Company registration number.. N1029941 Greysteel Communlty Enterpri8e• Company lirnlted by guarantee Fln4nclal 8tatement8 30 Septembor 2018
Greysteel Community Entgrprise8 Company Ilmlted by guaranteg Contentg Pag• Legal and administrative informallon Trustees, Report Auditors, Report Stslemenl of Flnancial Activities for the year ended 30 September 2018 Bal•nce Sheet as a130 September 2018 io Note$ lo the Accounts
Greysteel Community Entgrpr15e$ Company Ilmlted by guaranteo Legal and Admlnlstratlve Informatlon Status The organbsatlon is a charitable company limlled by guarantee, incorporated on 12th September 1995 and is recognised as a charity by the HMRC. The governing document is a Memorandum and Articles of Association, updated as of 13th April 2015. DlrnctorB . Al8n Hunter Mary McNicholl William Bradley lappoinled 121031181 Brendan Dowdall (appointed 12103118} Hugh Nicholl Jo8nn8 Mcconway Fran¢i$ Cassl¢Yy lappoinled 121031181 Bridget Mullin (appointed 121031181 Company SoGrgtary . Mary McNlcholl Audltor• & AGcountant• . Fergus McAleer & Co Chartered Accountants Registered Auditors 31133 Clarèndon Streot Derry BT48 7ER Maln 8onker8 . First Trust Bank Meadow 88nk Strand Road Derry BT48 7TN Sollcltorn Paul D Thompson Solicitors 7 Locsge Road Colgraine BT52 1LU Reg18tered Offlc• . The Vale Centre Clooney Road Greysleel BT47 3GE HM Rgvenue & Customs Charity Reference No . XR33827 Company Number.. N1029941 Charity Comrnission for Northern Ireland NIC105809 Page 1
Greysteel Community Enterprlses Company limited by guarantee Trustee8' Annual Rèport Ilncludlng Dlrectors, Reporti Year ended 30 September 2018 The Directors are pleased lo present their annual report together with the financial statements of the Charity for the year ending 30 Septèmber 2018 which are also prepared lo meet the requirements for a Directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act INI) 2008, the Ch8rilie$ (Accounts and Reportsl Regulations INI) 2015, Companies Act 2006. the Memorgndum and Articles of Associallon, and Accounting and Reporting by Charities.. Stslemenl of Recommended Praetise applicable lo charities preparing their accounts in accordance with the Financial Reporting Slanosard applieable in the UK and Republic of Ireland IFRS102118ff8clive 1 January 20151. Dlr8ctor8 and tru8teo8 The directors of the charitable company Ilhe charilyl are the Iruslee$ for the purpose of charity law. The truste85 during the year and al the 30 September 2018 were as follows.. Rosemary O'Donng11 (Resigned 051031181 Mary McNicholl 8rendan OowdalS (Appolnted 121031181 Alan Hunter Patrick MGGinnis (Resigned 121031181 Joanna Mcconway Hugh Nicholl Sharon Proctor IRe81gned 121101181 William Bradley (Appointed 121031181 Franci5 Cassidy (Appointed 121031181 Bridget Mullln (Appointed 121031181 Objects and ActlvltS0• The ¢harity'$ objects are specifically restricted lo the following.. 11 To promote the benefit of the inhabitants of Greysleel and the surrounding environs wilhoul distinction of age. gender, disability, sexual orienlalion, nationality, elhnlc identity, political or religious opinion, by association the Slalulory aulhorilies, community and voluntary organisalions and the inhabitants in common effort lo advance education, relieve povety and for the preservation and promotion of good health, and in particular, bul not exclusively.. lo proviole recreational and leisure lime activities in the interests of social welfare for recreation or other 18isure-lim8 occupation, with the object of improving the conditions of life for the said inhabilanls., lo provide childcare facilities. meeting rooms. training, ¢onference and other facilities for the benefit of Ihg comrnunity., to provide programmes of education and sport to develop the e8P8city. capability and $kill$ of young people lo enable them to parti¢lpale In society as independent, Matu and responsible individuals. 21 The promotion for the benefit of the public of urban or rural regener81ion in the socially and economically deprived are8 of Greysleel and its surroUndn9 environ5 by any of the following means.. the creation of employment opportunities by the provision of workspace, building5, andlor land for use on favourable terms., the provision of re¢realional facilities for the public al large or those who by reason of their youth, age, infirmity or disablement, financial hardship or so¢ial and e¢onomi¢ circumstances. have need of such facilities-, the promotion of public safety and prevention of crime. Page 2
Greysteel Community Enterprls88 Company Ilmited by guarantee Trustee$, Annual Report Ilncludlng DlreGtors' Report) Year ended 30 September 2018 Roviow of actlvltlos In thg past ygar and plan• for the futur8 During the current year the Charity continued to work lo pursue its charitable objects in dlfferent ways and has carried out the following aclivilie$ in the past year. All of our purposes are for the benefit of the public in the Greysleel and Surrounding district, wilhoul distinction ol age, gender, dis8bility, sexual orientation, nationality. ethnic identity, political or religious opinion, Health and social well-belng are sllll very ntral to the work of our charity and we Qonlinue lo offer opportunities for physical activity through our community gym and outdoor playing fields. The charity uses sport as a tool lo promote good relations and tackle sectarianism within our community. The charity runs community-based inilialives to larg81 the marginalised young people within our local areas and use a range of sports lo en9age them in conslruclive a¢livilies which they hav8 a passion for especially during limes of heightened anli-8OCI81 behaviour or increased Gommunity tensions in the summer months. This includes summer schemes, outreach work, after-5chool's club$, football lournamenls, extended school'¥ programmes and offerlng coaching qualifications and training opportunities for the unemployed loca people. The charity also works with stslulory bodi85 suGh as the local council and PSNI lo engage young people in particular in programmes aimed al reducing anti-social behaviour in the loeal area. The charity also runs an off the slreot imilalive which provides personal development and physical activities for youth during anti-social hours al the weekends. Tho Charity runs a bèspoke limelable of classes which alms at reducing SOCIBI isolation within our community. Examples of these are fitness classes for women who are unemployed, craft classe5 ft)r the elderly. Zumba etc. Wilhoul these Se1¢e5 people have lo travel outside of their own area, which lead5 10 a disconnected community. These seNi¢e$ are a lifeline lo those who use them as often this is the only lime they gel lo engage with others in the community. The direct benefit which flows from the preseNalion and promotion of good health is that Ioc81 people will be taking part in aclivilles which improve5 their general phy51cal health as well as mental health. The long-lerm benefit is that people's health will be improved and therefore live a longer happier life. These benefits are evidenced through attendance ai our variou5 filne5s, CreatIOnal and soclal aetivitiès In our large indoor hall and also our filn8SS Sulte. The dlrecl benefit which flows from th¢ advancement of educallon is that new skills are learned from various prograrnmes lor all ages. The beneficiaries are more informed on clifferenl 9ubjecls and will be able to apply these new skills. We provide meeting rooms and training and conference facilities 81so for the use of olh6r communlty and voluntary organisalions to hold their various training programmes and workshops. While all the community will have the opportunity lo benefit we also aim lo have specific courses aimed al young people to help develop their capacity. capability and skills lo enable them to participate in society as independent, mature and responsible individuals. The direct benefit which flow5 from the relief of povety 15 that we are able lo provide classes and aclivi11gS either free or at a reduced rate to those who would not otherwise attend through lack of means. Our priority Is the benefit of all the community, and those that are least able to afford to attend our activities are quite often those that would benefit the most. The direct benefits which flow from the promotion of urban or rural regeneration in this socially and economically deprived area include the relief of unemployment by providing retail units and workspa¢e on favourable terms so that new businesses will be attracted to the aa, leading to better job and employment prospects in the local area. We aim to do our best lo encourage new businesses lo locale al one of our parks. Page 3
Greystg01 Community Enterprises Company Ilmtted by 9uarant•e Trustees. Annual Report Ilncludlng Dlrectors, Roportl Year ended 30 September 2018 In order to achieve ils targets of assisting those in need the Charity must continue lo maintsin and strengthen its financia1 position. To this end the Charity can report that this year it has produced adequate resources and has reported a gmall surplus lafter removing rSeprecialion charges) on 11$ ongoing charitsble aclivilies. Reserv•• pollcy The directorsltruslees have reviewed the reserves of the company. This review encompassed the nature of the income and expenditure streams, the need lo match variable income with fixed commitments and the balanc8 and nature of the reserves themselves. The direclorsrtru$lees have forecast the level of free reserves Ithal is those funds not tled up in fixed assets and designated and reslri¢led funds) that the charity will require to sustain ils operations and meet ils linan¢ial obligations over future periodg. They are satisfied that the reserves held are more than adequate for these purposes and will contlnue lo monitor and review the funcls held to ensure that tha existing and future charitable activities of the organisalion be funded from its re$ource8, Rlsk managem•nt The dlreclor8 have oxamineé the major slraleglc. business and operational risks which the eharlty faces and Confirm that systems have been e$tablished lo enable regular reports to be produced so that Ihe necessary steps oan be taken lo lessen these risks. Committees, where appropriat8. have been 851ablished to cover all risk areas and these committees report regularly lo the Board of Directors. Ernployee Involv•m•nt and 9rnploym•nt of the dl•abl•d Employees have been consulted on issu85 of ¢oncem lo them and have been kept inft)rmod on specific matter$ directly by the Board. In aG¢or4ance with the charity's equal opportunitiès poll¢y, the charity has established falr employment practices in the recruilmenl, selection, retention and training of dlsabled staff. Statom•nt of DlrectorB Ro8pon•lbllltl•s The charity Iruslees (who are also the ¢Jire¢lors of the Greysteel Community Enl8rprises for the purposes of company lawl are responsible for preparing a Iruslees, annusl réport and financial statements in aGGordance with applicable law and regulation5. Company law requires the directors lo prepare financial slalements for each financial year. Under that law the directors have elected lo prepare the financial statements accordance with United Kingdom Generally Aceepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under company law the trustees musl not approve the finanoial slalements unless Ih&y are satisfied that they give a true and fair view of the slate of affairs of the company and of the profil or loss of the company for that year. In preparing these Ihe directors are required lo.. select suitable accounting policies and apply them consistently., make judgements and eslimales that are reasonable and prudent., observe the methods and principles in the Ch8rities SORP.. slate whether applicable UK accounting standards hgve been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is in8ppropriale lo presume that the company will continue in business. Page 4
Greysteel Communlty Enterpri8•8 Company Ilmited by guarantee Trustees. Annual Report (including Diroctor8' Report) Year ended 30 Sgptembor 2018 Thg directors are responsible for keeping adequate accounting records that are sufficient lo show and explain the oompany's transactions and disclose with reasonable accuracy al any time the financial position of the company and enable them lo ensure that the financial slalemenls comply with the Companies Act 1985. They are also responsible for safeguarding the as5els of the company and hence for taking reasonable steps for the prevention and dele¢tion of fraud and other Irfegularities. In so far as the directors are aware.. there is no relevant audit information linformation needed by the company's auditors in connection with preparing their report) of which the company's auditors are unawar8. and the directors have taken all th8 slops that they ought to have taken lo m8ke themselves aware of any relevant audit information and to 8slablish that the company's auditors are aware of that Information. Audltorn Fergus McAt8er & Co a deemed lo be reappointed in accordance wlth Section 487121 of the Companies Act 2006. Small company provl8lon8 This report has been prepargd in aGGtsrdance with the provisSons applicable to companies entitled lo the small companies exemption. These financial slalemenls were approved by the board of dir6¢tors and aulhorised for Issue on 18 December 2018 and are slgned on behalf of the board by.. rendan Oowdall Director 18 December 2018 Page 5
Greysteel Communlty Enterprises Company Ilmited by guarantee Independènt auditorfs report to the members of Greysteel Community Entgrprise$ Year ended 30 September 2018 Opinion We have audited the financial stslements of Greysteel Community Enterprises Ithe 'company'l for the year ended 30 September 2018 whch comprise the Statement of Financial Activitie5. Balance Sheet and notes 10 the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable low and United Kingdom Aceounting Standards, including FRS 102 The Financial Reporting Standard 4pplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pra¢litsl. In our opinion, the financial statements.. give a true and fair view of the slate of the Company's affairs as at 30 September 2018 and of ils loss for the year then ended.. have been properly PTep8red in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in aecordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are indeper.dent of the company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, inclucling the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to golng concern We have nothing lo report in respect of the following matters in relation to which the ISAS IUKI require us lo report to you where". the directors, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate,. or the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability lo continue to adopt the going concern basis of accounting for a period of at least e1ve months from the date when the financial ststemenls are aulhorised for issue. Other Informatlon The other information comprises the information included in the annual report. other than the financial stslemenls and our au(Jilor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicily staled in our report, we do not express any forrn of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and. in doing so, consider whether the other infomialion is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstsled If we identify such material inconsistencies or apparent maler121 misslatemenls. we are fftquired lo determine whether there is a materi81 misslatemenl in the financial statements or a material misststemenl of the other information. If. based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are QuIred to report that fact. We have nothing to report in this regard. Page 6
Greysteel Communlty Enterprlses Company limited by guarantee Independent auditor's report to the members of Greysteel Community Enterprlses Icontinuedl Year ended 30 September 2018 Oplnlons on other matters pre8eribed by the Companles Act 2006 In our opinion. based on the work underteken in the course of the audit." the information given in the directors, report for the financial year for which the financial sl?temenls are prepared is consistent with the financial statements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which wè are required to report by exception In the light of the knowledge and understanding of the company and ils environment obtained in the course of the audit, we have not identified material misslalements in the directors, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion". adequate accounting records h8ve not been kept, or relums adequate for our audit have not been received from branches not visited by us.. Of the financi81 statements are not in agreement with the accounting records and the returns", or certain disclosures of directors. remuneration specified by law are not made.. or we have not receivecl all the Inforrnalion and exp5analions we require for our audit., or the directors were not entitled to prepare the financial statements in accordance with the small Companies regime and lake advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare 8 strategic report. Responsibllltles of directors As explained more fully in the directors, responsibilities statement, the directors are responsible for the preparation of the financial stslemenls and for being satisfied that they give 8 true and fair view, and for such internal control as the directors determine is necess?ry lo enable the preparation of financial statements that are free from material misslalemenl, whether due to fraud or error. In preparing the financial stalemenls. the directors are responsible for assessing the company's ability to continue as 3 going concern. disclosing, as applicable, matters related lo going concern and using the going ¢on¢ern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic allernatr've bul to do so. Auditor's responsiblllUe8 for the audit of the financial statements Our objectives are lo obtsin reasonable assurance about whether the fin8ncial statements as a whole are free from material misslalemenl, whether due to fraud or error. and to issue an sudilor's report that inclLJdes our opinion. Reasonable assur8nee Is a high level of 8ssurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always (Select a material misstslement when il exists. Misslalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. we also.. Identify and assess the risks of material misslatemenl of the financial statements, whether due lo fraud or error. design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstslemenl resulting from fraud is higher than for one resulting from èrrtsr, as fraud may involve collusion, forgery, intentional omissions, misrepresenlal'ons, or the override of internal control. Page 7
Greysteel Community Enterprises Company limlted by guarantee Independent auditorfs report to the members of Greysteel Community Enterprises Icontlnuedl Year ended 30 September 2018 Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting eslimales and related disclosures made by the directors. Conclude on the appropriateness of the directors use of the going concern basis of accounting and. based on the audit evidence obtsined. whether a material uncertainty exists related lo events or conditions that may cast signifiNt doubt on the company's ability lo continue as a going concem. If we conclLJde that a material uncertainty exists. we are required lo draw attention in our 8uditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our onclusions are based on the audit evidence obtained up lo the dale of our auttilor's pOrt. However. future events or condib'ons may cause the company lo cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosurès, and whether the financial ststemenls represent the underlying transactions and events in a manner that achieves fair presentation We communicate with those charged with governance garding, among other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the company's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006 Our audit work has been undertaken so that we might st81e lo the company's members those matters we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the company and the company's members as a body, for OUT audit work. for this report, or for the opinions we have formed. -Pfy- Conor McAteer (Senior Stslutory Auditor) For and on behalf of Fergus McAleer & Co Chartered Accountants and Registered Auditors 31133 Clarendon Street Derry BT48 7ER CHARTERED 18 DEC 2018 ACCOiN-,ANTS 18 December 2018 Pago 8
Greysteel Community Enterprise8 Company Ilmited by guarantee Statement of Financial Activities {in¢luding Income and expenditure account) for the Year Ended 30 September 2018 Unrèstricted Restricted Funds Funds Tota15 2018 Totals 2017 Notes Incoming: Donations and legacies 50 50 1,395 Income from charitable activities 29,086 29,086 43.496 Income from other trading acts"vilies 176,658 176,658 175.754 Other income Total 11,618 188,326 2.541 31,627 14,159 219.953 11.272 231,917 Expenditure: Charitable activities 112,456 95,316 207,772 210,980 Costs of raising funds Total 69.391 181,847 2.466 71,857 279,629 73.222 284,202 Net income 6.479 166,1551 159.6761 152,2851 Transfgr b•tween funds 13,2051 3,205 Net movement in fund8 3,274 162,950) 159.6761 152,2851 Total funds brought forward al 1 October 2017 25,810 2,970,581 2,996,391 3,048,676 Total funds carried forward al 30 September 2018 29.084 2.907,631 2,936,715 2.996,391 The Statement of Financial Acti'vits'es includes all gains and losses re¢ognised in the year. All income and expenditure derive from conlinuiftg activities Page 9
Groyst6el Community Enterprises Cornpany Ilmlted by guarantee Balance She•t a$ at 30 SepteMr 2018 Unrostrlcted Restrict•d Funds Fund8 Total8 2018 Totals 2017 Note8 Flxed Assets Tangible Asset$ Total flxèd assets 67.962 67.962 2,898.942 2,898,942 2,966,904 2,966,904 3,034,835 3,034,835 Currgnt A88•t8 Debtors Cash al bank and in hand Total curr•nt •$set• 10 5,981 9,035 15,016 4,368 4,321 8,689 10,349 13,356 23,705 9,988 6,444 16,432 Credltorn.. amount• falllng due wlthln on• year 11 50,381 50,381 49,488 Not ¢urr•nt as8ets 135,3651 8,689 126,8761 133.0581 Total assets I9 ¢urr•nt Ilabllltl•8 32,S97 2,907,631 2.940,228 3,001,779 Credltorn: •mount8 falllng du• aft•r on• year 12 13,S131 13,5131 15.3881 Net a81•ts 29.084 2,907,631 2,936,715 2,996,391 Tho funds of tho charlty Fund• 15 29,084 2,907,631 2,936,715 2,996,391 These financial statements have been prepar8d accordance with tho provisions applicable lo companies subject lo the small companies, regime anos in accordznce with FRS 102 'The Financial Reporting Slandord applicable in the UK and Republic of Ireland,, These financial statements were approved by the board of direGlors and authorised for issue on 18 December 2018. and are signed on behalf of Ihg board by.. rendan Dowdall Director Mary Mc Director Page 10
Greysteel Community Enterprlses Company Ilmlted by guarantee Notes to the flnancial staternents Year ended 30 September 2018 General Informatlon The company 1$ a private company limited by guarantee. registered in Northern Ireland. The address of the registered offioe is The Vale Cenlre, Clooney Road, Greysleel, BT47 3GE. A¢¢ountlng poll¢lo8 Ba818 of prep#ratlon The financial slalem8nts have been prèpared in accordance with Accounting and Reporting by Charitie$.' Sialemenl of Recommended Poctice applicable to charities preparing their accoun15 in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 1021 leffectlve 1 January 20151 (Charities SORP IFRS 10211. the Financial Reportino Standard applicable in th8 UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Greysleel Community Enterprises rneels the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical ¢ost or transaction value unless otherwise stsled in the relevant accounting policy nolelsl. The financial statements are prepared in steding, which is th• functional currency of the entity. Turnov•r Turnover repre88nts the total value of grants reGgivgd and receivable a5 well as other income arising from other operating and fundraiSn9 activities during the year. Grants are recognised in the Profil and Lo55 account when the conditions for their receipt have been complied with and there is asOnable assurance that the grant will be received. Income from government and other grants, whether 'capilal' grants or 'revenue' grants, is recognised when the charity has enlitlemenl lo the funds. any porformance conditions alla¢hed lo the grants have been mel, il is probable that the income wlll be raceived and the amount can be m98sured reliably and is not deferred. Taxatlon During the current year the company has only been involved in charitsble activities in furtherance of ils oharilable objects and is not liable lo Income Tax or Corporation Tax. Tangibl* a888ts Tangible assets are initially recorded at cost. and are subsequently slated at cost less any accumulated depreclation and imp8irment losses. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows., Land Buildings Short le8sehold property Plant and machinery Fittings fixtures and &quipmenl No depreciation 2% slraighl line slraighl line straight line straight line 25% 100 If there is an indication that there has been a significant change in depreciation rate, useful life or Sidual value of tangible assets, the depreci8tion is revised prospectively lo reflect the new estimates. Page 11
Greysteel Community Enterprises Company Ilmited by guarantee Note¥ to the flnancial statements Icontinuedl Year ended 30 September 2018 Hlre purchase and flnance leases Assets held under finance leases are recognised In the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease térm. Any initial direct costs of the lease are added lo the amount recognised as an asset. Lease payments are apportionèd beeen the financg charge$ and reduction of the outstandin9 lèasè liability using the effective interest mèthod. Finance charges are allocated to each period so as lo produce a constant rale of interest on the remaining balance of the liability. Flnanclal Instruments A financial asset or a financial Ilability is recogni58d only when the company become$ a paty lo the conlraelual provisions of the instrument. BasiG financial instruments are initially recognised al the transaction price, unless the arrangement conslitules a financing transaction. where it is recognised at the present value of the future payments dlscounled al a market rate of interest for a similar clebl inslrumenl. Doflnod contrlbutlon plans Contributions lo defined conlributlon plans are recognlsed as an expense in the period in which the rèlated service Is provided. Prepaid eonlribulions are recognised as an asset lo the exlenl that the prepayment will lead to a reduction in future payments or a cash refund. Llmlted by guarant8• Greysleel Cornrnunity Enlerprlses18 a rggi5tored charity limilgd by guarantee, HMRC Charity Reference Number., XR33827 Northern Ireland Charity Commission Number., NIC105809 Fund8 Uftr8strlcled Revenue Fund$- comprise those revenue funds which the management ¢ommittee are free to use in accordance with the company objeGlive$. Restricted Revenue Fund5 - ¢omprise those revenue funds which have been given for particular purposes and projects. Unrestricted Capitsl Funds- comprise those nel assets which the trust is able to apply freely in pursuit of ils own charitable objectives and related purposes. Reslricled Capital Funds comprise thos8 net assets which al the end of the a¢counting period have specific grant and other conditions reslricling either their use or their disposability for defined periods. Page 12
Greysteel Community Enterpr5se8 Company Ilmlted by guarantee Notes to tho flnanclal statem•nt8 Icontlnugdl Year 8nded 30 Septembor 2018 3. Income Unrn$trl¢tsd Restrlctod Fund6 Funds Total 2018 Total 2017 Donatlon8 & legacles Donations received 50 50 50 50 1,395 1,395 InGom8 from charltable actlvlt1•6 Causeway Coast and Glens 8orough Council Communlty Foundation Nl - Happy mums Community Foundallon Nl - Social Connected Project Causeway Coast and Glens Borough Council-PCSP USEL The Honour3bl8 Irish Society Foyle Community Work Programme Halifax The Education Authorlty - T..BUC Garfield Weston Grant Total 3.900 3,900 3,500 2,500 5,000 4,003 1,300 500 11,929 4,000 10,764 7,030 825 7,030 825 1.641 4,000 1.690 10,000 1,641 4,000 1,890 10,000 29,086 Income from other tradlng a¢tlvltl•s Fitness Suite Centre Fundraising Activities Rentsl of Units Total 21,137 84,753 70.768 178,658 21.137 84.753 70,768 176,658 21,353 90,388 64,013 175.754 Other Income Other Income 11,618 11,618 2.541 2,541 14,159 14.159 11,272 11,272 Operatlng Io¥B Operating loss is staled after ¢hargingllcredilingl'. 2018 2017 Depreciation of tangible as9ets (Gainllloss on disposal of tangible a8sel$ Impairment of trade csebtors Fees payable for the audit of the financial ststements 71.047 68,643 1991 45 3,300 3.465 Page 13
Grey8teel Community Enterprises Company limited by guarantee Notes to the financlal statements l¢ontlnuedl Year ended 30 September 2018 Expenditurè Un-rnstrlcted Funds Re8trlctod Fund8 Total 2018 Total 2017 Expendlture on ¢harltable actlvltl•8 Wages and salaries Employer's social security contributions Staff pension costs - defined ¢onlribulion Staff training Rates Cleaning Repairs and maintenance Small equipment Printing, postage, advertising and Telephone Hire of equlpmenl Motor & travel oxpenses Bank charges Bad debts Dlscounls recoived Subscriptions Othèr interest payable and simi18r Insuranc8 Light and heal Fundraising & ovenls expenditure Programmo costs Depreciation of tangible asse15 Gainlloss on di5POsal of tangible assets Total 46,910 4,982 1,597 1,427 1,176 1,971 10,383 463 1,809 2,341 1S0 1,297 2,085 14,000 60.910 4,982 1.597 1.427 1,176 1,971 10,383 463 1,809 2.341 150 1,297 2,085 56,268 4,399 335 688 3,526 1,798 13,607 377 1,992 2,841 271 703 1,714 45 202 309 179 9,804 24,426 2.560 16.591 68.643 1991 210,979 46 267 267 9,713 20,105 1,035 9,713 24,005 3,235 8,868 71,047 3,900 2,200 8,868 66.348 4.699 112,456 95,316 207.772 Expenditur• on ralslng lunds Wages and $8laries Employer's social security Contributions Staff pension costs- defined conlTrbulion Rent payable Clothing Costs Vending machine expen¢Jilure Computer costs Legal and professional Consullan¢y fees Auditors remuneration General expenses Hire purchase interest Interest on overdue taxation Total 55,086 1.053 890 1,000 2,468 57,552 1,053 890 1.000 60,017 1,008 18 1.000 323 2,706 2,449 80 500 3,300 1,506 313 2,846 2,615 40 2,846 2,615 40 3,465 2,091 300 3,465 2,091 300 69,391 2,468 71,857 73,222 Page 14
Greysteel Community Enterprises Company Ilmlted by guarantee Notes to the flnanclal 8tatem•nts Icontlnu8dl Yoar ended 30 Septembgr 2018 Staff costs The average number of persons employed by the company during the year, in¢luding the directors, amounted lo.. 2017 2018 Management Admin and Cleaning Car bool 11 16 17 The aggregsle payroll costs incurred during the year were.. 2018 2017 Wages and salarie$ Social security eosls Other pension costs 118.461 6,035 2,487 116,286 5,407 353 128,983 122,046 None of th8 Iruslees have been pald any remuneration or received any other payment from an employment with the charity. None of the Irusloes have had expenses reimbursed in the year. The key management personnel of the eharity compdse the trusteès. Manager and the Finance Officer. The lolal benefits of th8 key management personnel of the charity was £47,671130 September 2017 - £46.2741. No employees re¢eived lolal benefit5 amounb'ng lo more than £60,000 in the yeaf ended 30 September 2018130 September 2017 - none). Pago 15
Greysteel Community Enterprlses Company Ilmltod by guarantee Notes to the financial $tatements Icontlnuedl Year ended 30 Sopt•mber 2018 Tanglble assets Freehold propety Long leasehold property Short leasehold propety Plant and Fixtures, machinery fittings and equipment Total Cost Al 1 October 2017 Additions 2,831,532 971,065 40,594 11.200 350 151,985 4,006,376 2,765 3,115 At 30 S8ptembor 20182,831,532 971,065 40.594 11,550 154,750 4,009,491 Depreci4tlon Al 1 October 2017 Charge for the year At 30 Soptember 2018 894,009 Carrylng amount At 30 September 20181,937,S23 AI 30 September 2017 1,994.154 837.378 58.631 8.244 812 629 2,807 125.291 10,797 971,542 71,047 9,056 3,438 136,088 1,042,589 971,065 31,538 8,114 18,662 2,966,902 971,065 32,350 10,571 26,694 3,034,834 Obllgatlons undèr flnance lea•oS Included within the Carrying value of 13nglble assets are the ft>llowing amounts relating lo assets held under finance leases or hire purchase a9reemenl$'. Plant and machinery At 30 Sept8mber 2018 AI 30 Septembèr 2017 7,771 10,571 10. Debtorn 2018 2017 Trade debtors Other debtors 3,407 6,942 6.614 3,374 10.349 9,988 Page 16
Greysteel Community Enterprises Company limlted by guarantee Notes to the flnanclal statements Icontlnuedl Year ended 30 September 2018 11. Credltors: amounts falllng due withln ong year 2018 2017 Bank loans and overdrafts Tr3de creditors Social security and other taxes Other creditors 3,264 9,122 6,742 31,2S3 6,601 6,670 3.707 32,510 50,381 49,488 12. CredStors: amounts fallln9 due after more than one year 2018 2017 Other creditors 3,513 5,388 13. Obllgations under flnan¢g leases Company lessee The total future minimum lease payments under finance lease agreements are 85 follows.. 2018 2017 Not later than 1 year Later than 1 year and not la18r than 5 years 2,100 3,725 2,100 5,825 5.825 14371 7.925 17371 Less.. future finance charges Present value of minimum lease payments 5,388 7,188 14. Employee benefits The amount recognised in profil or loss in relation lo defined contribution plans was £2,487 12017.. £3531 The defined contribution liability is allocated lo unrestricted funds. Page 17
Greysteel Community Enterprise8 Company limited by guarantee Notes to the flnan¢ial 8tataments Icontlnuedl Year ond¢d 30 Septembor 2018 15. Analysls of ¢harltable fund$ Analysls of movements In unrestrlcted fund8 8alancg at In¢omlngRe8our¢g8 Funds at 1 O¢t'17 Rgsour¢•• Expended Transfern 30 Sep '18 General Fund 25,810 188,326 1181.8471 13,2051 29.084 25,810 188,326 1181.8471 13,2051 29,084 N•m• ol restrlctgd fund General Funds De8crlptlon ol tho Fund Funds which the trust is ablo lo apply freely in pursull of its own charitsble objectives and related purp05es. Analysls of mov•ment• In re•trl¢tod fund• 8alanco 4t IncomlngR6sourco8 1 O¢t'17 Resour¢o5 Expondod Tr4n$f•r8 Fund8 Ilt 30 Sep'18 Reslricled Fund 2,970,581 31,627 197.7821 3,205 2,907,631 2,970,581 31,627 197.7821 3,205 2,907,631 Name of re8trlcted fund Reslricled Fund De•crlptlon of the Fund Funds which the Trust applies for particular purposes and projects in pursuit of its charitsble objectives. An•ly81• of not aB8•t8 b•tw•on fund• Gfjneral Restrlcted Fund Fund Total 67,962 2,898,942 2.966,904 9,035 4,321 13,356 5,981 4.368 10,349 150,3811 150,3811 3,5131 13,5131 Fixed Asset$ Ca$h at bank and in hand Other current assets Current liabilities Long term liabilities Total 29,084 2,907,631 2,936,715 Pago 18
Grey8teo1 Communlty Enterprises Company Ilmltèd by guarantee Notes to the financial statements l¢ontinuedl Yoar ended 30 Septembgr 2018 16. Related party tran$actlon8 During the year the company entered into the ft)Ilowing tran$a¢tions with related parties., Transaction value 2018 2017 8alance owed byllowed lol 2018 2017 Directors loans 3,500 7,000 15.5001 19,0001 During the year ended 30 September 2018 the ¢ompany purchased goods lolalling £Nil from company connected to one of the directors on commercial terms al arms length130 September 2017 £7,003). Page 19