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 coMp￿Y Ilmll•d by g￿ran￿1. noi h•vb¥ • •hw• wlta
CoM￿nY 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 pl1￿1S1O￿5 relating lo small companies
wilhin Part 15 01 Ihe Gompanles Act 2W6.
Approved by the B￿rd 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 fina￿al 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