COMPANY REGISTRATION NUMBER: N1035971 CHARITY REGISTRATION NUMBER: NIC104578 Gelvin Area Community Association Limited Company Limited by Guarantee Unaudited Financial Statements 31 August 2025
Pa¥yc | I Gelvin Area Community Association Limited Company Limited by Guarantee Financial Statements Year ended 31 August 2025 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 aclivities 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 2025 The directors, who are also the directors for the purposes of company law. present their report and the unaudited financial ststements of the charity for the year ended 31 August 2025. Reference and administrdtNe detsils Re9iStered charity name Gelvin Area Communty Association Limited Company registration number N1035971 Charty registration number NIC104578 Principal office and registered 191 Legavallon Road office Dungiven Co Derry BT47 4QW The directors Hugh Eugene Mccloskey Inow de¢easedl Sean Far11 Henry Forsylhe Susan McKenna Patrick Emmett McNicholl Independent examiner Patrick O'Hagan 122 Main Street Dungiven Co Derry BT47 4LG Structure, govemance and management Gelvin Area Community Association Limited 1$ a company limited by guarantoe and accepted as charitable by HMRC. The company was incorporated on 9 April 1999.The company was established under a Memorandum of Association which established the objects and powers of the company and is governed by 115 Articles of Association. The board consists of the five direOr$. Objectives and acttvities Objectives and activities The company's ¢haritsble objectives are io make provision for the b¢nefii of the inhabitants of the Gelvin District and surrounding area irrespective of age, gender, race, political opinion or religion by bringing the community together in an effort to provide educationa] and social activities, to assist and cater for the elderly, lo preserve th¢ rnvironment and heritage of the area and to prowde facilities for recrvdtional and leisw¢ activities thereby improving the quality of life.
Gelvin Area Community Association Limited Company Limited by Guarantee Directors, Annual Report (Incorporating the Directorfs Report) {conbnuedJ Year ended 31 August 2025 Financial review The financial result5 of the company for the year ended 31 August 2025 are in line with expectations. The cenlres main source of Income remains grant income. During the year ended 31 August 2025 the company made a net surplus of £5.491, this is shown on page 5 to the accounts. Small Company provlsions This report ha5 been prepared in accordance with the provisions applicable to companies enliued to the small companies. exemption. The directors. annual report was approved on 2 December 2025 and signed on behalf of the board of trustees by.. Patrick Emmett McNicholl Directo
Pabie | 4 Gelvin Area Community Association Limited Company Limited by Guarantee Independent Examinerfs Report to the Directors of Gelvin Area Community Association Limited Year ended 31 August 2025 report lo the direthrs on my examination of the financial statements of Gelvin Area Community Association Limited I'lhe charrty'l for the year ended 31 August 2025. Responsibilities and basls of report As the directors of the company (and also bts directors for the purposes of company lawl you are responsible for the preparation of the financial slalemenls in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2008 Act'l and the C(>mpanie5 Act 20C6 Ithe 2006 Act'i. You are satisfied that the a¢¢ounls of the company are not required by ¢hanty or company law lo be audite<l anLI 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 SpeCt of my examination of the charity's financial statement5 a5 carried out under section 65 of the 2008 Act. In carrying out my examination I have folltswed the general Directions given by the Charity Commission for Northem Ireland under section 6519llbl of the 2008 Act. Independent examinerfs statèment I have completed my examination. I confimi that no matters have come lo my attention in connection with my examination giving me cause to believe that in any material respe¢t'. a¢¢ounling rerdS were not kept in respect of the charity as required by sectitsn 386 tsf the 20C6 Act., or the finantiaS statements do not accord wth those records- or the financial 51alements do not comply with the accounting requirements of section 398 of the 2006 Act other than any qUirement that the accounts give a 'true and fair, view which is ntst a matter considered as part of an independent examination., or the finanual statements have not been prepared in accordance wtth the method5 and principles of the Stslement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordan with the Financial Reportin9 Standard applicable in the UK and Republi¢ 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 th ounls lo be reached. PFS Accounlanls and Auditor5 Ltd Independent Examiner 122 Main Street DungNen Co Derry 8T47 4LG 2na December 2025
PagTC | 5 Gelvin Area Community Association Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 August 2025 2025 Restrieted fund5 Total funds 2024 Unrestricted funds Total funds Note Income and endowments Grants Donations and legacies Other trading adivities Total incoma 7,500 1.150 7.934 2,953 10,453 1,150 7,934 8,411 1.561 2,169 16,584 2,953 19,537 12,144 Expenditure Expendtture on charitsble actwilies Total èxpenditure 11,443 11,443 2,603 14,046 7,036 7,036 2,603 14,046 Net income and net movement in funds 5,141 350 5,491 5,108 Reconciliation of funds Total funds brought fOard Total funds carried forward 64,455 30,497 30,847 94,952 89,844 94,952 69,596 100.443 The stslemenl of financial activtbes indudes all gains and losses recognised in the year. All income and expenditu derive from continuing acb"vilies. The ntstes on pages 8 to 16 fonn part of these flnancial 5tstements.
Gelvin Area Community Association Limited Company Limited by Guarantee Statement of Financial Position 31 August 2025 2025 2024 NolE Flxed assets Tangible fued assets 10 28,369 29,372 Current assets Cash at bank and in hand 72,856 101,225 68,541 97,913 credito.. amounts falllng due within one year Net current assets 11 782 2,916 65,580 72,074 Totsl assets less current Ilabilities 100,443 94,952 Credltors- amounts falllng due after more than on$ year Net assèts 100,443 94,952 Funds ofthe charfty Restricted funds Unrestricted funds 30,847 69,596 100,H3 30.497 64,455 Totsl charity funds 12 94,952 For the year ending 31 August 2025 the charty was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating t? small companies. Directors, responsibilibes.. The members have not required the company lo obtain an audit of ts financial statements for the year in question in accordan th sects.on 476-, The diTe¢lors acknowledge their responsibilities for complying wllh the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial ststements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies, regime. The statement of financial position continues on the following page. The notes on pages 8 to 16 form part of these finan¢ial 5tat8ments.
PagTe | 7 Gelvin Area Community Association Limited Company Limitsd by Guarantee ststement of Financial Position (eontinuedj 31 August 2025 These financial statements were approved by the board of trustees and aulhorised for issue on 2nd December 2025. and are signed on behaff of the board by-. Patrick Emmett Mcnicholl Director The note$ on pag8s 8 to 16 ftsrm part of these financial statements.
Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2025 General informatlon The charity is a public benefit entity, and a private company limited by guarantee, regiSted in Northern Ireland and a registered charity in Northem Ireland. The address of the gIstered office is 191 Legavallon Road, Dungiven BT47 4QW. Statement of ¢ompllanc• These fin3n¢01 statements have been prepared in Compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of I18,, the Statement of Recommended Practice applicable lo d)arities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. A¢¢ounting policSe$ Basis of preparation The financial statements have been prepared on the historical cost basis, as modffied by the revaluation of certain finanaal assets and liabilities and investment properties measured at fair value through income or expenditure. The financial stslements are prepared in sterling, which is the functDnal currency of the entity. Going concern There are no malerfal uncertainties about the charity's ability lo mntinue. Fund ac¢ountin9 Unrestricted lund5 are available for use at the discretion of the trustees to further any of the charity'5 purposes. Restried funds are subjected to reslri¢tion5 on their expenditure declared by the donor or through the tem5 of an appeal and fall into one of sub<la55e5: restricted in¢ome funds or endowment funds.
Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (ContU6) Year ended 31 August 2025 Accounting policiès (¢oniinved) Incoming resources All incoming resources are included in the stslement of financial activities when entiuernent has passed to the Charity., it is probable that the economic beneffts associated wrth the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo categories of Income.. inwme from donab'tsns or grants is recogni5ed when there is evidence of entitlement to the gfft, receipt is probable, and its amount can be measured reliably. legacy income 1$ cogniSed when receipt is probable, and entrfement 1$ established. income from donated goods 15 measured al the fair value of the goods unless this is impractical lo measure Teliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donatell facilites and seNices are recognised in the accounts when received if the value ¢an be reliably measured. No amounts are Included for the contribution of general volunteers. income from contracts for the suppty of services is recognised with the delwery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il lo be spent on a particular purpose and relumed rf unspent. in which case it may be regarded as restricted. Resou95 expended Expenditure 18 recognised on an accruals basis as a liability is incurred. Expendrture includes any VAT which cannot be fully recovered, and is Classified under headings of the stslernent of financial a1Ville5 to which il relates.. expenditu on raising fvnds includes the costs of all fundraising artNltSes. events, non-charitable trading activities, and the sale of donated goods. expendf(ure on Charitable activities includes all costs incurred by a charty in undertaking activities that further its charitable aims for the benefrt of its beneficiaries, including those support costs and costs relating to the governance of the charty apportioned lo charitable activities. other expenditu includes all expenditure that is neither related lo raising funds for the charty nor part of ils expenditure on charitsble aclivib"es. All costs are allOted to expenditure categories reflecting the use of the resource. Direct Costs attributable to a single activity are allo)cated diredy to that aclivty. Shared costs are apportiontsd between the aclivkn'es they contribute lo on a reasonable, justifiable and consislenl basis. Tangible assets Tangible assets are inf(lally recordeL1 at cost, and subsequently staled al cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at the fair value at the dale of revaluation less any subsequent accumul8ted depreciation and subsequent accumulated impairment los$¢$.
Pae | 10 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (witinued) Year ended 31 August 2025 Accountin9 poIici•s Tangible a55ets {GonknuedJ An increase in the carrying amount of an asset as a result of a revaluation. 13 recognised in other recognised gain5 and losses, unless It reveises a charge for impaimienl that has previousty been recognised as expenditure wf(hin th$ statement of financial activtbes. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other re¢ognised gain5 and losses, except to which il offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the stslement of financial activities. D8pre¢iatlon Depreciation is calculated so as lo write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Fixtures and fittings Freehold propèrty 15% reducing balance 2% straight line Impairnient of fixed assets A review for indicators of impairnient is carried out at each reporting dale, with the recoverable amount being estimated Whe such indicators exist. INhere the carrying value exceeds the recoverable amount, the asset 15 impaiTed accordingly. Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairment lestsng, when il 15 not possible to estimate the recoverable amount of an individual asset, an estimate is made of the reVerable amount of the cash-generaling unit lo which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflgws from other assets or groups of assets. For impaiment testing of goodwill, the goodwll acquired In a business combination is. from the acquisition dale, allocated to eaeh of the cash-generaling units that are expected to benefrt from the synergies of the combination, ieSpective of whether other assets or liabilities of the charty 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 lo them and the grants will be received. Where the grant does not impose specified future performance-relaled conditions on the recipient, it 15 recognised in income when the grant proceeds a received or receivable. Where the grant does imp05e specified future performance-related conditions on the recjpient, it is recognised in income only when the perfonnance-related conditions have been met. Where grants recewed are prior to satisfying the revenue re9n(lOn criteria, they are recognised as a
PagTre | 11 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (conthued) Year ended 31 August 2025 Accounting policies fc+Jrttinued) Financial instruments A financial asset or a fir5ancial liability is recognised only when the charity becomes a paty to the nlractual provision5 of the instrument. Basic financial instruments are inrtially recognised al the amount receNable or payable including any related transaction costs. Current assets and current liabilities are subsequenlty measured at the cash or other Consideration expècted to be paid or received and not dIOUnte¢l. 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 subsequenuy measured al cost less impaimienl. other financial instruments, including derivatives, are ini(ially re¢ognised at fair value, unless payment for an asset is deferred beyond normal business terms or finanGed at a rate of interest that is not a market rate, in which case the asset is measured al the present value ol the fvture payments discounted al a market rate of interest for a similar debt instrument. Other financial instruments are subsequentty measured at fair value, with any changes recognised in the statement of financial activities, wth the exception of hedging instruments in a designatèd hedging relabonship. Financial a55ets that are measured al cost or amortised cost are reviewed for objectThie evidence of impaimonl al the end of each reporting dale. If there 15 objective evidence of impairment, an impaimenl Ioss 15 recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardles5 of significance, and other financial assets that are individually significant, these are assessecl individually for impairment. Other financial assets are ether assessed individually or grouped on the basis of similar credit risk characlerisb"cs. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that eXedS what the carrying amount would have been had the impairment not previously been recognised. Defined contrfbution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an a98el to the extent that the prepayment will lead to a reduction in future payments or a cosh refund.
PagTe | 12 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 August 2025 Accountin9 policies (con1Ut&) Dgfined contribution plan$ (¢ontinu¢d) When contributions are not expected to be settled wholly wlhin 12 months of the end of the reporting date in which the employees render the related service, the liability 15 measured on a discoLtnted 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 ts members and doe5 not have share capital. The liability of members is limrted lo £1. Donations and Legacies Unrestricted Funds Restricted Total Funds Funds 2025 Grants Evishngaran Wind Farm Ltd Causeway Coast & Gbens Council 7.500 7.500 2.953 2,953 7,500 2,953 10,453 Other trading a¢tivilig$ Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Book sales Subscriptions Coffee Morning Chartty Collection Irish Society Gr8r¥t Quiz Children In Crossfire Oonalons Deposit AOunt Interest Rent 73 230 1,181 73 230 1.181 77 145 145 1,745 780 1,196 1.008 142 2,508 1,560 1.745 780 1,196 1,008 142 2,508 1,560 609 1,560 609 1,560 9,084 9,084 3,730 3.730
Pagtre | 13 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (¢onlinue¢ Year ended 31 August 2025 Expènditure on charitable activities by fund typg Unrestricted Funds Restricted Totrl Funds Funds 2025 Oirect charitable expenditure Other costs 11.443 2,603 2,603 14,046 11,443 14,046 Net income Net InMe is staled after chargingllcredstingl.. 2025 2024 Depreciatron of tsngible fixed assets 1,003 1,028 Independent examination fggs 2025 2024 Fees payable lo the Independent examiner for". Independent examination of the financial statements 1,058 793
Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (Conlve) Year ended 31 August 2025 10. Tangible fixed assets Fixtures and fittings FTeehold Property Totsl Cost At 1 Septembgr 2024 Depreciation Al 1 September 2024 Charge for the year At 31 August 2025 Carrying amount At 31 August 2025 At 31 August 2024 8,932 43,087 52,019 7,993 141 14.654 862 22,847 1,003 23,675 8,134 15.516 798 27,571 28,369 29,372 939 28.433 11. Creditors: amounts falling due wlthin one year 2025 2025 Accruals and deferred income 782 2,961 782 2,961
Pa&Te | A5 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements f¢onluTruedJ Year ended 31 August 2025 12. Analysis of charitsble funds Unr¢$tricted funds At 31 August 2 025 Al I Sept 2024 Income Expenditure General funds 64,455 16,584 111,443) 69,596 At 1 Sept 2023 AI 31Augu5t 2024 Income ExpenditUTe General funds 58,356 11,233 15,134) 64.455 Restricted funds At 31 August 2 024 Al 1 Sept 2D24 Income Expend¢ture Restricted Fund 30,497 2,953 {2,6031 30,847 Al 31 August 20 24 Al 1 Sept 2023 Income Expenditure Reslricled Fund 31,488 911 11,9021 30,497
Pab?e | 16 Gelvin Area Community Association Limited Company Limited by Guarantee Notes to the Financial Statements (¢onlinuedJ Year ended 31 August 2025 13. Analysis of net assets between funds Unrestricted Restricted Funds Funds Total Funds 2025 Tangible fixed assets Current assets Creditor5 le55 than 1 year 28,369 3,260 (7821 28,369 72,856 (182} 69,596 Net assets 69,596 30,847 100,443 Unrestricted Restrictsd Funds Funds Totsl Funds 2024 Tangible fixed assets Current assets Creditors less than l year 29,372 4,086 12,9611 29,372 68,541 {2,9611 64,455 Net assets 64.455 30,497 94,952
Pabye | 17 Gelvin Area Community Association Limited Company Limited by Guarantee Management Infomiation Year ended 31 August 2025 The following pages do not form part of the financial statements.
Paive | 18 Gelvin Area Community Association Limited Company Limitsd by Guarantee Detatled Statement of Financial Activities Year ended 31 August 2025 2025 2024 Income and endomnents Donations and legacies Subscriptions Evi5hagaran Wind Farm Limrfted Causeway Coast & Glens Borough Council Coffee MornSng Book sale Donations Rent receivable Interest re¢eivable Charity Collection Irish Society Grant Children In Crossfire Quiz 145 7.500 2,953 230 7,500 911 1,181 73 80 1,560 609 142 1.560 2,508 1,745 780 1,008 1,196 Totsl income 19,537 12,144 Expenditure Expènditure on ¢haritabl• a¢tivitie5 Cost of living payments Petty cash Insurance Light and heal Repairs and maintenance Printing, postage and ststionary A¢countan¢y Fees Bank Charges General expenses Day Trip Fun Day American Fplk Park Visit Catering expenses Painting Class School F<eunion Donations Depreciation 200 100 810 858 321 82 793 33 162 89 823 1,069 3,074 47 1,058 38 221 310 94 385 3,086 139 874 1,681 1.028 2,704 1.003 Total expendlture 14,046 7,036 Net income 5,491 5,108