COMPANY REGISTRATION NUMBER: N1035971 CHARITY REGISTRATION NUMBER: NIC104578 Gelvin Area Community Association Limited Company Limited by Guarantee Unaudited Financial Statements 31 August 2024
Pag7e | I Gelvin Area Community Association Limited Company Limited by Guarantee Financial Statements Year ended 31 August 2024 Page Trustee's annual report (incorporating the trustee report) Independent examinerfs report to the directors Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements 8-16 The following pages do not form part of the financial statements Detailed statement of financial activities 17 Notes to the detailed statement of financial activities 18
Pa&ye | 2 Gelvin Area Community Association Limited Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) Year ended 31 August 2024 The director5, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2024. Reference and administrative details Registered charity name Gelvin Area Community Association Limited Company registration number N1035971 Charity registration number NIC104578 Principal office and registered 191 Legavallon Road office Dungiven Co Dery BT47 4QW The directors Hugh Eugene Mccloskey Sean Farrell Henry Forsythe Susan M¢Kenna Patrick Emmett McNicholl Independent examiner Patrick Q'Hagan 122 Main Street Dungiven Co Derry BT47 4LG Structure, governance and management Gelvin Area Community Association Limited is a Company limited by guarantee and accepted as ¢harit3ble by HMRC. The company was incorporated on 9 April 1999.The company was established under a Memorandum of As50Giation which established the objects and powers of the company and is governed by its Articles of Association. The board consists of the five directors. Objectives and activities Objectives 2nd activities The company's charitable objectives are to make provision for the b¢n¢fit of th¢ inhabitants of the Gelvin District and Suound1ng ar¢a irrespective of age, gender, rnce, political opinion or religion by bringing the community together in an effort to provide educational and social activities, to &%sist and cater for the elderly, to preserve the environm¢nt and heritag¢ of the area and to PTovid¢ faciliti¢s for recreational and leisure activities thereby improving th¢ quality of life.
Pagye | 3 Gelvin Area Community Association Limited Company Limited by Guarantee Directors. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 August 2024 Financial review The financial results ofthe company for the year ended 31 August 2024 are in line with expectations. The centres main source of income remains grant income. During the year ended 31 August 2024 the company made a net surplus of £5,108, this is shown on page 5 to the accounts. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption. The directors, annual report was approved on 18 December 2024 and signed on behalf of the board of trustees by: Hugh Eugene Mccloskey Director
Page | 4 Gelvin Area Community Association Limited Company Limited by Guarantee Independent Examiner's Report to the Directors of Gelvin Area Community Association Limited Year ended 31 August 2024 I report to the directors on my examination of the financial statements of Gelvin Area Community Association Limited {'the charity,) for the year ended 31 August 2024. Responsibilities and basis of port As the directors of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland} 2008 (the '2008 Act'> and the Companies Act 2006 ('the 2006 Act,). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charty Commission for Northern Ireland under section 65(91(bl of the 2008 Act. Independent examine$ statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 A¢t-, or the financial statements do not accord with those records,. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard appliGable in the UK and Republic of Ireland (FRS 102). I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. PFS Accountants and Auditors Ltd Independent Examiner 122 Main Street Dungiven Co Dery BT47 4LG 18th December 2024
Page | 5 Gelvin Area Community Association Limited Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 August 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted nds Note Income and endowments Grants Donations and legacies Other trading activities Total income 7,500 1,564 2,169 911 8,411 1,564 2,169 14,603 2,626 1,819 11,233 911 12,144 19,048 Expenditure Expenditure on charitable activities Total expenditure 5,134 1,902 1,902 7,036 7,036 14,592 5,134 14,592 Net income and net movement in funds 6,099 (991) 5,108 4,456 Reconciliation of funds Total funds brought forward Total funds carried forward 58,356 31,488 89,844 85,388 64,455 30,497 94,952 89,844 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 16 ft)nn part of these financial statements.
Page | 6 Gelvin Area Community Association Limited Company Limited by Guarantee Statement of Financial Position 31 August 2024 2024 2023 Nots Fixed assets Tangible fixed assets 10 29,372 30,400 Current assets Cash at bank and in hand 68,541 59,960 90,360 97,913 Creditors: amounts falling due within one year Net current assets 11 2,961 65,580 516 59,444 Totsl assets less current liabilities 94,952 89,844 cdItorS. amounts falling due after more than one year Net assets 94,952 89,844 Funds of the charity Restricted fund5 Unrestricted funds 30.497 64,455 31,488 58,356 Total charity funds 12 94,952 89,844 For the year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act th respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The statement of financial position continues on the following page. The notes on pa9es 8 to 16 forni part of these financial statements.
PagTe | 7 Gelvin Area Community Association Limited Company Limited by Guarantee Statement of Financial Position (continued) 31 August 2024 These financial statements were approved by the board of trustees and authorised for issue on 18 December 2024, and are signed on behalf of the board by: Hugh Eugene MGCloskey Director The notes on pages 8 to 16 fomi part of these financial staternents.
Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2024 General infonnation The Charity is a publi¢ benefit entity, and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is 191 Legavallon Road, Dungiven BT47 4QW. ststement of compliance These financial statements have been prepared in Complian with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 102) (Charities SORP {FRS 102}) and the Companies Act 2006. Accounting policies Basis of preparation The financial ststements have been prepared on the historical cost basis, as modrfied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charty's abilty to continue. Fund accounting Unrestricted funds are available for use at the discretion of the tnjstees to further any of the harity's purposes. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes= restricted income funds or endowTnent funds.
PagTe | 9 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction 11 flow to the charity and the amount can be reliably measured. The following specific policies are applied to categories of income: income from donations or grants is re¢ognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. legacy income is recognised when receipt is probable, and entitlement is established. inGome from donated goods is measured at the fair value of the goods unles5 this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are re¢ognised in the accounts when received if the value Can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which ¢ase it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expendtture includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that fijrther its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charty nor part of its expenditure on Gharitsble activities. All costs are allocated to expenditure categories reflecting the use of the resour. Dired costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairrnent losses.
i io Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (corttirtued) Year ended 31 August 2024 Accounting policies (continued) Tangible assets {continued) An increase in the Garying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless It reverses a charge for impairment that has previously been re¢ognised as expenditure wthin the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the Ioss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the c05t or valuation of an asset, le55 its residual value, over the useful economic lrfe of that asset as follows.. Fixtures and fittings Freehold propety 159 reducing balance 2 /0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the Carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaiment testing, when it is not possible to estiTnate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash infiows that largely independent of the cash in)lows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Government grants Govemment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future perfomiance-related Conditions on the recipient, it is recognised in income when the grant proceeds are reiVed or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a
Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 August 2024 Accounting policie5 (continued) Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised Cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impaiment loss is recognised under the appropriate heading in the slatement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteri5tiGs. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined Gontribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fvture payments or a Gash refund.
| 12 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontinued) Year ended 31 August 2024 Accounting policies (continued) Defined contribution plans (continued) When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The Company is limited by guarantee of its members and does not have share capital. The liability of member5 is limtted to £1. Donations and Legacies Unrestricted Funds Restricted Total Funds Funds 2024 Grants Evishngaran Wind Farm Ltd Causeway Coast & Glens Council 7,500 7,500 911 911 7,500 911 8,411 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Book sales Subscriptions Donations Coffee Moming 73 230 80 1,181 73 230 80 1,181 1,564 20 240 20 240 2,606 2,606 2,866 1,564 2,866
Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 Expenditure on Gharitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Direct charitable expenditure Other costs 874 1,028 874 6,162 5,134 5,134 1,902 7.036 Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 1,028 1,028 Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 793 607
| 14 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 10. Tangible fixed assets Fixtures and fittings Freehold Propety Total Cost At 1 September 2023 Depreciation At 1 September 2023 2023 Charge for the year At 31 August 2024 Carrying amount At 31 August 2024 At 31 August 2023 8,932 43,087 52,019 7,827 166 13,792 862 21,619 1,028 22,647 7,993 14,654 939 28,433 29,372 1,105 29,295 30,400 11. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 2,961 2,961 516 516
PagTe | 15 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 12. Analysis of charitable fund5 Unrestricted funds At 1 Sept 2023 At Income Expenditure 31 August 2024 General fund5 58,356 11,233 (5,134) 64,455 At 1 Sept 2022 At 31August 2023 Income Expenditure General funds 52,383 12,185 (6,212) 58,356 Restricted funds At 1 Sept 2023 At Income Expenditure 31 August 2024 Restricted Fund 31,488 911 {1,902) 30,497 At 1 Sept 2022 At Income Expenditure 31 August 2023 Restricted Fund 33,005 6,863 (8,380) 31,488
PagFe | 16 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements f¢ontinued) Year ended 31 August 2024 13. Analysis of net assets between funds Unrestricted Restricted Funds Funds Total Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year 29,372 4,086 {2,961) 29,372 68,541 {2,961) 64,455 Net assets 64,455 30,497 94,952 Unrestricted Restricted Funds Funds Total Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year 30,400 1,605 (517) 30,400 59,960 (516) 58,356 Net assets 58,356 31,488 89,844