we will consistently continue to help promote, in a strategic way, community and economic regeneration in partnership with other local groups, local schools and the private and statutory sectors.

Our staff members are the most important pieces that make us who we are and we were delighted to be getting back out to meet with the community this year and deliver a complete programme of activity while enjoying the usual hustle and bustle of our vibrant, busy centre in post pandemic times.

A major development for us this year was the commencement of capital works in January 2023 after securing the necessary £2.8million required for the project. This will make a substantial difference to the centre, to the tourist industry and more importantly to the local community we serve and support.

Our Project Co-ordinators delivered programmes and activities to individuals and groups to provide opportunities to improve their life choices. Our mentoring and support programme provided for ten mentees securing work placements in Front of House Management, Finance & Admin, Arts/Dance Facilitation, Health & Social Care and Hospitality giving testament to the success of the programme. This unique programme is individually tailored to ensure it provides a holistic approach to personal development and opportunity.

Directed by GDT’s Management Committee, our Administrative and Operations Team keeps everything running smoothly for our staff, our tenants, our centre users and the groups we help. They take care of the day-to-day management of the organisation, the management of the building and surrounding parkland.

Through our arts programme, our history programme and our children’s programme our primary objective is to empower residents through a grassroots approach to community development by providing tailored support and advice programmes, mentoring, services provision and customised training to residents in the community.

Bluebell Arts Project Programme

Our programme attracted a large number of new beneficiaries through the implementation of a 12 month community arts and empowering the artist programme within and beyond the Triax Neighbourhood Renewal Area of Derry. Specifically targeting older people we delivered crochet classes, craft making, sewing classes, filming and editing classes, photography classes and oil painting classes to approx 160 residents each week who in turn exhibited their work during our annual summer arts festival programme. Our performance and poetry programme supported 232 performers during 21 different events ranging from poetry slams to city wide festivals. This year we developed additional creative arts activities that included an afterschools arts class for primary school children, pebble arts, creative writing, pottery and flower arranging classes. As in previous years a large emphasis was on the development of performing arts, drama productions, DJ skills and music production targeted at secondary level students with large numbers attending weekly classes. In addition to our arts programme we continued to support the artist through the provision of masterclasses, showcases, meet the artist workshops alongside the provision of exhibition space in our centre.

Flip It Sensory Arts Programme

The Flip It! Project, designed and developed by children, young people and carers of children with Autism Spectrum Condition (ASC) delivered creative arts therapy programmes in Derry, Strabane & Limavady that included music classes, creative arts sessions, photography, silent discos, Makaton workshops, dance and movement classes, drumming workshops, graffiti splash workshops, kite making and sensory arts activities. With support from a team of professionals our extended provision to parents and carers included weekly book clubs, yoga and holistic therapies alongside listening ear support, advice and signposting to other services.

Northwest Spectrum Group Programme

This project was developed and delivered by young adults who live with an Autism diagnosis with the support from our Flip It Project Co-ordinator. This project is designed to unlock potential, build on individual strengths and provide opportunities for people on the spectrum to connect with each other, to spend time together and to develop interpersonal and social skills while relieving feelings of anxiety, reducing isolation and increase self-esteem for children and young adults on the spectrum. In tandem with the personal development of its members they also delivered Autism Understanding Sessions to people in the community, took part in a ‘human library’ and facilitated a number of workshops with young people from the local secondary schools.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Children’s Club Overview and Development

The Gasyard Afterschool’s Club is the only Afterschool’s service available in the Bogside and Brandywell area. This service offers high quality childcare at an affordable price, not only for parents locally but also citywide and is registered with Western Health & Social Care Trust. The project reflects the rights of the child and input from children and parents is welcomed and used to both plan and evaluate programmes. All services are registered as per our Duty to Care and FHSST guidelines. This project works to meet all criteria and best practice guidelines from Children First Strategy and the service works to promote social inclusion and equality for all children and families. All staff have been vetted, trained in special needs, first aid, food hygiene and child protection. We also have a set of policies and procedures in place that are important in the development of the life of the child including:

Our ethos is to provide quality childcare to ensure the children:

A total of 28 children have been registered during 2022-2023 for both Afterschool Care and Full Day Care during July and August 2022.

Children’s and Adult Dance Overview and Programme Development

The Gasyard Dance programme included various forms of Dance benefiting both children and adults who had taken part in the various showcase events throughout the year. In order to ensure the benefit was reached by those most marginalised in the community there was no cost to accessing activities for vulnerable families.

The benefits of the dance programme support the following:

Gasyard History Programme

The Gasyard Development Trust received capital and programme funding from Urban Villages and The National Lottery Heritage Fund to construct a new extension to the Gasyard building that will create a new front of house café, meeting rooms and enhanced entrance alongside refurbishment works to the existing building that will transform the existing drum to becoming a museum. The museum will focus on the development of the peace process from and will focus on the key roles played by local residents that include Martin McGuinness, John Hume and Mitchel McLaughlin who were instrumental in its success.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The museum will exhibit a range of interviews from local residents, political activists and those with insight into the conflict and subsequent Peace Agreement, archived footage of local events, rare artefacts, unique features such as a Riot Room, replica H-Block cell and Free Derry Wall installation and a British Army sangar and will encompass an online learning resource to support academic groups studying the conflict as well as a new website attracting tourists to the centre.

Work has been ongoing in the development of the narrative while construction of the new café, entrance, museum and refurbishment works to the existing building began in January 2023 with opening in Spring 2024.

Mentoring and Support Programme

The Mentoring Circle Programme provides specialist mentoring support and guidance to people of all ages and backgrounds through a co-ordinated approach to help them overcome barriers to social and economic regeneration.

Our mission is to offer advice, guidance, training and support to socially and economically disadvantaged people through individual mentoring, accredited training and work placements. We provide a service that caters for the whole person by raising standards, confidence and self-esteem, thereby creating opportunities and choices that will help individual’s realise their full potential. This year we had ten active mentees taking part in this programme who are currently receiving work placements alongside accredited training in Health & Social Care, Hospitality, Front of House Management and Financial Management.

Gasyard Landlord and Partnership Role

GDT provides support to its tenants within the building that include the Bogside & Brandywell Initiative, Bogside & Brandywell Health Forum, Skills Northwest Project, Surestart Edenballymore, the Pink Ladies Cancer Support Group and The Foyle Sign Language Centre to deliver much needed services to the local people. They are an integral part of our strong and vibrant community infrastructure here at the Gasyard Centre. Another tenant is Gaelscoil Eadain Mhoir who have been very successful in delivering very high-quality primary education through the medium of the Irish language to local children. We have continued to work in partnership with other community organisations to support the personal and social development of local residents, community workers and project volunteers. This support comes in different forms including management and HR support, governance training or access to first class facilities.

From April 2022 to March 2023 Gasyard Development Trust had over 24,486 attending various programmes and activities with audiences in excess of 88,000. Through our social media platforms, we reached 47,800 people. We are making a real difference, even with our limited resources and during the post pandemic times in one of the most deprived districts in Northern Ireland. The difference GDT makes to the communities of the Triax area are further substantiated by the levels of multiple deprivation increasing from 8 out of 890 wards to 44 out of a of 890 wards. Whilst this increase should be viewed as a success, the area is still within the top 10% in NI suffering multiple deprivations and a lot more work is required to develop the economic and social regeneration of this area, with the ultimate aim of im proving the lives of the local community.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Table of Activities for the Year

Programme of Activity Number
of
sessions
Number
of
beneficiaries
Detail differences made as per
feedback
Children’s
services
including
After
Schools
Club
and
Surestart
Edenballymore including, homework
club, Sign Language Classes, music,
drama, cooking w/s, creative arts
activities etc




478 sessions		 178
children
benefiting
from
childcare services
Training, Volunteering & Education
including, event management, H&S,
Business
&
Admin
Diploma,
Community
Development
Diploma,
First Aid, ASD Awareness, Mental
Health & Well-being, Defib Training,
Manual Handling, Social Media, Italian
Classes, Mentoring Minds OCN,
Health & Social Care OCN







229 sessions		 412
people
benefiting
per
year
Dance programme including Hip Hop,
Street Dance, Contemporary Dance,
Irish Dancing, Ceile Dancing, Line
Dancing, Salsa and Sabroso dancing.
Including masterclass with Courtney
Brady



1464
sessions		 447
people
benefiting
from
inhouse
dance
activities


‘amazing venue and tutors.’
‘its great having a safe place for
my daughter to dance in.’
‘It was amazing to dance a
different type and just to be
yourself.’
‘Great workshop with Courtney
Brady and a great opportunity to
learn new skills. Loved it.’
Bluebell/
Flip
It! Arts
programme
including
creative
writing,
equine
therapy, music therapy, book clubs,
holistic therapies, music lessons craft
making,
quilting,
soft
furnishing,
crochet, sculpture, painting, storytelling,
arts
and
crafts,
drama,
music,
woodcarving, carnival, circus skills,
silver
sculpting,
printing,
digital
animation and comic book.








824		 626
people
participated in 36
different
arts
projects with an
estimated
audience
of
88,798 attending
street
performances and
online activities






‘good for my mental health.’
Feeling a part of a group
environment. Chance to make
new
friends,
improving
self
esteem
and
confidence
and
mental and overall wellbeing.’
‘would
like
to
attend
this
programme for a year, not just a
couple of weeks.’
‘I felt a lift leaving.’
‘a beautiful experience in such a
beautiful
setting.
I
would
absolutely sign up again.’

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Programme of Activity Number
of
sessions
Number
of
beneficiaries
Detail differences made as per
feedback
Mentoring and Support Programme 108 10
people
benefiting
from
mentoring
accredited training
and
work
placements



‘This has changed my life and
given me so much to live for.’
‘I didn’t know what direction to
take or where to go for help and
this place has just made it all
happen so easily.’
Gasworks Café Closed
for
construction
in
December 22

3,120
people
benefiting
Community Support & Social Inclusion
Programme to include conferences,
fundays, community and school discos,
crisis interventions, meeting spaces,
park access


14,109 ‘My sister who has special needs
had a ball. Thank you.’
‘Great day, well thought our
activities for everyone to enjoy.’
‘very family friendly and activities
for all ages of children. Staff very
kind and helpful.’
Community
Health
&
Wellbeing
Programme including Cancer Support
and Prevention

1125 sessions		 5,044
people
benefiting
‘we learned about the scientific
cooking properties of the food
and its nutritional value’.
‘Spent time with friends and
eating nice food.’
‘great for my mental wellbeing.’
‘great facility, well organised and
supportive.’
Tourism & History project ongoing 540
people
benefiting
Total Sessions
4,177		 Total
Beneficiaries
24,486

Financial review

Total income for the year was £1,633,042, of which £1,460,281 was generated from grant funding of programmes and capital build costs, £123,744 from rental income and £49,017 from class fees income.

Total expenditure by the charity was £503,348. £503,348 of this was incurred undertaking activities that further our charitable aims for the benefit of our beneficiaries.

The balance on total funds at the year-end was £1,913,450, of which £140,677 were unrestricted, £55,000 were designated and £1,717,773 were restricted.

Reserves policy

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.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Board of Directors has examined the charity’s requirements for reserves in light of the main risks to the organisation. it has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the charity should be at least 3 to 6 months of unrestricted expenditure. The unrestricted expenditure for 2022/23 is £141,567 and therefore the target is £35,391 to £70,782 in unrestricted funds. The reserves are needed to meet the working capital requirements of the charity and the directors are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding. The present level of unrestricted reserves available to the charity is £77,518 which represent approx. 6.5 months of unrestricted expenditure.

The board are satisfied that the reserves held are adequate and will continue to monitor and review the funds held to ensure that the existing and future charitable activities of the organisation can be funded from its resources.

Risk Management

The Directors are aware of the major risks to which the group is exposed. Systems and procedures have been established to mitigate the risks the group faces. Internal control risks are minimised through the procedures for authorisation of all transactions and projects. Procedures are periodically reviewed to ensure that they continue to meet the needs of the group. Procedures are also in place to ensure compliance with health and safety of staff, volunteers and users to our centre.

How the charity has mitigated potential harm

We follow best practice in ensuring our facility meets all the legal requirements necessary to offset any potential hazards. We have policies and procedure that are strictly adhered to and updated annually. Cleaning equipment is chemical free and stored in a locked room. Protective clothing is provided as needed. Child Protection training and procedures are ongoing with qualified and designated staff ratios maintained, restricted access to the Children’s Centre and relevant training provided. Our Centre has full disabled access with staff adequately trained to support and signpost if necessary. Our Maintenance Officer carries out a daily risk assessment in the building, fire alarm checks, firefighting equipment checks, and individual risk assessments are carried out prior to programme implementation with identified risks removed.

The following health and safety inspections tests and drills were carries out this year.

  1. PAT testing of all electrical equipment.

  2. Fire Fighting Equipment annual inspection

  3. Annual Gas Inspection

  4. Event Management and Risk Assessment Plan

Plans for future periods

Securing funding will be prioritised to enable the organisation to continue to deliver to this community. The continued marketing and evaluation of our centre and activities will ensure we are positioned to provide residents with access to programmes that meet their needs in personal and neighbourhood renewal. We will continue to adapt our working practices to promote an inclusive and acceptable society and work with a large number of agencies to ensure services meet all community needs especially as the pandemic continues to affect our community. We will continue to challenge unacceptable behaviours and promote positive engagement. Our entire process of collaborative working within the Triax area will, through consultation, user involvement, strategic planning and community participation assist residents in influencing local decisions, defining community needs and support them in any actions and solutions being sought.

This year will also see the commencement of the capital works to the Gasyard Centre that include a purpose-built Peace Museum, a new front of house café and entrance, new social rooms and offices alongside refurbishment to the existing building. This will allow the Gasyard Centre to tell the story of the Peace Process from a local perspective, develop further employment opportunities in the area and add to the successful employment and training projects we have already developed for staff, local tour guides and artists with construction to commence in the forthcoming year.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated in Northern Ireland on 4th March 1996 and is recognised as a charity by the NI Charities Commission. The governing document is a Memorandum and Articles of Association.

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:

Sean Collins (Chairperson) Ms Joyce Logue Ms Anne McMonagle Mr Martin Connelly Mr Adrian Kerr Ms Christine Whiteman (Resigned 21 March 2023)

Method of appointment of Trustees

The present board of directors was approved by the membership at their Annual General Meeting. They meet bimonthly in the Gasyard Centre and evaluate the operations and finances of the organisation.

The Board of Trustees manages the process of recruitment and appointment of Trustees, and may admit to membership any person interested in promoting the objects (primary purpose) of the charity. A member may withdraw from the company by giving notice to the Charity.

Organisation structure

The Board of Trustees has overall legal responsibility for the charity. The day-to-day operations and decisionmaking continue to be delegated to a Senior Management Team, led by Centre Manager Linda McKinney, who report directly to the Board. There are robust reporting structures in place throughout the organisation. The Senior Management Team is made up as follows:

Linda McKinney - Centre Manager Dearbhla Wilson - Finance & Admin Co-ordinator Michael Cooper - History Project Co-ordinator Elaine Cusack - Afterschool's Club Co-ordinator Frank Rafferty - Gasyard Bluebell Arts Project Co-ordinator

Employee involvement and employment of the disabled

Employees have been consulted on issues of concern to them and have been kept informed on specific matters directly by the board. In accordance with the charity’s equal opportunity, the charity has established fair employment practices in the recruitment, selection, retention and training of staff.

GASYARD DEVELOPMENT TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of trustees' responsibilities

The trustees, who are also the directors of Gasyard Development Trust for the purpose 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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.

Auditor

Moore (NI) LLP were appointed as auditor to the company and a resolution proposing that they be re-appointed will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

Sean Collins (Chairperson) Trustee

5 December 2023

GASYARD DEVELOPMENT TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST

Opinion

We have audited the financial statements of Gasyard Development Trust (the ‘charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

Basis for opinion

We conducted our audit in accordance with International Standards 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 report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GASYARD DEVELOPMENT TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within 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 if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material 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. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Based on our understanding of the charitable company and its operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102, the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Charity SORP and the Companies Act 2006) of which non-compliance may have a material effect on the financial statements. Compliance with these laws and regulations was assessed as part of our procedures.

Other laws and regulations of which non-compliance may have a material effect on the financial statements, e.g. through fines or litigation, were identified such as regulations in relation to employment law. Our required procedures in these areas are limited to inquiry of trustees and other management and inspection of any regulatory or legal correspondence. These limited procedures did not identify any actual or suspected non-compliance.

GASYARD DEVELOPMENT TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment, we determined that the principal risks of fraud relate to posting inappropriate journal entries and use of charity funds for purposes outside of restrictions imposed by the donor. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.

Audit response to risks identified

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures performed by the engagement team included:

We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

GASYARD DEVELOPMENT TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GASYARD DEVELOPMENT TRUST

John Bradley (Senior Statutory Auditor) for and on behalf of Moore (NI) LLP

5 December 2023

Chartered Accountants Statutory Auditor

21-23 Clarendon Street Derry-Londonderry BT48 7EP

GASYARD DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Current financial year

Current financial year
Unrestricted Unrestricted
Restricted		 Total Total
funds funds funds
general designated
2023 2023 2023 2023 2022
Notes £ £ £ £ £
Income from:
Charitable activities 3 172,761 - 1,460,281 1,633,042 478,868
Expenditure on:
Charitable activities 4 160,531 - 342,817 503,348 466,450
Net income for the year/
Net movement in funds 12,230 - 1,117,464 1,129,694 12,418
Fund balances at 1 April 2022 131,369 55,000 600,309 786,678 774,260
Fund balances at 31 March 2023 140,677 55,000 1,717,773 1,913,450 786,678
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
Prior financial year
**Unrestricted ** Unrestricted Restricted Total
funds funds funds
general designated
2022 2022 2022 2022
Notes £ £ £ £
Income from:
Charitable activities 3 137,457 - 341,411 478,868
Expenditure on:
Charitable activities 4 141,567 - 324,883 466,450
Net income for the year/
Net movement in funds (4,110) - 16,528 12,418
Fund balances at 1 April 2021 135,479 55,000 583,781 774,260
Fund balances at 31 March 2022 131,369 55,000 600,309 786,678

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

GASYARD DEVELOPMENT TRUST

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due within
one year
10
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
12
Unrestricted funds
Designated funds
13
General unrestricted funds		 2023
£
£
1,735,473
167,282
101,131
268,413
(90,436)
177,977
1,913,450
1,717,773
55,000
140,677
195,677
1,913,450		 2022
£
£
647,128
48,950
124,959
173,909
(34,359)
139,550
786,678
600,309
55,000
131,369
186,369
786,678		 2022
£
£
647,128
48,950
124,959
173,909
(34,359)
139,550
786,678
600,309
55,000
131,369
186,369
786,678
786,678
600,309
186,369
786,678

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 December 2023

Sean Collins (Chairperson) Mr Martin Connelly Trustee Trustee

Company registration number NI030558

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

Charity information

Gasyard Development Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 128 Lecky Road, Brandywell, Derry, BT48 6NP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). 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 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.

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 of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose which would otherwise form part of the general reserve of the charity.

Restricted funds are subject to specific conditions by donors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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.

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.5 Expenditure

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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:

Leasehold land and buildings 4% reducing balance Fixtures and fittings 15% straight line

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 the statement of financial activities.

Expenditure on minor items of equipment, fixtures, fittings and furnishings is written off in the year in which it is incurred.

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 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.

1.9 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.

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

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.

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.

1.10 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.

1.11 Retirement benefits

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

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.

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

3 Charitable activities

Grant funding for programmes
Rental income
Class fees income
Analysis by fund
Unrestricted funds - general
Restricted funds
Grant funding for programmes
The Executive Office
Heritage Lottery Fund
Department for Communities
Arts Council of Northern Ireland
Derry City & Strabane District Council
BBC Children in Need
Future Screens NI
The Community Foundation
Ulster Community Covid grant
Government related Covid grants
Other		 2023
£
1,460,281
123,744
49,017
1,633,042
172,761
1,460,281
1,633,042
1,025,590
166,310
67,702
54,493
57,440
33,740
21,919
9,990
-
-
23,097
1,460,281		 2022
£
341,411
137,457
-
478,868
137,457
341,411
478,868
66,094
87,546
34,136
10,241
42,050
-
-
-
41,290
26,754
33,300
341,411

Grant funding received from The Executive Office (TEO) represents capital funding that is managed by Derry City & Strabane District Council (DCSDC) to construct a new front of house café, meeting rooms and enhanced entrance to the Gasyard Centre, alongside refurbishment works to the existing premises. All capital funding from TEO has been paid directly to DCSDC who are administering the capital build project on behalf of the Gasyard Development Trust.

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Charitable activities

Staff costs
Depreciation and impairment
Programme costs
Facilitator fees
Insurance
Property rates & utilities
Repairs & maintenance
Office & administration costs
Transport expenses
Accountancy
Legal and professional fees
Bank interest & charges
General expenses
Analysis by fund
Unrestricted funds - general
Restricted funds		 2023
£
257,221
35,533
24,276
50,383
12,153
42,604
33,063
10,838
1,829
4,000
16,288
939
14,221
503,348
160,531
342,817
503,348		 2022
£
265,361
31,350
22,446
23,914
16,294
44,532
19,699
10,683
1,653
4,500
21,584
893
3,541
466,450
141,567
324,883
466,450

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

6 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
14
2023
£
237,895
15,534
3,792
257,221		 2022
Number
14
2022
£
245,424
16,025
3,912
265,361

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

7 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

8 Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Leasehold
land and
buildings
Fixtures and
fittings
£
£
2,898,070
219,991
1,123,001
876
4,021,071
220,867
2,328,475
135,872
22,784
19,334
2,351,259
155,206
1,669,812
65,661
569,595
77,533		 Total
£
3,118,061
1,123,877
4,241,938
2,464,347
42,118
2,506,465
1,735,473
647,128

The Gasyard centre is situated on land owned by Derry City Council and Gasyard Development Trust Limited have a long term lease for use of the land. The lease commenced on 31st December 2002 and runs for a period of 99 years.

The Executive Office has provided financial assistance for the refurbishment works at the Gasyard Heritage & Exhibition Centre and has taken a legal charge over the specified land and building as security for a 25 year period effective from 9th March 2023.

No depreciation has been charged on capital expenditure incurred in respect of refurbishment works at the Gasyard Heritage & Exhibition Centre as these works remain ongoing at the year end. Depreciation will be charged on completion of works and use of the asset commences.

9 Debtors

Amounts falling due within one year:
Grant claims receivable
Other debtors		 2023
£
154,905
12,377
167,282		 2022
£
33,118
15,832
48,950

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2023
£
7,943
72,038
5,667
4,788
90,436		 2022
£
410
8,392
20,230
5,327
34,359

11 Retirement benefit schemes

Defined contribution schemes

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.

The charge to profit or loss in respect of defined contribution schemes was £3,792 (2022 - £3,912).

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Balance at
1 April 2021
£
Department for Communities
583,781
The Executive Office
-
Heritage Lottery Fund
-
Arts Council for Northern Ireland
-
Derry City & Strabane District Council
-
BBC Children in Need
-
Future Screens NI
-
The Community Foundation
-
Ulster Community COVID grant
-
Government COVID related grants
-
Halifax
-
Grants for programmes
-
583,781		 Movement in funds
Incoming
resources
Resources
expended
Balance at
1 April 2022
£
£
£
87,546
(71,018)
600,309
-
-
-
66,094
(66,094)
-
34,136
(34,136)
-
42,050
(42,050)
-
10,241
(10,241)
-
-
-
-
-
-
-
41,290
(41,290)
-
26,754
(26,754)
-
4,000
(4,000)
-
29,300
(29,300)
-
341,411
(324,883)
600,309		 Movement in funds
Incoming
resources
Resources
expended
31
£
£
67,702
(110,790)
1,025,590
-
166,310
(78,399)
54,493
(38,501)
57,440
(42,440)
33,740
(28,073)
21,919
(17,142)
9,990
(4,375)
-
-
-
-
-
-
23,097
(23,097)
1,460,281
(342,817)		 Balance at
March 2023
£
557,221
1,025,590
87,911
15,992
15,000
5,667
4,777
5,615
-
-
-
-
1,717,773

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Restricted funds

(Continued)

Nature of material restricted funds

Department for Communities

Current year funding represents core salaries funding for the Centre Manager and Finance & Administration Officer positions and running costs of the Gasyard. The balance carried forward represents capital funding received in 2015. The balance is equivalent to the depreciated historical cost of the assets funded. A sum equivalent to the depreciation charge on the assets will be allocated each year to the fund, in accordance with the depreciation policy until it is fully amortised.

The Executive Office

Capital funding received from The Executive Office (TEO) that is managed by Derry City & Strabane District Council (DCSDC) to construct a new front of house café, meeting rooms and enhanced entrance to the Gasyard Centre, alongside refurbishment works to the existing premises. All capital funding from TEO has been paid directly to DCSDC who are administering the capital build project on behalf of the Gasyard Development Trust.

Heritage Lottery Fund

Funding in the amount of £250k for "The Bogside - the Crucible of the Peace Process" project from January 2020 - January 2023 towards History Co-ordinator staff costs and related programme costs. Funding amount also includes £87,911 capital funding towards the Peace Museum refurbishment works.

Arts Council for Northern Ireland

Funding towards the costs of providing the Bluebell Arts Derry Community Arts Programme for 2022/23.

Derry City & Strabane District Council

Funding towards the costs of providing the Cultural Organisations programme 2022/23, Maritime Festival programme, North West Spectrum Connecting Communities programme and Cultural Venues programme. Funding includes £15,000 capital funding towards the Peace Museum refurbishment works.

BBC Children in Need

Three year grant towards salary costs for a part time project co-ordinator, part time support worker and associated organisational costs.

Future Screens NI

Funding towards salary costs associated with the Art Work Employment and Skills Initiative for the Arts Sector in Northern Ireland.

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

13 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources
Balance at
1 April 2021 resources expended 1 April 2022 resources expended 31 March 2023
£ £ £ £ £ £ £
Employment
Obligations
Fund 40,000 - - 40,000 - - 40,000
Building Fund 15,000 - - 15,000 - - 15,000
55,000 - - 55,000 - - 55,000

The income funds of the charity include the following designated funds which have been set aside out of the unrestricted funds by the directors for specific purposes:

Employment Obligations Designated Fund

A further £15,000 provision was made in the year ended 31 March 2021 for potential redundancy liabilities and other employment costs. This has been added to the existing fund of £25,000 brought forward at 1 April 2020 giving a total accumulated fund at 31 March 2021 to carry forward of £40,000. This was deemed to be sufficient provision as at 31 March 2023 and will continue to be reviewed annually.

Building Fund

A new building fund was established during 2021 with an initial transfer of £15,000 from unrestricted funds.

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2023
2023
2023
£
£
£
Fund balances at 31 March 2023 are represented
by:
Tangible assets
49,751
-
1,685,722
Current assets/(liabilities)
90,926
55,000
32,051
140,677
55,000
1,717,773		 Total Unrestricted
funds
Designated
funds
Restricted
funds
2023
2022
2022
2022
£
£
£
£
1,735,473
67,123
-
580,005
177,977
64,246
55,000
20,304
1,913,450
131,369
55,000
600,309		 Total
2022
£
647,128
139,550
786,678

GASYARD DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

15 Financial commitments, guarantees and contingent liabilities

Gasyard Development Trust has received grant assistance from government, public and other bodies. The payment of these grants is made subject to certain conditions being fulfilled by the company. The directors consider these conditions will be satisfactorily fulfilled and the likelihood of the company having to repay any grant is remote.

16 Capital commitments

Gasyard Development Trust has received capital funding that will be managed by DC&SDC to construct a new front of house café, meeting rooms and enhanced entrance to the Gasyard Centre alongside refurbishment works that will transform the main Auditorium into a new state of the art Peace Museum due for completion in 2023. There will be no contractual or financial liabilities to the organisation.

17 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

18 Comparative figures

Where appropriate comparative figures have been amended for presentational purposes.