GARVAGH DEVELOPMENT TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual report and financial statements for the year endèd 31 December 2023. The accounts have been prepared in accordance with the accounting policies set DUI in note 1 to the accoLJnts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities.. Slalemenl of R8commendod Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable iri the UK and Republic of Ireland IFRS 1021" las arrended for accounting periods commencing from 1 January 20161. Objoctives and activities The charity maintains a 81 listed building,. 5 units which are rented 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 cafeteria called The Pantry. The object5 of the company are.. 1. to promote the benefit of the inhabilanls of Garvagh and the neighbourhood thereof by the advancement of education and the provision of facilities in the interest of Social welfare for recreation and leisure lime occupation with the object of improving the conditions of life for the said inhabilanls- 2. to preserve for the benefit of the public whatever18nd, buildings or other structures may exist in Garvagh and ils environs of particular beauty or historical or archileclural interest., 3. to provide or secure the provision of public amenities in Garvagh and its environs for the benefit of the inhabilanls 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-esleem and increased ability to access employment opportunities. The benefits are evidenced throLJgh 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 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 to our beneficiaries. Providin facilities in the interests of social welfare for recreational activities desi ned to romole heallh and fitnes5 or other leisure-lime occu alion with the ob'ecl of im rovin the conditions of life for the said inhabitants The direct benefits which flow from this PLirpose are.. the provision of a neLJlral venue for local people to meet and socialise, increased access to information. increased confidence and self-esteem and increased cross- community interaction. The benefits are evidenced through feedback and evaluation from the group and local community. There is no harm anlicipaled from this purpose. The charity's beneficiaries are people living in the rural area of Garvagh and Oislricl. A private benefit may arise from trustees accessing our ongoing programme of activities for the community. These benefits are incidental and necessary lo ensure the benefit is provided lo our beneficiaries. Preservin for the benefit of Ihe inhabilanls of Garva constructed herila ema exisl in and around the Villa or historical archileclural or conslruclional interest The purpose of this charity is lo provide management and administration to secure, by such means as are available. the preservation, protection and restoration 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 cornmunity. 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 beneficiarie5 are people and business living in Northern Ireland who use and visit Garvagh Community building. h and District whatever of the historical archileclural and e of Garva h in the form of buildin s of articular beaul
GARVAGH DEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Providin roved social and environmental conditions as a result of communit activities leadin lo a better ualit of life for the inhabitants The beneficiaries are the general PLJblic. The benefits includg the maintenance of current amenities and the creation of new village amenities for uso by the local community, visitors and tourists. What was once neglected in terms of ameni1I8s including pathways, parks, public leisure facilities. signage and lighting is now fil for purpose and structurally secure and being fully used by the local community, small businesses and other charitable organisations. 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 r8 eneration Achievements and performance Finan¢ial review The company returned nel expenditure for the year of £70,348 12022 £48,070 net expenditure). At 31st December 2023 the total funds of the charity amounted lo £509,93612022 £580,284) cowprising designated funds of £476,317 12022 £493,481), general unreslricled funds of £33,619 (2022 - £54,566) and reslricled funds of £012022 - £32,237). Of the total funds reportod above, £24,336 is made up of cash al bank and in hand. Reserves policy The trustees endeavour to maintain sufficient funds to ensure that, in the event of a significant drop in funding, they will be able to continue the charity'5 current activities while consideration is given to ways in which additional funds may be raised. Risk Management The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure. governance and management The charity is a company limited by gLJaranlee and is governed by its Memorandum and Articles of Association. Garvagh 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 slalements 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 Mr O Quigg (Resigned 16 November 2023} The management of the company is the responsibility of the Iruslees who are elected under the terms of the Memorandum and Articles of Association. Miss A Clyde, Mr P McKinney. Mr J Smyth, Miss T Magowan and Mr l Laughlin, being one half of th& trustees for the lime being, in accordance with Section 34 of the Articles of Association, retire by rotation al the Annual G8naral Moeling. The above persons, being eligiblo, offer thgmsglv8s for re-election. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees, 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