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 act￿￿18$.
Th6 51alemenl offln8ndal aclivttles 8180 complles the requkemen15 foran income and 8¥penditure acex>uni underihe com￿nI8&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 othe￿iSe 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 re￿iVed 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 De￿mber 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-