Charity Registration No. NIC105044 Company Registration No. N1031966 INorthern Irelandl GARVAGH DEVELOPMENT TRUST (a company Ilmlted by guarantee and not havlng a shar8 capltall ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
GARVAGH DEVELOPMENT TRUST CONTENTS Page Charity information Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts 10- 18
GARVAGH DEVELOPMENT TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Miss A Clyde Dr J Kerr Mr P McKlnney Mrs J Moore Mr J Smylh Mrs R Topping Mr B Weir Miss T Magow8n Mr l Laughlin Charity number NIC105044 Company number N1031966 RegistÉred office 85 Main Street Garvaoh Coleraine Co Londonderry 8T51 SAB Independent examiner Moore IN.I.I LLP 30-32 Lodge Road Coleraine Co. Londonderry BT52 1NB Bankers Ulster Bank Lirniled 30-32 Catherine Slreel Lirnavady BT49 9DB Sollcitors Mallon Mccormick Solicilors Slalion Master's House 16 Station Road Maghera County Londonderry BT46 5BS
GARVAGH DEVELOPMENT TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees pr88enl their annual report and financlal slalemenls for the year ended 31 December 2023. The accounts hav8 been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounllng and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and RepLJblic of Ireland IFRS 1 Q21" las aimended for accounting periods commencing from 1 January 20161. Objectives and aGtlvitles The charity maintains a B1 listed building.. 5 units which are renled lo local businesses and 9 rooms available for hire lo the public catering for groups ranging in size from 5 - 100 people. They also run a cafeleria called The Pantry. The objects of the company are.. 1 . to promote the benefit of the inhabilanls of Garoagh and the neighbourhood thereof by the advancement of education and the provision of facilitie5 in the inleresl of social welfare for recreation and leisure lime occupation with the object of improving the condilions of life lor the said inhabilanls.. 2. to preserve for the benefit ol the public whatever land, buildings or other structures may exist in Garvagh and ils environs of particular beauty or historical or archilÈclural inleresl., 3. to provide or secure the provision ol public amenities in Garvagh and its environs for Ihe benefit of the inhabitants thereof. The Iruslees have paid due reg8rd lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Advanoin education The direct benefits which flow from this purpose are.. increased access to informalion, increased confidence and seif-esteem and increased ability lo access employment opportunilies. The benefits are evldenced through feedback and evaluation from the group and local comrnunity. There Is no harm anlicipaled from this purpose. The charity's beneficiaries are people living in the rural area of Garvagh and District. A private benefit may arise from trustees accesslng our ongoing programme of activities for Ihe communlly. These benefits are incidental and necessary lo ensure the benefit is provided lo our beneficiaries. Providin facllilles in the inlere51s of social welfare for recreational activities desi ned lo romole health and filness or other leisuro-lime occu alion with the ob'ecl of im rovin the conditions of life for the said inhabilanls The direct benefits which flow from this purpose are.. the provision of a neutral venue for local people lo meet and socialise, increased aocess lo informalion, increased confidence and self-esleom and Increased cross- community in18raclion. The benefits are evidenced IhroLJgh feedback and evaluation from the group and local community. There is no harm anlicipale.d from this purpose. The charity's beneficiaries are people living in the rural area of Garvagh and District. A private benefit may arise from Iruslees accessing our ongoing programme of aclivilies for the communily. These benefits are incidental and necessary lo ensure the benefit is provided lo our beneficiaries. PreseNin for the benefil of the inhabitants of Garva constructed herita ema exist in and around the Villa or historical archileclural or conslruclional interest The purpose of this charity is lo provide management and adminislralion lo secure, by such means as are available, the preservation, proleclion and resloralion of Garvagh Communily Building, a listed building, for the benefit of Ilie inh8bilanls of Garvagh. The benefils include the maintenance of a listed building for use by the local communily, visitors and lourists. What was once a nearly derelict building is now slruclurally secure and being fully used by the local community. small businesses and olher charitable organisalions. The charity's benoficiaries are people and business living in Northern Ireland who use and visit Garvagh Community building. h and District whal8ver of the historical archileclural and e of Garva h in the form of buildin s of ariicular beaut
GARVAGH DEVELOPMENT TRUST TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Providln roved social and onvironmenlal coiidilions as a result ol communil aclivilies leadin lo a beller ualil of life for Ihe inhabilanls The beneficlaries are the general public. The benefits Include the maintenance of current amenities and the creation of new village amenilies for use by the local community, visitors and lourisls. What was once neglected in terms of amenities including pathways, parks, public leisure facilities, signage and lighting is now fil for purpos8 and slruclurally secure and being fully used by the local community, small businesses and other charitable organisalions. The charily's beneficiaries are the general public living in Northern Ireland wlio use andl or visit the village of Garvagh and ils environs. renewal and re eneralion Achlevements and performance Flnancial review The company returned nel expenditure for the year of £70,348 12022 £48,070 nel expenditure). Al 31st December 2023 Ihe lolal funds of the charity amounted lo £509,936 {2022 £580,284) comprising designated funds of £476,317 {2022 £493.4811, general unreslricled funds of £33,619 12022 - £54,566) and restricted funds of £0 {2022- £32,237). Of the total funds reported above, £24,336 is made up of cash at bank and in hand. Reserves pollcy The Irusleos endeavour lo maintain sufficient funds lo ensure Ihal, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given lo ways in which additional funds may be raised. Risk Management The Iruslees have assessed the major risks lo which the charity Is exposed. and are satisfied that syslerns are in place lo miligale 8xposur8 to the malor risks. Structure, governance and management The charity is a company limited by guarantee and is governed by ils Memorandum and Articles of A5socialion. Garvagh Development Trust registered with Ihe Charily Commission for Northern Ireland on 11 May 2016. The trustees, who are also the directors for the purpose of cornpany law, and who Served during the year and up lo the dale of signature of the financial slalemenls were.. Miss A Clyde DrJ Kerr Mr P McKinney Mrs J Moore MrJ Smylh Mrs R Topping Mr B Weir Miss T Magowan Mr l L8ughlin Mr O Quigg (Resigned 16 November 20231 The management of the company is the responsibility of the Iruslees who are elected under the terms of Ihe Memorandum and Articles of Assoclation. Miss A Clyde, Mr p fv1cKinney, Mr J Smyth, Miss T Magowan and Mr l Laughlin, being one half of the Irus18es for the lime being, in accordance with Seclion 34 of the Articles ol Association, retire by rolalion al the Annual General Meeting. The above persons. being eligible, offer Ihemselves for re-election. None ol the Iruslees has any beneficial interest in the company. All of the Iruslees are members of the company and guarantee lo contribute £1 in the event of a winding up. The Iruslees, report was approved by the Board of Trustees.
GARVAGH DEVELOPMENT TRUST TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Miss T Magowan Trustee Dated: 5 August 2024
GARVAGH DEVELOPMENT TRUST INDEPENDENT E)(AMINER'S REPORT TO THE TRUSTEES or GARVAGH DEVELOPMENT TRUST I report Dn the accounls ol the charity for Ihe year ended 31 December 2023, which are sel oul on Iiages 6 10 17. Respecllvo rosponslbllllSe5 of liusl@os and oxamlncr Tl)e IruslEes. who are a150 the dlreclors ol Garoagh Development Trust for the purposes ol comp3ny law, ai'n responsibl? Ior Ihe prepar8lion ol Ihe accounlr in accordance wilh Iho requiromenls of tho Comp8nl89 Acl 20Q6 nd The Chèrilies Acl (Northern Ireland) 200B. Having s31islied myself Ihal IhE charily is not subjecl lo gudil under compavy law. and 15 eligible lor iiidepend¢nl examinallon, 11 Is our respDnsibilily lo.. examlne the accounts under section 65 01 Ilie Charilles Acl lill follow Ihe procodures laid down in Ilie general direclions given by Ihe Charily Conimis51on for Nr)rlhLrn Irel8nd under secllon 6Jl9llb) ol Ilie Ch3rilles Act Iiiil slale whellier parlicular malleis have come lo my allenlion. Basls Df Indèpendent exBIMlner's roport I have examined your Gliarily ac¢ounls as required under seclion 65 of Ihe Cliaillios Act and tlly examination w85 carried oul In acGordane.e wllh Ihe general Oiroclion5 glven by the Charity Commlsslon for Norihern Ireland und&r seclion 6Jl9llbl ol the Charilies Acl 2008. My examlnation Incliided 3 review ol Iha accounling records l(epl by Ilie charily and a comparison ol Ilie accounts presented with Ihogg rÈcoids. 113150 included consldoralion of any nusual Item5 or disclosures in Ihe accoun15. and seeklng oxplan8lions Irom you as charily tru -lec5 conccrnliio any Such mallers. My role Is 10 51Ble whelher any malerial Inallers have come lo my atlcnlion giving me cause lo believ¢- 1. Th81 accounling records were not kept in accordance with seclion 306 01 Ihe Companies Acl 2006 and Secllon 03 01 the Charities Act INDrlhern Ireland) 200B, 2. Thal11)a 3ccounls do nol accorrs wilh Ih05e 3ccounling recDrd5 3. Thal Ilie accounls do not comply wilh the accounling requiTemenls ol seGllon 396 01 the Companies Acl ?OL16 lid wllli the melhods and principle5 01 Ilie Cliarilies SlaleTnenl ol Recommondsd Practice appllc8ble la cliaillle preparing Ihelr accounts In accordance with Ihe Flll8ncl81 Roporting Standard applicabl8 In Ihe Ul< and R8publlc ol Ireland 4. Thlil there is further inlDrmBlion needed for a proper underslanding DI the. accounts lo be reBchad. Independent oxaminÈr's stat2ment I have compleled my examinalion and have no Concerns in respect ol the m8llers111 to141 lisled 2bove and. In connecllon will) following the Dirèctions of the Charity Commlssion lor Northern Ireland, I liave found no rn8ller5 Iliat requirE diawing lo your allEnlion. Or R I Pelers Gallaqher OBE fcA for and on beliall ol Moore IN,I.I LLP Cliarler¢d Accounlanls 30-32 Lodge Road Coler3ine 8T52 1NB Dated.. 5 Auglist 2024
GARVAGH DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) TO THE TRUSTEES OF GARVAGH DEVELOPMENT TRUST Dal8d.' 5 August 2024
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GARVAGH DEVELOPMENT TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets 15 497,690 516,216 Current assets Stocks Debtors Cash al bank and In hand 16 17 1,000 1,326 24,336 800 424 76,888 26,662 78,112 Creditor5.' amounts falling due within one year 18 114,4161 (14,0441 Net current assets 12,246 64,068 Total assets less current Ilabilltles 509,936 580,284 Net assets excluding pension liability 509,936 580,284 Tho funds of the charity Reslricled income funds Unreslricled funds - general Unreslricted funds - designated 32,237 54,566 493,481 33,619 476,317 509,936 580,284 The company is enlilled to the exemption from the audit requiremenl contained in section 477 of the Companies Act 2006. for the year ended 31 December 2023. The DirectOrsrUsteeS acknowledge responsibilities for complying wilh the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalemenls. The members have not required the company lo obtain an audit of 115 financial slalemenls lor Ihe year in question in accordance with section 476. These financial slalemenls have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financial statements were approved by the trustees on 5 Augusl 2024 Miss T Magowan Trustee Company regislralion number N1031966 {Northern Ireland}
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Charlty Informatlon Garvagh Development Trust is a private company limiled by guarantee incorporated in Northern Ireland. The registered office is 85 Main Street, Garvagh, Coleraine, Co Londonderry, B T51 SAB. 1.1 Accounting convention The accounls have been prepared in accordance with the charily's Memorandum and Articles of Association, the Cormpanies Act 2006 and "Accounting and Reporting by Cliarilie5', Slalemenl of Recommended Practice applicable lo charities preparing (heir accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021" {as amended for accounling periods commencing frorn 1 January 20161. The charily is a Public Benefit Enlily as defined by FRS 102. The charity has laken advantage of (he provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Slalemenl of Cash Flows. The financial slalemenls are prepared in sterling, which is the funclional currency of the charity. Monetary amounts in these financial stalemenls are rounded lo the nearest £. The principal accounling policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial s181emenls. the Iruslees have a reasonable expectation that the charity has adequale resources to continue in operalional exislence for the foreseeable future. Thus the Iruslees continue lo adopt the goin9 concern basis of accounting in preparing the financial slalemenls. 1.3 Charltable funds UnreslriGled funds are available for use al the discretion of the Iruslees in furtherance of their charitabl8 objectives. Designated funds are unrestricted funds sel aside al the discretion of the trustees for specific purposes. The designated funds for fixed assets is that part ol unrestricted funds that represents fixed assets held, Restricted funds are subject lo specific condition5 by donors or grantors as lo how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the financial slalemenls. 1.4 Income Incorme Is recognised when the charity is legally entitled to il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donallons are recognised on receipt. 011)er donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral ol the amounl. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the lime of the donation. Legacies are recognised on receipt or olhenwise il the charity has been nolified ol an impending dislribulion, the amoLJnl is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a conlingenl assel. Turnover is measur8d al the lair value of the consideralion received or receivable and represents amounts receivable for goods and services provided in the normal course of business, nel of discounls, applicable VAT and other sales related taxes. 10
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles (Continued) 1.5 Expenditure Expenditure is recognised once Ih8re is a legal or conslruclive obllgalion lo make a payment to a third party, it is probable that selllemenl wi11 be required and the amount of the obligation can be measured reliably. 1.6 Tangible fixed a55ets Tangible fixed assets are initially measured al cost and subsequently measured at C051 or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation ol assets less their residual values over their useful lives on the following bas8s'. Land and buildings Fixtures, fillings and equipment 2'/a slraighl line 15°/o reducing balance The gain or loss arlsing on the disposal of an asset is determined as the difference betweon the sale proceeds and the carrying value of the asset, and is recognised in not incomellexpendilure) for the year. 1.7 Impalrment of f ixed assets Al each reporting end dale, the charity reviews the carrying amounts of ils tangible assels to determine whether there is any indication Ihal those assets have suffered an impairmenl loss. 11 any such indication exists, the recoverable amount of the asset is eslimaled in order lo delerrnine the extent of the impairment loss {if any). 1.8 stocks Stocks are slated al Ihe lower of cost and estimated selling price less costs lo complete and sell. Nel realisable value is the eslimaled selling price less all estimated costs of completion and costs lo be incurred in marketing, selling and dislribulion. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wilh banks, other short-lerm liquid inveslmenls with original malLJrilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.10 Flnancial instrument5 The charity has 8lecled lo apply the provisions of Section 11 '8asic Financial Inslrumenls. and Seclion 12 'Olher Financial Instruments Issues, ol FRS 102 10 all of ils financial inslrumenls. Financi85 inslrumenls are recognised in the charily's balance sheet when the charity becomes party lo the conlraclual provisions of the instrument. Financial assets and liabi1S1ies are offset, with the nel amounts presented in the financial slalemenls, when there is a 5egally enforceable right to sel off the recognised arnounts and Ihere is an intention lo sellle on a nel basis or lo realise the asset and sellle Ihe liability simultaneously. Basic financlal assets Basic financial assets, which includo deblors and cash and bank balances, are initially measured at Iransaclion prlce including Iransaclion costs and are subsequently Carried al amortised cost Using the effeclive inleresl method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured al Ihe present value of the fulure receipts discounlod al a markel rale of interest. Financial assels classified as receivable within one year are not amortised.
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl Basic financial liabilitles Basic financial liabilities, including creditors and bank loans are initially recognised al Iransaclion price unless the arrangement conslilules a financing Iransaclion, where Ihe debt in51rumenl is measured al the present value of the future payments discounted al a market rale of inl?resl. Financial liabilities classified as payable within one year are not amortlS8d. Debt instruments are subsequently carried at arnortised cost, using the effeclive interest rate method. Trade credllors are obllgations lo pay for goods or seryices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl Ilabililies. Trade creditors are recognised inilially al Iransa¢lion price and subsequently measured al amorlised cost using the effective interest method. Derecognltion of financial liabillties Financial liabilili8s are der8cognised when the charlly's conlraclual oblig311ons expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday enlillemenl is recognised in the period in which Ihe employee's services are received. Terminalion benefils are recognised immediately as an expense when Ihe charily is demonslrably commilled lo terminate the ernploymenl of an employee or to provide lerminalion benefits. 1.12 Retirement benefits Payments to defined conlribulion reliremenl benefit schemes are charged as an expense as they fall due. 1.13 Grants Capital grants are included as incoming resources when receivable and c8legorised within designated funds. Depreciation is subsequently charged against the fund each year equivalenl lo the rates on the relevant assets in queslion. Grants of a revenue nature are crediled lo income in the period lo which they relate. Crltl¢al accounting estlmatas and judgements In the applicalion of Ihe Gharily's accounting policies, the Iruslees are required lo make judgements. eslimales and assumptions about the carrying amounl of assets and liabilities that ale nol readily apparent from other sources. The estimates and associaled assumpliolls are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revlsions lo accounllng eslimales are recognised in Ihe period in which the estimate is revised where the revision affects only Ihal period, or In the pariod of Ihe revision and future periods where the revision affec15 both current and futuro periods. 12
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donatlons and legacle5 Unrestricted Restrl¢ted funds funds general 2023 Total Total 2023 2023 2022 Donations and gifts Forest school 5,640 5,640 292 2.961 79.306 292 5,640 292 5,932 82,267 For the year ended 31 December 2022 2,961 79,306 82,267 Donations and gifts Other 5,640 5,640 2,961 5,640 5,640 2,961 Forest School Olher 292 292 79,306 292 292 79,306 Income from charltable activitie5 2023 2022 Causeway Coast and Glens 8orough Council Rent receivable Room hire 7,330 26,680 5.735 4,625 25,065 10,531 39,745 40,221 Income from other trading activities 2023 2022 The Pantry income 135,568 110,030 13
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 other income U nrestrlcted Unreslricled funds funds general general 2023 2022 Other income 3,956 36,456 Expenditure on charitable activities 2023 2022 Staff costs Depreciation Forest School expenditure Forest school w8ges 8,600 18,526 7,649 34,232 11,348 18,664 62,905 49,136 69,007 142.053 Share of support costs (see note 8) Share of governanc8 costs (see nole 81 42,461 4,040 56,622 2,777 115,508 201,452 Analysls by fund Unreslricled funds - general Unr8slricled funds designated Reslricled funds 56,463 17,164 41,881 72,246 17,164 112,042 115,508 201,452 14
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support and governance costs Support Governance costs costs 2023 2022 Ba515 of allocation Slaff costs Rates Insurance Lighl and heal Repairs and malnl@nan@@ Prinling, postage gnd glaiian@ry Telephone Bank charges General expenses 9,683 2,022 5.644 17,412 3,638 9,683 2,022 5,644 17,412 3,638 16,423 Support 1,923 Support 5,406 Support 19.642 Support 4,369 Support 1,202 1,202 2,192 Support 1,414 424 1,022 1,414 424 1,022 2,310 Support 1,140 Support 3,217 Support Legal and prof2ssional Govern8n¢e 4,040 4,040 2,777 42,461 4,040 46,501 59,399 Analysed between Charitable activities 42,461 4.040 46,501 59,399 Governance costs includes payments to the independent examiners of £4,04012022 £2,777). Net movement in funds 2023 2022 The net movement in funds is slated after chargingllcredilingl.. Deprecialioll of owned tangible fixed assets 18,526 18,664 10 frustees Non8 01 the IrLJslees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Expenditure on other tradlng acllvltles 2023 2022 The Pantry purchases The P8nlry wages The Pantry repairs 64,380 72,168 3,493 51,130 63,206 1,256 140,041 115,592 15-
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employees Number of employees The average monthly number of employees durlng the year was.. 2023 Number 2022 Number Adminislralion and support The Pantry Employment costs 2023 2022 Wages and salari8S Social security costs Other pension cosls 116,083 7,550 1,050 128.765 9,721 1,627 124,683 140,113 There were no employees whose annual remuneration was £60,000 or more. 13 Taxatlon The charity is exempl from taxation on ils activities because all ils income is applied for charitable purposes. 14 Remuneration of key management personnel Th8 senior management leam is mad8 up of the Iruslees and tho manager. The remuneration of key managamenl personnel is as follows.. 2023 2022 Aggregate compensalion 26,457 30,716 16
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 Tanglble fixed assets Land and bulldlngs Fixtures, fittlngs and equlpment Total Cost Al 1 January 2023 887,264 54.175 941,439 Al 31 December 2023 887,264 54,175 941,439 Depreclation and impalrment Al 1 January 2023 Depreaialion charged in the year 376,251 17,745 48,972 781 425,223 18,526 Al 31 December 2023 393,996 49,753 443,749 Carrylng amount Al 31 December 2023 493,268 4,422 497,890 Al 31 December 2022 511,01.2 5.203 516,216 16 Stocks 2023 2022 The Pantry stock 1,000 800 17 Debtors 2023 2022 Amounts falllng due within one year: Trade debtor8 Prepayments and accrued Income 1,286 40 384 40 1,326 424 18 Creditors.. amounts falling due within one year 2023 2022 Other taxation and social securlly Accruals and deferred income 7,575 6,841 7,516 6,528 14,416 14,044 17
GARVAGH DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Retlremeni benefit schemes 2023 2022 Defined contribution schemes Charge lo profil or loss in respect of defined contribution schemes 2,100 3,254 The charity oper81es a defined contribution pension scheme lor all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 20 Analysis of nel assets between funds Unrestricted Unrestricted designated general Restricted Total Fund balances al 31 December 2023 are represented by.. Tangible assets Currenl asselsl{liabililies) 476.317 21,373 12,246 497,690 12.246 476,317 33,619 509,936 21 Financlal commitments, guarantees and contlngent liabilities Certain grants received and receivable may become repayable lo the fundor if the charily is no longer able lo meel the conditions under which they were awarded. Due lo the nature of these contingencies il may not be possible to quantify the potential financial effect or give an indicalion ol the liming as lo the liabilities that may arise.