GLENSHANE COMMUNITY DEVELOPMENT LIMITED {A company limited by guarantee, not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES Ilneorporating an Income and Expendilure Account) FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Unreslricted Restricted Funds Funds 2024 2024 Total Funds 2024 Unrestricted Restricted Funds Funds 2023 2023 Total Funds 2023 Notes Income Donations and legacies Investments Other income 34.820 239,345 6,625 41,445 239,345 38,255 239,494 46,067 11,837 50,092 239,494 46,067 Total incoming resources 274,165 6,625 280,790 323.816 11,837 335,653 Expenditure Raising funds Charitable activities Other expenditure 50.355 4.2 132,643 255 50,355 9,659 142.302 255 39,732 110,184 233 39,732 124,253 233 14,069 Total Expenditure 183,253 9,659 192,912 150.149 14,069 164,218 Net incomel(expenditure) 90.912 {3,034) 87,878 173.667 (2,2321 171,435 Transfers between funds Net movemenl in funds for the financial year 90,912 {3,034) 87,878 173.667 (2,2321 171,435 Reconciliation of funds: Total funds beginning of the year 14 3,483,103 254,776 3,737,879 3.309.436 257,008 3.566,444 Total funds at the end of the year 3,574,015 251,742 3,825,757 3,483,103 254,776 3,737,879 The Statement of Financial Activwties includes all gains and losses recognised in the financial year. All income and expenditure relale to continuing activilies. The notes on pages 15 to 21 fomi part ol the financial slalements
GLENSHANE COMMUNITY DEVELOP•AENT LIMITED (A coMpY Ilmll•d by gran1. noi h•vb¥ • •hw• wlta CoMnY Numb•r: NKI.150 BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flxod Assets Tangible ass8ls Nol 3.125,918 3.118.304 Curronl Ag8•18 Debtors Cash at bank and in hand 10 11 22.226 706,281 21.706 623,906 728.507 645.612 Credllors: Am(wnls falllng due wllhln one y••r 12 128,668) (26.0371 Nel Currenl AM•ts 699,839 619.575 Total Assels less Currenl Llabllllles 3.825,757 3,737,879 Funds Restricted funds Unrestricted funds 251.742 254,776 3.483,103 Total lunds 14 i,d• i.757 3.737,879 These financial statements have been prepared In accordance wilh Ihe soeciai pl11S1O5 relating lo small companies wilhin Part 15 01 Ihe Gompanles Act 2W6. Approved by the Brd ol Truslees and authorlsed for Issue on 30 September 2025 and slgned on Ils b•half by M McNlch Trusloe A Farren Trustee The rMXes on pw 15 10 21 form part of the finaal statements 13
GLENSHANE COMMUNITY DEVELOPMENT LIMITED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating aclivilies Net movement in funds Adjustments for: Depreciation Dividends, interest and rents from investments Interest receivable and similar income 87,878 171.435 13,154 (217.649) {21,696) 11,210 1233,697} 15,7971 Changes in." Trade and other debtors Trade and other creditors (520) 2.631 {8,4971 672 Cash generated from operations Interest received (136.202) 21.696 (64,674) 5,797 Net cash generated from operating activities (114,506) (58,877) Cash flows from investing activities Dividends, interest and renls from investments Purchase of tangible assets Proceeds from sale of tangible assets 217,649 (20,769) 233,697 111,586} 3,935 Net cash generated from/{used in) investment activities 196.880 226,046 Net increase in cash and cash equivalenls Cash and cash equivalents ai ihe beginning of Ihe year 82.375 623.906 167.169 456.737 Cash and cash equivalents al Ihe end of the year 11 706,281 623.906 14
GLENSHANE COMMUNITY DEVELOPMENT LIMITED IA company limited by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION Glenshane Community Development Limited is a company limited by guarantee incorporated in Northern Ireland. The registered off ice of the charity is Glenshane House, 112-114 Main Street, Dungiven, Derry. BT47 4LG. which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relalion to the charity's financial stalemenls. Basis ol preparalion The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102". As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statemenl of Financial Activities and the Balance Sheet. Departures from the standard formats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Stalement of compliance The financial statements of the charity for the financial year ended 31 December 2024 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" Fund accounting The following are the categories of funds maintained: Restricted funds Restricted funds represent income received which can only be used for particular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity- Unrestricled funds Unrestricted funds consist of General and Designated funds. General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity. Designated funds comprise unrestricted funds that the board has, al its discretion, set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict Ihe board's discretion to apply the fund. Income Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income. perlormance conditions attached to the itemlsl of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be received by the charity- Income from charilable activities Income from charitable activities include income earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. Income from government and other co-funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its 15
continued GLENSHANE COMMUNITY DEVELOPMENT LIMITED (A company limited by guarantee. not having a share capital) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors. Grants from governments and other co-funders typically include one of the following types of conditions= Performance based conditions= whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement. it recognises the related expenditure, to the extent that it is reimbursable by the donor. as income. •Time based conditions-. whereby the charity is contractually entitled to funding on the condition that it is ulilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreemenl. In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is notified of enlitlement. Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is earlier. Expenditure Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according lo their major components. Expenditure is recognised when a legal or constructive obligation exists as a result of a past event. a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those functions that assist the work of the charity but cannot be attributed to one activity- Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity- Tangible fixed assets and depreciaiion Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets. less their estimated residual value, over their expected useful lives as follows.. Land and buildings freehold Plant and machinery /0 Straight line 10 /(> Straight line Inveslment properties Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both. but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment propety is subsequently valued at ils fairvalue at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Statement of Financial Activities as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of Ihe item) is recognised in the Statement of Financial Activities. 16