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2023-09-30-accounts

Company registeration number NI029941

Charity registration number NIC105809

Charity tax reference XR 33827

Greysteel Community Enterprises Company limited by guarantee

Report and Accounts

Year Ended

30 September 2023

Chartered Accountants & Registered Auditors

8 Bridge Road, Moira, Craigavon, BT67 0PF

SJK

Greysteel Community Enterprises Company limited by guarantee Report and accounts Contents

Page
Charity reference and administrative details 1
Trustees annual report (including directors' & strategic report) 2 to 5
Independent auditor's report to the members 6 to 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 to 17

Greysteel Community Enterprises Company limited by guarantee Company Information

Company registration number

NI029941

Charity tax reference

XR33827

Charity Commission for Northern Ireland reference NIC105809

The board of directors

Paul Bradley Gary Nicholl Joanna Gray Bridie Mullin Francis Cassidy Pauline McConnellouge Natasha McNicholl (Appointed 28th June 2023) Hugh Nicholl Sheila Duffy (Resigned 25th August) Julie Bellwood (Resigned 30th January 2023)

Registered office

The Vale Centre Clooney Road Greysteel BT47 3GE

Accountants

Satori Accounting 11 Orchard Business Park Pennyburn Industrial Estate Derry, BT48 0LU

Auditors

SJK Chartered Accountants 8 Bridge Road Craigavon Northern Ireland BT67 0PF

Bankers

First Trust Bank (Meadowbank) Strand Road Derry BT48 7TN

Solicitors

Paul D Thompson Solicitors 7 Lodge Road Coleraine, BT52 1LU

1

Greysteel Community Enterprises Company limited by guarantee Registered number: NI029941 Trustees' Annual Report

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 30 September 2023 which are also prepared to meet the requirements for a Directors' report and accounts for Companies Act purposes.

The organisation is a charitable company limited by guarantee, incorporated on 12 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.�

The financial statements comply with the Charities Act (NI) 2008, the Charities (Accounts and Reports) Regulations (NI) 2015, Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

The charity's objects are specifically restricted to the following:

1) To promote the benefit of the inhabitants of Greysteel and the surrounding environs without distinction of age, gender, disabiltiy, sexual orientation, nationality, ethnic identity, political or religious opinion, by association the statutory authorities, community and voluntary organisations and the inhabitants in a common effort to advance education, relieve poverty and for the preservation and promotion of good health, and in particular, but not exclusively:

-�to provide childcare facilities, meeting rooms, training, conference and other facilities for the benefit of the community; - to provide programmes of education and sport to develop the capacity, capability and skills of young people to enable them to participate in society as independent, mature and responsible individuals.

2)� The promotion for the benefit of the public of urban or rural regeneration in the socially and economically deprived area of Greysteel and its surrounding environs by any of the following means:

-�the creation of employment opportunities by the provision of workspace, buildings, and/or land for use on favourable terms; -�the provision of recreational facilities for the public at large or those who by reason of their youth. age, infirmity or disablement, financial hardship or social and economic circumstances, have need of such facilities; -�the promotion of public safety and prevention of crime.

Strategic Report

Review of activities in the past year and plans for the future

Health and social well-being are still very central to the work of our charity and we continue to offer opportunities for physical activity through our community gym and outdoor playing fields. The charity uses sport as a tool to promote good relations and tackle sectarianism within our community. The charity runs community-based initiatives to target the marginalised young people within our local areas and use a range of sports to engage them in constructive activities which they have a passion for especially during times of heightened anti-social behaviour or increased community tensions in the summer months. This includes summer schemes, outreach work, after-school's clubs, football tournaments, extended school's programmes and offering coaching qualifications and training opportunities for the unemployed local people. The charity also works with statutory bodies such as the local council and PSNI to engage young people in particular in programmes aimed at reducing anti-social behaviour in the local area. The charity also runs an off the street imitative which provides personal development and physical activities for youth during anti-social hours at the weekends.

The charity runs a bespoke timetable of classes which aims at reducing social isolation within our community. Examples of these are fitness classes for women who are unemployed, craft classes for the elderly, Zumba etc. Without these services people have to travel outside of their own area, which leads to a disconnected community. These services are a lifeline to those who use them as often this is the only time they get to engage with others in the community. The direct benefit which flows from the preservation and promotion of good health is that local people will be taking part in activities which improves their general physical health as well as mental health. The long-term benefit is that people's health will be improved and therefore live a longer happier life. These benefits are evidenced through attendance at our various fitness, recreational and social activities in our large indoor hall and also our fitness suite.�

2

Greysteel Community Enterprises Company limited by guarantee Registered number: NI029941 Trustees' Annual Report

The direct benefit which flows from the advancement of education is that new skills are learned from various programmes for all ages. The beneficiaries are more informed on different subjects and will be able to apply these new skills. We provide meeting rooms and training and conference facilities also for the use of other community and voluntary organisations to hold their various training programmes and workshops. While all the community will have the opportunity to benefit we also aim to have specific courses aimed at young people to help develop their capacity, capability and skills to enable them to participate in society as independent, mature and responsible individuals.

The direct benefit which flows from the relief of poverty is that we are able to provide classes and activities 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 workspace on favourable terms so that new businesses will be attracted to the area, leading to better job and employment prospects in the local area. We aim to do our best to encourage new businesses to locate at one of our parks.

In order to achieve its targets of assisting those in need the charity must continue to maintain and strengthen its financial position. To this end the charity can report that this year it has produced adequate resources and has reported a small surplus (after removing depreciation charges) on its ongoing charitable activities.�

Future Planning

"The GCE Board and staff team continued to plan for the longer term during 2023, working hard to maintain optimism and strategic vision in line with our founding principles and charitable objects.

GCE is well placed and ready to take our plans forward and in the next 12 months we aim to:

Our Airdome project is exciting and ambitious, and aims to put Greysteel on the map as a centre of physical activity, sports club training and community togetherness. We are developing our plans in partnership with local and central government and with other local groups, festivals and the community.

We are optimistic about our future, and are committed to continue to build on our strengths - the local community, the next generation and driving optimism in the face of challenge."�

3

Greysteel Community Enterprises Company limited by guarantee Registered number: NI029941 Trustees' Annual Report

Benefits to the end users and wider society

The directors are satisfied that the performance of the company during the year, in terms of both financial and operational results, is in line with the charity’s constitution and key objectives.

Financial review (including reserves policy)

The net loss for the year was £35,778 (30 Sept 2022 – loss £29,620). Total funds and reserves at the end of the financial year were £2,886,920 (2022 - £2,922,698).

The trustees have reviewed the reserves of the company. This review encompassed the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the balance and nature of the reserves themselves.

The trustees have forecast the level of free reserves (that is those funds not tied up in fixed assets and designated and restricted funds) that the charity will require to sustain its operations and meet its financial obligations over future periods. They are satisfied that the reserves held are more than adequate for these purposes and will continue to monitor and review the funds held to ensure that the existing and future charitable activities of the organisation can be funded from its resources.�

Risk management

The directors have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. Committees, where appropriate, have been established to cover all risk areas and these committees report regularly to the board of directors.

Plans for future periods

There are no significant changes planned for the forthcoming financial year. The trustees will continue to govern the company in line with the constitution in order to achieve the objectives noted above.

Structure, governance and management

The charity is a charitable company limited by guarantee.

The charity is governed and managed by the board of directors. The directors who served the company throughout the year are shown on pages 1 and 2, together with details of the registered office and other professional advisors.

The board of directors carry out their governance role throughout the year by way of meetings every 6 weeks to review the performance of the company and to make decisions regarding the company’s financial and operational matters. The directors govern the activities of the company in line with the objectives set out in the governing documents of the charity, namely the Memorandum and Articles of Association and the charity’s constitution.

Directors

The directors (who are also the trustees) who served the company during the period were as follows:

4

Greysteel Community Enterprises Company limited by guarantee Registered number: NI029941 Trustees' Annual Report

Trustees' responsibilities

"The trustees, who are also the directors of the company, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these financial statements as set out above each confirm, so far as we are aware, that:

Auditor

SJK Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Small company exemptions

"This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

In approving the Trustees’ Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors.

On behalf of the Board

_____

William Bradley Director Approved by the board of directors on 19 June 2024

5

Greysteel Community Enterprises Company limited by guarantee

Independent Auditor's Report to the Members of Greysteel Community Enterprises

Opinion

We have audited the financial statements of Greysteel Community Enterprises) (the ‘company’) for the year ended 30 September 2023 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including 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 to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report , other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard,

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

6

Greysteel Community Enterprises Company limited by guarantee

Independent Auditor's Report to the Members of Greysteel Community Enterprises

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

7

Greysteel Community Enterprises Company limited by guarantee

Independent Auditor's Report to the Members of Greysteel Community Enterprises

We communicate with those charged with governance regarding, among other matters, the planned scope and timing 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 accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to 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 to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Stephen Kennedy for and on behalf of SJK Chartered Accountants Chartered Accountants & Registered Auditors

8 Bridge Road Craigavon Northern Ireland BT67 0PF

19 June 2024

8

Greysteel Community Enterprises Company limited by guarantee Statement of Financial Activities for the year ended 30 September 2023

Notes
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Trading activities
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Costs of raising funds
8
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
£
-
-
216,654
26,281		 Restricted
£
-
68,160
-
-		 2023
£
-
68,160
216,654
26,281
311,095
282,791
64,082
346,873
(35,778)
-
(35,778)
2,922,698		 2022
£
5,000
85,771
215,082
18,668
242,935 68,160 324,521
171,358
64,082		 111,433
-		 280,976
73,165
235,440 111,433 354,141
7,495
-		 (43,273)
-		 (29,620)
-
7,495
130,324		 (43,273)
2,792,374		 (29,620)
2,952,318
137,819 2,749,101 2,886,920 2,922,698

All income and expenditure derive from continuing activities

The statement of financial activities includes all gains and losses recognised during the year

9

Greysteel Community Enterprises Company limited by guarantee Balance Sheet as at 30 September 2023

Notes 2023 2022
£ £
Fixed assets
Tangible assets 12 2,782,069 2,802,860
2,782,069 2,802,860
Current assets
Debtors 13 19,435 29,497
Cash at bank and in hand 149,509 161,810
168,944 191,307
Creditors: amounts falling due
within one year 14 (22,400) (23,528)
Net current assets 146,544 167,779
Total assets less current
liabilities 2,928,613 2,970,639
Creditors: amounts falling due
after more than one year 15 (41,693) (47,941)
Net assets 2,886,920 2,922,698
Charity funds
Unrestricted 19 137,819 130,324
Restricted 19 2,749,101 2,792,374
Total charity funds 2,886,920 2,922,698

These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic Of Ireland (FRS 102)”.

These financial statements were approved by the directors and authorised for issue on 19 June 2024 and are signed on their behalf by:

Joanna Gray Director

William Bradley Director

10

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts for the year ended 30 September 2023

1 Accounting policies

(i) General information and basis of preparation

Greysteel Community Enterprises is a charitable company limited by guarantee in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The �financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting �Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (NI) 2008, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(ii) Income recognition

Incoming resources from generated funds consists of income from fees and services generated by the charity from its main charitable activities. All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Incoming resources from charitable activities consists of grants received from various funding bodies to assist the charity in achieving its objectives. Grants of this nature, whether capital or revenue in nature, are recognized in the Statement of Financial Activities when the charity is legally entitled to the income and all preconditions for receipt of the funds have been met. Income from property rentals and centre activties are recognised where there is evidence on entitlement to such income.

(iii) Expenditure recognition

�All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs have been allocated on the basis of time spent on each of the main activities of the charity, which are:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

11

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts for the year ended 30 September 2023

(iv) Fund accounting

Restricted Funds

�Incoming resources of the company which are provided for a specific purpose, together with the resources expended to which they relate, form part of the restricted funds of the charity (both capital and revenue in nature).

Unrestricted Funds

Incoming resources which are generated by the charity’s own efforts or provided with no specific preconditions, together with the resources expended to which they relate, are disclosed as part of the unrestricted funds of the charity (both capital and revenue in nature).

(v) Fixed assets and depreciation

Fixed assets are stated at historical cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Land - no depreciation
Buildings - 2% straight line
Short leasehold property - 2% straight line
Plant and equipment - 25% straight line
Fixtures and fittings - 10% straight line

(vi) Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(vi) Hire purchase and finance lease contracts

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 term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(vii) Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

(viii) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2 Net income for the year
Net incoming resources are stated after charging:
Depreciation of owned fixed assets
Auditors' remuneration		 2023
£
68,200
3,500		 2022
£
65,128
2,000

12

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts

for the year ended 30 September 2023

Donations
4
Income from charitable activities
CC&GBC - community dev support grant
KNIB Poll Grant
Finnis Scott Foundation Grant
Community Foundation NI
Dept of communities - job start		 Unrestricted
Funds
£
-		 Restricted
Funds
£
-		 Total
Funds 2023
£
-		 Total
Funds 2022
£
5,000
- - - 5,000
Unrestricted
Funds
£
-
-
-
-
-
-		 Restricted
Funds
£
1,500
-
-
66,660
-
68,160		 Total
Funds 2023
£
1,500
-
-
66,660
-
68,160		 Total
Funds 2022
£
4,625
12,000
500
48,143
20,503
85,771

5 Income from trading activities

5
Income from trading activities
Centre fundraising activities
Fitness suite
Rental of units
6
Other income
Other charity income		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds 2023
Funds 2022
£
£
£
£
104,710
-
104,710
109,238
26,022
-
26,022
23,309
85,922
-
85,922
82,535
216,654
-
216,654
215,082
Unrestricted
Restricted
Total
Total
Funds
Funds
Funds 2023
Funds 2022
£
£
£
£
26,281
-
26,281
18,668
26,281
-
26,281
18,668

13

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts

for the year ended 30 September 2023

7 Expenditure on charitable activities

Wages and salaries
Employers NIC
Staff pension costs
Class expenses & other direct costs
Staff training
Hire of equipment
Facilitators
Charitable donations
Subscriptions
Motor and travel
Fundraising and events expenditure
Programme costs
Rates
Insurance
Light, power and heating
Cleaning
Repairs and maintenance
Printing, postage, advertising and stationery
Telephone and internet
Bank charges
Depreciation
Disposal of fixed assets		 Unrestricted
Funds
£
59,446
2,859
1,700
3,510
928
2,563
16,798
1,300
1,861
3,334
7,903
21,239
1,246
11,291
22,009
-
10
1,690
1,755
3,065
6,851
-
171,358		 Restricted
Funds
£
25,534
-
-
1,000
-
-
-
-
-
-
-
-
-
-
3,500
3,281
16,769
-
-
-
61,349
-
111,433		 Total
Funds 2023
£
84,980
2,859
1,700
4,510
928
2,563
16,798
1,300
1,861
3,334
7,903
21,239
1,246
11,291
25,509
3,281
16,779
1,690
1,755
3,065
68,200
-
282,791		 Total
Funds 2022
£
109,391
3,079
2,089
204
2,357
-
50
554
3,351
2,736
20,393
1,585
10,354
22,565
5,549
24,778
2,594
2,003
2,216
65,128
-
280,976
Expenditure on raising funds
Wages and salaries
Employers NIC
Staff pension costs
Vending machine expenditure
Computer costs
Bank interest paid
Accountancy fees
Auditors remuneration
Legal and professional fees
Consultancy and training
General expenses		 Unrestricted
Funds
£
46,163
2,100
1,183
337
2,418
331
2,544
3,500
1,633
2,399
1,474
64,082		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds 2023
£
46,163
2,100
1,183
337
2,418
331
2,544
3,500
1,633
2,399
1,474
64,082		 Total
Funds 2022
£
47,586
1,880
1,149
1,614
3,124
1,541
2,350
2,000
7,513
-
4,408
73,165

9 Auditor's remuneration

The auditor’s remuneration amounts to an audit fee of £3,500 (2022 - £2,000) and accountancy services of £2,600 (2022 - £2,600). Accountancy services for the year ended 30 September 2023 were provided independently to the auditor.

14

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts for the year ended 30 September 2023

10 Trustees and key management personnel remuneration and expenses

The trustees neither received nor waived any remuneration during the year (2022 - �£Nil).

Key management personnel consist of the centre manager and finance officer. The total benefits of key management personnel during the year was £68,896 (2022 year - £59,067). No employees received benefits amounting to more than £60,000 during the current and previous year).

11 Staff costs and employee benefits

The average monthly number of employees during the year was as follows:

Raising funds
Governance
Charitable activities
The total staff costs and employee benefits were as follows:
Wages and salaries
Social security
Pension contribution costs		 2023
No.
4
2
7
13
2023
£
131,143
4,959
2,884
138,986		 2022
No.
5
2
8
15
2022
£
151,977
9,959
3,238
165,174

Employee benefits consist of defined pension contributions during the year of £2,884 (2022 - £3,238).

12 Tangible fixed assets

Cost
At 1 October 2022
Additions
At 30 September 2023
Depreciation
At 1 October 2022
Charge for the year
At 30 September 2023
Net book value
At 30 September 2023
At 30 September 2022		 Freehold
property
£
2,873,305
35,945
2,909,250
1,122,201
58,185
1,180,386
1,728,864
1,751,104		 Leashold
property
£
1,042,426
-
1,042,426
12,555
1,063
13,618
1,028,808
1,029,871		 Plant and
machinery
£
11,550
11,185
22,735
11,550
2,796
14,346
8,389
-		 Fixtures
and fittings
£
118,712
280
118,992
96,827
6,157
102,984
16,008
21,885		 Total
£
4,045,993
47,410
4,093,403
1,243,133
68,201
1,311,334
2,782,069
2,802,860

13 Debtors
Debtors
Trade debtors
Prepayments and sundry debtors		 2023
£
17,717
1,717
19,434		 2022
£
26,847
2,650
29,497

15

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts for the year ended 30 September 2023

14 Creditors: amounts falling due within one year
Bank overdrafts and credit cards
Other taxes and social security
Trade creditors
Accruals
15 Creditors: amounts falling due within one year
Bank loans		 2023
2022
£
£
704
596
5,229
6,869
(3,181)
(3,496)
19,648
19,559
22,400
23,528
2023
2022
£
£
41,693
47,941
41,693
47,941

16 Related party transactions

There were no transactions with related parties during the year that require disclosure under Companies Act 2006 or under the Charities SORP 2015 (FRS 102).

17 Tax status

The company is a registered charity for tax purposes (reference number XR 33827) and is exempt from corporation tax on any income or capital gains arising. The nature of the company's activities during the current year were charitable in their purpose.

18 Company limited by guarantee

The company is limited by guarantee and, therefore, there is no issued share capital.

Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up during a period in which they are still a member of the company, including a period of one year from the date that they ceased to be a member, providing the debts were incurred during their period as a member of the company or the debt relates to costs and expenses of a winding up.

The liability of each member in such circumstances is limited to £1.

19 Funds

Funds brought forward
Net income for the year
Transfers between funds for the year
Funds carried forward		 Unrestricted
Funds
£
130,324
7,495
-
137,819		 Restricted
Funds
£
2,792,374
43,273
-
-
**2,749,101 **		 Total
Funds 2023
£
2,922,698
(35,778)
-
2,886,920		 Total
Funds 2022
£
2,952,318
( 29,620)
-
2,922,698

Fund descriptions:

(a) Unrestricted funds

General unrestricted funds consist of incoming resources which are generated by the charity’s own efforts or provided with no specific preconditions, together with the resources expended to which they relate. These usually consist of monies generated from fundraising, donations and the provision of training services and courses to external third parties.

16

Greysteel Community Enterprises Company limited by guarantee Notes to the Accounts for the year ended 30 September 2023

(b) Restricted funds

Restricted funds consist of incoming resources which are provided for a specific purpose, together with the resources expended to which they relate. These usually consist of government grant assistance for particular projects carried out by the charity.

20 Analysis of net assets between funds

Fixed assets
Debtors
Cash at bank
Current liabilities
Long term liabilities
Total		 Unrestricted
Funds
£
105,887
19,434
76,591
( 22,400)
( 41,693)
137,819		 Restricted
Funds
£
2,676,183
-
72,918
-
**2,749,101 **		 Total
Funds
£
2,782,070
19,434
149,509
(22,400)
(41,693)
2,886,920

21 Going concern

The directors have given due consideration to the on the ability and capacity of the company to continue to operate as a going concern.

In carrying out their assessment, the directors have considered the following matters:

  1. The ability of the charity to deliver its services to end users

  2. Current and future funding and incoming resources

  3. The predicted cash-flow of the charity based on known funding sources and planned expenditure

In making their assessment, the directors have considered a period of 12 months and beyond from date of approval of these financial statements.

As a result of the above assessment, the directors are satisfied that the charity can continue to operate successfully for the foreseeable future.

The financial statements are therefore prepared on the going concern basis.

17