GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENSHANE COMMUNITY DEVELOPMENT UMITED (contintied) YEAR ENDED 31 DECEMBER 2022 Auditovs responsibilities lor the audil of the financial statements Oui objectives a￿ to obtain reasonable assurance about whettrEf Ihe financial statements as a whole are free fr¢Jn material rnisstatement. whether due to fraud or error, and to issu8 an auditor's report Ihat indudes our opinion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance wrfÉh ISAS {UK) will a￿ayS detect a material misstatement when il exists. Misstatements can arise from fraud or error and are cortsidered material rf. individually or in Ihe aggregate. they could reasonably be expected to Influen￿ economic decisions of users taken on the basis of these financial statements. Irregularilies. including fraud, are instances of non-ccwnpliance with laws and regulati(￿$. We deS￿n procedures in line with our reswnsibililies. outlined above, to detect material rnisstalen￿nts in respect of irregularities. including fraud. The extent to which our procedures are capable of detecttng irregularities. including fraud is detailed bdrJw. Htrwever. the Pfimary responsibility for the preventic and detection of fraud resls wilh both fffjnageffent and those charged wrth gw)vernance of the charrtable company. We assessed the su5ceptibilty of the charitable cornpany's financial slatemenls to malerial misstatement. including how fraud might t￿Ur. including evaluating management's incentives and opportunities lo manaje earnings influence the reported results. In common wÉth all audits undef ISAS (UK). we are required to perf￿M spe￿￿ procedu￿$ to resporid to the risk of management overtide. As part of an audil in accordance with ISAS {UK), we exercise professional judgnEnt and mainlain professional scepticism throughout the audit. We also: Identify and assess the risks of material mtsstalemenl of Ihe financial stalements, whether to fraud cw error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appmwiate to provide a basis for our opinion. The risk of not detectin9 a material misstatemenl resulting frcx)) fraud is higher than for one resulting from error, as Iraud may invofve collusion. forgery. intentional omissions. misrepresentations. or the over￿je of intemal control. Obtain an undetstanding of intemal control relevant to the audrt in order to design audrt pr(Kedures that are appropriate in the circumstances. not for the purpose of expressir¥J an opinion on the effectiveness of the intemal control. Enquire of rnanagemenl, those charge(l ￿1th governance and the Charty's s0￿Cl10r around aclual and potenlial litigation and claiffts. Perforn analyttsl wocedures to identty any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud. Revrew Minutes of meetings of Ihose charged with govemance. Evaluate the appropriateness of accounling policies used and the reasonableness of accounling eslimates and related disdosures made by the directo￿. Conclude on the appropriateness of the directors. use of the going concern basis of accounting and. based on the al￿311 evhjence obtsined. whether a material uncertainty exists related to events or condttions that may cast swJnificanl doubt on the charty's ability to continue as a going c(xKem. If we c￿dUde that a material urKertainty exists. V￿ are required to draw attention in our auditorfs report to the relaled disdosures in the fina￿la1 statements or. if such disclosures are inadequate, lo modify our (¥)inion. Our c<)rKlusions are based on Ihe audit etridence olxained up to the date of our auditorfs report. Howevw. future events or condilions may cause the charity to Cease to continue as a going corwn. Evaluate the overall presentation. stnjcture and content of Ihe fir￿nCIal stalements, including the discbsures. and whether the financial statements represent the underlying transactions and events in a nianner thal achieves fair presen&at￿n. GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GLENSHANE COMMUNITY DEVELOPMENT LIMITED (cofttlftuedj . YEAR ENDED 31 DECEMBER 2022 We communicate with those charged with governance regarding, wnong other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficienc￿$ in intemal control that we identify during our audit. 14 Mr G G Heaney {Senlor Statutory Audltor) For and on behalf of Claremounl FM Limited Chartered accountants & statutory audltors 43 Clarendon Street Derry Northern Ireland BT48 7ER 27 September 2023 GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2022 2022 Restricted funds Total fvnds Total funds 2021 UnreslrKted funds Income and endowments Dc¥wlions and legacies Inveslrnent ir£ome 11.648 47,213 197.119 47,747 209.490 197,119 232.684 Total income 11.648 244,332 257.237 Expendilure Expenditure on raising lunds: Cosls of raising donations and legacies ExperKliture on charitable activities Other expendrtu Tolal expenditure 33,784 109.011 230 33.784 120.744 230 46,753 (332.782) 515 11.733 10 143.025 11.733 154.758 (285.514) Nel income and nel movement in funds 89.659 (85) 89,574 542.751 Reconciliation of lunds Total funds ￿OUght forward Tolal lunds carried forward 3.219.777 257,093 257,CK18 3,476,870 3,566,444 2.934,119 3.476,870 3.309.436 The slatement of financial activities includes all gains and kjsses recognised in the year. All income and expeTrjrtU￿ derive from coniinuing aclivitEs. Th• notes on pages 11 to 19 torm part of th•s• financlal statemenls. GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL posrrioN 31 DECEMBER 2022 2022 2021 FIXED ASSETS Tangible r￿ed assets 14 3.121.861 3,118,547 CURRENT ASSETS Debtors Cash at bank and in hand 15 13.211 456,737 17,283 367.185 469,948 384.468 CREDITORS: amounts lalling due within one year NET CURRENT ASSETS 17 25.365 26.145 444.583 358,323 TOTAL ASSETS LESS CURRENT LIA81LmES 3.566.444 3.566.444 3,476,870 NET ASSETS 3.476.870 FUNDS OF THE CHARITY Restricted funds Unrestricled furKIs 257.1)08 3,309.436 257.093 3.219.777 Total charity funds 3.566.444 3.476,870 These financial statemenls were approved by the board of trustees and aulhorised for Issue on 27 September 2023. and are signed on behalf of the board by: Mr C McNicholl Trustee r A Farren Trustee Regist•red company number N1023150 The n•tes on pagès 11 to 19 fomi part of these financial statements. GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2022 2022 2021 CASH FLOWS FROM OPERATING ACTMTIES Net incone 89.574 542,751 Adjuslmenls lor Oepreciation of tangible fixed assets Dividends. interest and rents from investments Olher interest receivable and similar income Gains on disposa of heritage assets 10.703 (196.148) {971) 9,602 (209,457) (33) (443,650) Changes in.. Trade and olher deblofs Trade and othei creditors 4.071 (780) (93.551) 13,665 2,360 Cash generat￿ operalK•ns {84,762) Interesl r￿e1ve￿ 971 33 Net cash used in owating actmties (92.580) (84,729> CASH FLOWS FROM INVESTING ACTIVITIES OivKlends, interest and rents from inveslments Purchase of tangible assets Net cash tr￿1 investirKJ activrt*s 1SE.148 (14.016) 89.552 209.457 (37.976> 86.752 NET INCREASE IN CASH AND CASH EQUNALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 89,552 367.185 86.752 280,433 367.185 CASH AND CASH EQUIVALENTS AT END OF YEAR 456.737 The notes on pa9es 1110 19 form part of these financlal staiemonts. 10. GLENSHANE COMMUNITY DEVELOPMENT LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 310ECEMBER 2022 General Inforn￿￿On The charity is a public benefit entty and a private company limited by guarantee, iegislered in Northern Ireland and a registered ¢harrty in Northern Ireland The address of the reglstered oifi is Glenshane House, 112-114 Main Street. Dungiven. Co Derry. BT47 4LG. N Ireland. Statement of cornpliance These financial slatements have been prepared in ccArpliar*ce wtth FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland.. the stateff￿nt of Recornrnended Practice applicable to chariiies preparing their accounts in accordance with the Financial Rep¢yting Standard appI￿able in the UK and Republic of IrelaNJ {FRS 102) (Charrties SORP (FRS 102)) and the Companies Act 2(K6. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by Ihe revaluation of certain financial assets and l￿bIlitIeS and investment properties measured at fair value through income or expeThJiture. The financial slaternents are prepared in sterting. whtch is the funct*)nal currency of the entty. Going concem There are no material uncertainlies about the charity's ability to continue. Fund accounting Unrestricted funds are avaikble for use at discretion of the Iwstees to further any of the charty's purposes. Designated furKls are unrestrKled funds eamiarf(ed by the Irustees for particular future prc4ect or cxnmitment. Restricted funds ale sutl'ecled to TesITKt￿S on their eXper￿llure declared by Ihe donor or through the teThns of an appeal. and fall into one of two sub