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 DirectOrs￿rUsteeS 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.