Charity Reglstratlon No. NIC105044 Company Registration No. N1031966 {Northern Ireland) GARVAGH DEVELOPMENT TRUST la company Ilmlt•d by guarantee and not havlng a shar& ¢apltsll ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
GARVAGH DEVELOPMENT TRUST CONTENTS Page Charity information Trustees, report Independent examinels report Statement of financial activities Balance sheet Notes lo the accounts 9-17
GARVAGH DEVELOPMENT TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Miss A Clyde Dr J Kerr Mr P McKinney Mrs J Moore Mr J Smyih Mrs R Topping Mr B Weir Miss T Magowan Mr l Laughlin Mr O Quigg Secretary Mrs C Millar Charity number NIC105044 Company number N1031966 Registered office 85 Main Slreet GaNagh Coleraine Co Londonderry BT515AB Independent examiner Moore (N.[.) LLP 30-32 Lodge Road Coleraine BT52 1NB Bankers Ulsler Bank Limited 30-32 Catherine Slreel Limavady BT49 9DB Solicltors Mallon Mccormick Solicitors Station Mastels House 16 Station Road Maghera County Londonderry BT46 5BS
GARVAGH DEVELOPMENT TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present their annual report and financial slalements for the year ended 31 December 2022. The accounls have been prepared in accordance with the accounting policies set out in nole 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. 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 (FRS 102). (as amended for accounting periods commencing from l January 2016). Objectives and actlvities The charity maintains a B1 listed building, 5 units which are renled lo local businesses and 9 rooms available for hire ID the public catering for groups ranging in size from 5 - 100 people. They also run a cafeteria called the Pantry. The objects of the company are; 1. to promote the benefit of the inhabilanls of Garvagh and the neighbourhood thereof by the advancemenl of education and the provision of facilities in the interest of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants., 2. to preserve for the benefit of the public whatever land, buildings or other structures may exist in GaNagh and ils environs of particular beauty or historical or architectural interest., 3. to provide or secure the provision of public amenities in GaNagh and its environs for the benefit of Ihe inhabitants thereof. The trustees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Advancin education The direct benefits which flow from this purpose are.. increased access to information, increased confidence and self-esteem and increased ability lo access employment opportunities. The benefits are evidenced through feedback and evaluation from the group and local community. There is no harm anticipated from this purpose. The charily's beneficiaries are people living in the rural area of Garvagh and District. A private benefit may arise from trustees accessing our ongoing programme of activities for the community. These benefits are incidental and necessary to ensure the benefit is provided lo our beneficiaries. Providin facilities in the interests of social welfare for recrealional aclivilies desi ned lo romote health and ritness or other leisure-lime occu ation with the ob ecl of im rovin the conditions of life for the said inhabitants The direct benefits which flow from this purpose are.. the provision of a neutral venue for local people to meet and socialise, increased access to information, increased confidence and self-esleem and increased cross- ommunily interaction. The benefits are evidenced through feedback and evaluation from the group and local community. There is no harm anticipated from this purpose. The charity's beneficiaries are people living in the rural area of GaNagh and District. A private benefit may arise from Iruslees accessing our ongoing programme of activities for the community. These benefits are incidental and necessary lo ensure the benefit is provided lo our beneficiaries. PreseNin for the benefit of the inhabilanls of Garva constructed herita ema exist in and around the Villa or historical architectural or constructional interest The purpose of this charity is lo provide management and administration to secure, by such means as are available, the preservation, protection and resloralion of Garvagh Community Building, a listed building, for the benefit of the inhabitants of Garvagh. The benefits include the maintenance of a listed building for use by the local community, visitors and lourisls. What was once a nearly derelict building is now slruclurally secure and being fully used by the local community, small businesses and other charitable organisations. The charity's beneficiaries are people and business living in Northern Ireland who use and visit Garvagh Community building. h and District whatever of the historical archilectural and e of Garva h in the form of buildin s of articular beaut
GARVAGH DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 Providin roved social and environmental conditions as a result of communit activities leadin to a better ualil of life for the inhabitants The beneficiaries are the general public. The benefits include the maintenance of current amenities and the creation of new village amenities for use by Ihe local community, visitors and tourists. What was once neglected in terms of amenities including pathways, parks, public leisure facilities, signage and lighting is now fil for purpose and structurally secure and being fully used by the local communily, small businesses and other charitable organisalions. The charity's beneficiaries are the general public living in Northern Ireland who use andl or visit the village of Garvagh and its environs. renewal and re eneralion Achievements and performance Financial review The company relurned nel expenditure for the year of £48,070 (2021 £45,207 net income). Al 31st December 2022 the total funds of the charity amounled to £580,284 (2021 £628,354) comprising designated funds of £493,481 (2021 £510,645), general unrestricted funds of £54,566 (2021 £52,736) and restricted funds of £32,237 (2021- £64,973). Of the total funds reported above, £76,888 is made up of cash al bank and in hand. Reserves pollcy The trustees endeavour to maintain sufficient funds lo ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. Risk Management The trustees have assessed the major risks lo which the charity is exposed, and are satisfied thal systems are in place to miligate exposure to the major risks. COVID-19 2022 has been a more positive year following Covid 19 which has seen an increase in room hire with groups returning lo rent rooms for various workshops, evenls, and classes. GDT continues lo rent 3 moms within the building to local businesses to help boost income. structure, governance and management The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. GaTvagh Development Trust registered with the Charity Commission for Northern Ireland on 11 May 2016. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Miss A Clyde Dr J Kerr Mr P McKinney Mrs J Moore Mr J Smyth Mrs R Topping Mr B Weir Miss T Magowan Mr l Laughlin Mro Quigg
GARVAGH DEVELOPMENT TRUST TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The management of Ihe company is the SPOnSibl11tY of the directors who are elected under the terms of the Memorandum and Artlcles of Associallon. Mi B Weir, Dr J Kerr, Mrs R Topping, and Mrs J Moore. being one half of the directors for the lime being. in accordance with Section 34 of the Articles of Association. retire by rolalion at the Annual General Meeting. The above persons, being eligible, offer Ihemselves for re-election. None of the llustees has any beneficial interest in the company. All of the Iruslees are members of the company and guaran19e lo Contribute £1 in the event of a winding up. The Iruslees, report was approved by the Boaid of Trustees. Miss T Magowan Trustee Dated.. 18 July 2023
GARVAGH DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GARVAGH DEVELOPMENT TRUST We report on the accounts of the charity for the year ended 31 December 2022, which are set out on pages 6 to 17. Respective responsibilities of trustees and examiner The Iruslees, who are also the directors of Garvagh Development Trust for the purposes of company law, are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charity is not subject lo audit under company law, and is eligible for independent examination, it is our responsibility to.. examine the accounts under section 65 of the Charilies Act (li) follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(bl of the Charities Act (iii) state whether particular matters have Gome lo my attention. Basis of independent examiner's report We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried oul in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65{9){b) of the Charities Act 2008. The examination included a review of the accounlirig records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such mallers. Our role is lo slate whelher any material matters have come to our attention giving us cause to believe.. 1. That accounting records were not kept in accordance with section 386 ofthe Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland 4. That there is further informalion needed for a proper understanding of the accounts to be reached. Independent examiner's statement We have completed our examination and have no concerns in respect of the matters {1 } to14) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, We have found no malters that require drawing to your attention. Dr R I Peters Gallagher OBE FCA for and on behalf of Moore (N.1.) LLP Chartered Accountants 30-32 Lodge Road Coleraine BT52 1NB Oated: 18 July 2023
GARVAGH DEVELOPMENT TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestrfcted Unrestrfcted R8Strlct8d funds runds funds oeneral de¥lgnated 2022 2022 Total Unrestrlcted Unrestrtcted Re5trlGled funds lunds funds géneral d8slgrtated 2021 2021 Total 2022 2022 2021 2021 Notes In¢om8 and end¢)wment8 Irom.. Donalions and legacies Chariiab1e activities Olherirading aeiivitie$- Panty Other income 2,981 40.221 110,030 36.456 79.306 82,267 40,221 110,030 36.456 3,370 36,J38 51,714 60.889 161.096 164,466 36.338 51.714 60.889 Total Incom8 1BI,668 79.306 268,974 152.311 161.096 313.407 Ex endl¢ure on- Cha¢itab16 adivHi8s 72,246 17,164 112,042 201,452 61,037 17.168 12J.265 201.480 Other trading actlvilles- Ponlry io 145.592 115,592 66,740 e6.740 Total exp8ndiiur8 167,838 17,164 112,042 J17,044 127.777 17.168 123,265 268.200 Net Incomellexpendi¢urol forth& yèarl Net movoment In funds 1,8JO 117,1641 132,7361 148,0701 24.534 117.1681 37,841 45.207 et Incomelléxpendl¢urel fdrthtr yéarl 14et movgment In fund8 1.8SO 117,1641 132,7261 148,07Ql 24.SJ4 117,1681 37,841 45,207 Fund balances at 1 Janugry 2022 52.736 510.645 64,973 628,3S4 28,202 527,B13 27,132 583.147 Fund balances at 31 December 2022 54,568 493.481 32,237 560.284 52.738 610.645 64,973 628,354
GARVAGH DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES {CONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEM8ER 2022 Thè ststemeni afflnandal acUvhlas Includes all galns and losses recogn18ed In the year. l incorne and expenditure derive from Conllnulng act18$. Th6 51alemenl offln8ndal aclivttles 8180 complles the requkemen15 foran income and 8¥penditure acex>uni underihe comnI8&Att 20C6.
GARVAGH DEVELOPMENT TRUST BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Notes Fixed assets Tangible assets 13 516,216 534,880 Current a5Sèts SloGks Debtors Cash al bank and in hand 14 15 800 424 76,888 700 157 103,997 78,112 104.854 Credltors.. amounts falling due within ono year 16 (14,0441 111,3801 Nel current assets 64,068 93,474 Total assetslgss ¢urrent liabilities 580,284 628,354 Income funds Reslricled funds Unreslricled funds deslgnaled Unreslricled funds - general 32,237 493,481 54,566 64.973 510,645 52,736 580,284 628,354 The company is enlilled lo the exemption from the audil requirement contained in section 477 of Ihe Companies Act 2006, for the year ended 31 December 2022. The directors 2cknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial 51alemenls. The members have not required the company lo oblain an audit ol ils financial slalement5 lor the year in question in accordance with section 476. These financial slalemenls have been prepared in accordance wilh the provision5 applicable lo companies subject lo the small companies regime. The financial stalemenls were approved by the Trustees on 18 July 2023 Miss T Magowan Trustee Company registration number N1031966
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policles Charity information Garvagh Developmenl Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 85 Main Street, GaNagh, Coleraine. Co Londonderry, BT51 SAB. 1.1 Accounting ¢onvention The accounts have been prepared in accordance with the charity's Memorandum and Articles ofAssocialion, the Companies Acl 2006 and °Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}" {as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Enlily as defined by FRS 102. The charity h8S taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial slatements are prepared in sterling, which is Ihe functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The principal accounling policies adopled are set out below. 1.2 Going concem At the lime of approving the financial slatemenls, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Irustees in furtherance of their charitable objectives. Designated funds are unrestricted funds sel aside at the discretion of the trustees for specific purposes. The designaled funds for fixed assets is that part of unrestricted funds that represents fixed assets held. Restricted funds are subject to specific Conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is reGognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otheiSe if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is nol known, the legacy is Irealed as a ontingent asset. Turnover is measured at the fair value of the consideralion reiVed or receivable and represenls amounts receivable for goods and services provided in the normal course of business, net of discounts, applicable VAT and other sales related taxes,
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢countlng policies {Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo make a payment to a third party, il is probable thal settlement will be required and the amount of the obligation can be measured reliably. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of deprecialion and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Land and buildings Fixtures, fillings and equipment 2 % straight line 1 SO/0 reducing balance The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net incomel(expenditure) for the year. 1.7 Impairment of fixed assets At each reporting end date, Ihe charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extenl of the impairment loss lif any). 1.8 Stocks Stocks are stated at the lower of oosl and estimated selling price less costs to complete and sell. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Other Financial Instrumenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recogr7ised in the charity's balance sheet when the charity becomes party lo the contfaclual provisions of the inslrumenl. Financial assets and liabilities are offset. with the net amounls presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to sellle on a net basis or to realise the asset and settle thè liability simultaneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are nol amortised. 10-
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inilially recognised at transaction price unless Ihe arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a markel rate of interesl. Financial liabilities classified as payable within one year are not amortised. Debl instrumenls are subsequently carried at amortised cosl, using the effective interest rale melhod. Trade creditors are obligations to pay for goods or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as current liabililies if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employmenl of an employee or to provide termination benefits. 1.12 Retirement benefits Payments to defined Gontribulion retiremenl benefit schemes are charged as an expense as they fall due. 1.13 Grants Capital granls are included as incoming resources when receivable and calegorised within designated funds. Depreciation is subsequently charged against the fund each year equivalent to the rates on the relevant assets in question. Grants of a revenue nature are credited to income in the period lo which Ihey relate. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Irustees are required to make judgements, estimates and assumptions about the carrying amounl of assets and liabilities that are not readily apparent from olher sources. The estimates and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Aclual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of Ihe revision and future periods where the revision affects both current and fulure periods. 11
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donations and legacies Unrestricted Restricted funds funds general 2022 Total Total 2022 2022 2021 Donations and gifts Forest school 2,961 2,961 79,306 3,370 161,096 79,306 2,961 79,306 82,267 164,466 For the year ended 31 December 2021 3,370 161,096 164,466 Donations and gifts Other 2,961 2,961 3,370 2,961 2,961 3,370 Forest School The Big Lottery Fund Other 46,373 114,723 79,306 79,306 79,306 79,306 161,096 Income from charitable activities 2022 2021 Causeway Coast and Glens Borough Council Rent receivable Room hire 4,625 25,065 10,531 1,765 32.253 2.320 40,221 36,338 Income from other trading activities 2022 2021 The Pantry income 110,030 51,714 12
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Other income Unrestrlcted Unrestricted funds funds general general 2022 2021 Other income 36,456 60,889 Expenditure on charitable activities 2022 2021 Staff costs Depreciation Forest School expenditure - Big Lottery Fund Forest school wages 11,348 18,664 62.905 49,136 8,864 18,830 75,228 48,026 142,053 150,948 Share of support costs (see note 81 Share of governan costs {see note 8) 56,622 2,777 47,032 3,480 201,452 201,460 Analysis by fund Unrestricted funds - general Unrestricled funds designated Restricted funds 72,246 17,164 q12,042 61,037 17,168 123,255 201,452 201,460 13
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support and governance costs Support Governance costs costs 2022 2021 Basis of allocation Staff costs Rates Insurance Lighl and heat Repairs and mglnl@nane@ Printing, poslage and Itall@n@ry Telephone Bank charges General expenses 16,423 1,923 5,406 19,642 4,369 16,423 1,923 5,406 19,642 4,369 12,248 Support Support 4,912 Support 7,988 Support 11,065 Support 2,192 2,192 2,096 Support 2,310 1,140 3,217 2,310 1,140 3,217 1,716 Support 169 Support 6,838 Support Legal and professional Governance 2,777 2,777 3,480 56,622 2,777 59,399 50,512 Analysed between Charitable activities 56,622 2,777 59,399 50,512 Governance costs includes payments lo the independent examiners of£3,000 (2021- £3,000). Trustees None of the Iruslees {or any persons connected with them) received any remuneration or benefits from the charity during Ihe year. 10 Expenditure on other trading activlties 2022 2021 The Pantry purchases The Pantry wages The Pantry rates The Pantry general expenses The Pantry repairs 51,130 63,206 16,278 47,893 (13) 749 1,833 1,256 115,592 66,740 14-
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 11 Employees Number of employees The average monthly number of employees during the year was.. 2022 Number 2021 Number Adminislration and support The Pantry Employment costs 2022 2021 Wages and salaries Social security costs Other pension costs 128,765 9,721 1,627 108,167 7,287 1,577 140,113 111,031 There were no employees whose annual remuneration was £60,000 or more. 12 Remuneration of key management personnel The senior managemenl team is made up of the Irustees and the manager. The remuneration of key management personnel is as follows.. 2022 2021 Aggregate compensation 30,716 29,679 15-
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 Tangible fixed assets Land and Fixtures, buildings fittings and equipment Totsl Cost At 1 January 2022 887,264 54,175 941,439 Al 31 December 2022 887,264 54,175 941,439 Depreciation and impairment At 1 January 2022 Depreciation charged in Ihe year 358,506 17,745 48,053 919 406,559 18,664 At 31 Decèmber 2022 376,251 48,972 425,223 Carrying amount Al 31 December 2022 511,013 5,203 516,216 At 31 December 2021 528,758 6,122 534,880 14 Stocks 2022 2021 The Panlry Stock 800 700 15 Debtors 2022 2021 Amounts falling due within one year: Trade debtors Prepayments and accrued income 384 40 30 127 424 157 16 Creditors: amounts falling due within one year 2022 2021 Other taxation and social security Accruals and deferred income 7,516 6,528 5,130 6,250 14,044 11,380 16-
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently adminislered fund. The charge to income and expenditure in respect of defined conlribulion schemes was £1,627 (2021 £1,577). 18 Analysis of net assets between funds Unrestricted Unrestricted designated general Restricted Totsl Fund balances at 31 Dember 2022 are represented by.. Tangible assets Currenl asselsl{liabilities) 493,481 22,735 31,831 516,216 64,068 32,237 493,481 54,566 32,237 580,284 19 Financial commitments, guarantees and contlngent Ilabilities Certain grants received and receivable may become repayable lo the funder if Ihe charity is no longer able to meet the conditions under which they were awarded. Due lo the nature of these contingencies it may not be possible to quantify the polential financial effect or give an indication of the liming as to the liabilities that may arise. 17-