Charity number: NIC105809 Company number: N1029941 GREYSTEEL COMMUNITY ENTERPIUSES (A compaDy limited by guarr4lltee) Trustees, report and financial statements for the year ended 30 September 2024 AE4KJKD6 1310612025 COMPANIES HOUSE A14
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Contents Page Legal and administrative infonnation Trustees, report Auditor$' report to the trustees Statement of fu)ancial activities 12 Balan¢¢ sheet 13 Cash flow statement 14 Notes to the financial statements 15-24
GREYSTEEL COMMUNITY ENTERPRISES (A Company limited by guarantee) Legal and administrative information Cbarity oumber HMRC Charity Number NIC105809 XR33827 Company registration number N1029941 Business address The Vale Centre Clooney Road Greysteel BT47 3GE Reglstered office The Vale Centr¢ Clooney Road Greysteel BT47 3GE Trustees Paul Bradley Gary Nicholl Joanna Gray Bridle Mullin (Treasurer) Francis Cassidy Pauline McConnellogu¢ Natasha Nicholl Hugh Nicholl Emma Ross L4ura Mccallion Appointed 12 November 2024 Appointed 12 November 2024 Key management personnel Centre ¢o-ordinator Finance manager Columba Mailey K¢rry M¢Laughlin Auditors McDaid Mccullough Moore 28132 Clarendon Street Derry N.Ireland BT48 7HD Bankers First Tntst Bank Meadowbank Strand Road Derry BT48 7TN Solicfitors Paul D Thompson Solicitors 7 Lodge Road Coleraine BT52 ILU Page I
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Report of tbe trustees (incorporating the directors, report) for the year ended 30 September 2024 Th¢ trustees present their report and the financial statements for the year ended 30 September 2024. The trust¢e5 (who arc also directors for company law purpose5) who served during the year and up to the date of this report set out on page l. This report is prepared in a¢cordance with A¢couniing and Reporting by Charities.. Statement Of Recognised Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). For practicality purposes. comparative amounts in the statement of fujancial act>vities and bal8n¢e sheet have b¢¢n recI$1r]ed but with no effect on the defi¢it for the year nor the net ass¢t posilion at the end of the year. The trustees appreciate the support provided by our funders and the dedication of our staff, during the year. Struelure? governADce And maDagement Governing documenl Greysteel Community Enterprises is a charitable company limited by guarantee not having a share capital. It is recognised as a charity by HMRC (registration number XR33827) and by Charity Commission NJ (re8iStration number NIC105809). The company was incorporated on 12 September 1995 and the governing document of the entity (a5 amended) is the Articles of Association dated 18 July 2024. Qrganisa¢lonal &iru¢iure The charitable company is Managed by th¢ trustees. Trustees are chosen based on their skills and professional backgrounds so as to ensure a wide range of experience is represented on ihe Board, Tru8te¢s m¢¢t every six weeks to review perforniance, detern]in¢ strategies. assess risk and plan future policies. The trust is managed daily by the centre co-ordinator and the finance manager. All employee5 report daily to the ¢entre o-ordinalor ensuring the smooth operation of th¢ Centre. The centre manager is responsible for ensuring that the employees and the Centre ¢ompli¢s with all relevani regulations including food hygiene, health & safety. and general data proteeiion regulalions. Training and professional development courses are provided for all staff. The Vale Centre is an equal opportunities employer committed to positive policies on recruithient, training and career development for staff members (and potential staff members) regardless of marital status, religion, colour, race, ethni origin or disability. The Centr¢ also a¢comodat¢s patrons with disabilities by providing easily accessible enty and exit. Appointment and training oftntslees New trustees are nominated by Current trustees. Induction and trainin8 of new trustees is provided by existing trustees and employees. Most trustees due to their experience and backgrounds are already familiar with the work of the Vale Centre. Principal riskf and tsncer¢ainlies The management has conducted its own review of the major risks to whirh the company 15 exposed and systems have been estsblished to mitigate those risks. The trustees continually monitor their exposure to fman¢ial risk. Given th¢ size of the company, the trustees have not delegated the responsibility of monitoring fmancial risk to a sub committee. Th¢ policies set by the t1¢¢5 are implemented by thc centre cOrdinatOr and the finance manager. The financial viability and sustainability of the Vale Centre is a major risk recognised. The trustees continually strive to source additional or new funding to enhance the facilities and services available at the centre. Diversification of activities to place less reliance on public funding is sought and has been achieved by generating income from the retail and industrial units, the fitness suite and other activities run at the centre. Business and fu)ancial risk is managed by ensuring appropriate staff, with the necessary experience, are in place and budgets and for¢¢ts prepared and reported on monthly. The reporting network makes use of IT systems which includes Xero and Microsoft Ex¢eVWord, and other software packages which are continuously updated and maintained. Page 2
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 30 September 2024 Recruitment & retention of staff is a concern that has come to light in the current economic climate. The centre co-ordinator is w01ng with funders and oth¢r stakeholders to ¢nsure th¢r¢ is increased sustained investment in this area to ensure services provided are nor diminished. The Centres, principal fmancial Lssets and liabilities includes Cash, debtors and trade creditors. Associated risks include credit risk and liquidity risk. To minimize credit risk, the trustees have implemented policies that require appropriate credit checks on potential ¢ustomers before transactions take place. To minimize liquidity risk, mat¢rial purchases ar¢ carefully planned to ensure appropriate cash flows exist lo meet operational costs. Inlernhl risks are minimised by the implementation of controls 8nd procedures for authorisation of all transactions. Paypoliryfor Key Managemeni Personnel The trustees consider the centre co-ordinator and fmance manager as the key management personnel of the charity responsible for operatllng The Vale Centre. The trustees receive no remuncration and were not reimbursed for expenses during ihe year. The pay of senior staff is set by the trustees and reviewed annually and is nornially increas¢d by inflation. The trustees ben¢hmark in setting salaries is based on the salaries of other key managem¢nt personnel in similar comparable organi5ations. Volunieers Greysteel Community Enterprises is grateful for the efforts of its 20 different volunteers (including trustees) who are involved in the daily operations at The Vale Centre. Objectives and activitSe8 The principal objective of the charitable company, in conjunction with statutory authorities, community and voluntary organisations, is to provide public benefit by undertaking to advance education, relieve poverty and for the preservation of and promotion of good health in Greysleel and the SuOund1ng environs. The Trustees considered guidance from the Charity Commission for Northern Ireland in relation to the public benefit statement. The aims of the organisation ar¢ :. l. To provide an effective and efficient range of services that meet the needs of the patrons of the area, particularly the provision of recreational and leisure facilities and activities. provision of Tental units, child¢are & conference facilities. meeting rooms and other educational programmes ', 2. To provide employment and volunleering opportunities, which h¢lps to re8enerat¢ the area e¢onomi¢ally and enhances self confidence; and 3. To act as both vehicle and stimulus for community enterprise to develop the capabilities of young people to enabl¢ thern to participaie in sociery as independent, mature and responsible individuals. The general publi¢ without distinction of age, gender, disability, sexual orientation, nationality, ethnic identity, political or religious persuasion have access to a wide range of facilities, advice and inforniation. Publit benefit How our activities deliverpubli¢ benefit Promolion ofgoodhealih One of Greysteel Community Enterprises prime objectives is the prcservation and promotion of good health and personal development. To achieve this objective, the company promotes sport, physical activity and social well being by providing a community centre, playing fields, a gyn and a fitness suite. The centre also provides summer schemes, outreach work, after school clubs, sports tournaments, trainin8 OPPOrtunili¢s, coaching opportunities for unemployed local people as well as providing programmes in conjunction with the local council and PSNI that promote good community relations, tackles sectarian js5ues and reduces anti social behaviour. P8ge 3
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Report of tbe trustees (illcorporating the directors, report) for the yef4r ended 30 September 2024 Social inclusion The centre runs various classes and activities, in the indoor hall. in the fitness suite and in outdoor areas, aimed at reducing social isolation within the Greysteel community. Fitness, dance & craft classes, together with courses for the unemployed, are all aimed at socially including all members of the Community, providing a stimulating environment and improving mental and physical health, which in turn promotes independence and well being. Advan¢emen¢ ofeducation During the year the charity provided meeting and training rooms, conference facilities, educational training progrdmmes and workshops for all members of the community Including the young, the elderly, disabled and patrons with learning difficulties. In some circumstances, this was in conjunction with other community and voluntary groups. As a result, peopl¢ of all ages developed educational life skills and had a¢¢¢ss to educational tools not previously available, making them more independent, mature and responsible individuals. Reliefofpoverty The Vale Centre ¢ontinued to provide, during the year. facililies at a low cost, that is not prohibitive to the patrons of the entre, The general public were able to participate on courses aimed at advancing their education, providing new skills, increasing employTnent prospects and ultimately th¢ relief of povety, Greysteel regeneration To attract new businesses, in a sl811Y and e¢onomi¢ally deprived area, the Vale Centre continues to promole and provide inexpensive retail units and workspace, ¢nhaneing both employrnenl and self-employment prospects. The trustees, therefore b¢lieve they are meeting the public benefit test by providing a centre for promoting physical and mental health, advancing education, relieving poverty and promoting urban regeneration. Achlevements & performance During the past year, our charity has continued to work towards its mission of supportin8 the Greysteel ¢ommunity and surrounding are. Through our wide range of programmes and initiatives, we have made a significant impact on the lives of local ressdents by promoting health and well-being. youth ¢n8agement. economic developmenl, and community cohesion. Sports & Community Well-bein8 We provided aceess to sports pitches for ov¢r 80 lo¢al sports clubs, fostering community engagement and physical aclivity. l 00 children engag¢d weekly through our youth clubs, offering a safe and supportive environment for personal and social development. Our community gym welcomed 420 unique users, promoting physical health and mental well-being and maintained a monthly active membership of184. We delivered 15 bespoke classes weekly, ranging from fitness and well-being to art5 and Social engagemen4 helping to reduce social isolation. across all age demographics. Youth Engagement & Personal Development W¢ provided personal development programm¢s for marginalised young people during the summer months, offering structLwed activities, mentorship, and positive engagement opportunities. We worked closely with Faughanvale GAA and other local sportin8 organisations to encourage youth participation ID Sports and community-building activities. Economi¢ Development & Regenerdtion Our business park, comprising 22 units, Is fvlly occupied, supporting local job5, entrepreneurship, and economic growth in the area.we continue to provide affordable workspace to small businesses. helping to drive economic regeneration and employinent opportunities. Page 4
GREYSTEEL COMMUNITY ENTERPIUSES (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 30 September 2024 Community Events & Social Impact We hosted the bi88est weekly car boot Sale in the North West, providing a vibrant marketplace for local traders and a valuable social space for the community. We also organised three major concert events, bringing top Irish talent to our community and enhancing cultural and social cohesion. Partnerships & Collaborative Efforts Collaboration remains central to our suc¢e5s, and we are proud to work alongside several key partn¢r5, in¢luding but not lirniled to.. Causeway Coast and Glens - supporting community development and infrasrructure projects. PSNI - working together on initiatives to reduce anti-social behaviour and engage young people in positive activities. Roe Valley Residents Association - delivering community-focused programmes and support services. Faughanvale GAA - promoting youth engagement in sports and leadership developmeni. - Creeslough Cornmunity Association - Cross border relations and supporting community emerging from trauma. Fulure plans Building on this year's successes, we aim to expand our programme5, enhance community engagement, and continue fostering an inclusive, supportive and thriving environment for all. Our commitment remains strong in providing accessible opportunities that benefit the health, education, and economic well-being of the people we serv¢. Fln4nclal review The centre, similar to other charitable organi5ations, are experiencing reductions in public funding and decreases in our own generated fijnding as a result of the Cost of living crisis affecting our patrons. Combined with an increase in running costs. it is essential that we continuously monitor expenditure and operate economically whilst maintsining an efficient and effective service. Income for the year was £247,693 (2023 £311,095), a decrease of £63,402 (200/0). Expenditure for the year was £335,882 (2023 £346,873) a decrease of £10,991 {30/#). A deiailed analysis of income and expenditure is provided in notes to the financial statements. The resulting deficit at 31 March was £88,189 (2023 £35,778). Net assets at the balance sheet date were £2,798,731 {2023 - £2,886,920). Recurring funding for core services provided by the Vale Centre from the National Lottery Community Fund (Dormant Accounts Fund Nl) and Causeway Coast & Glens Borough Council continues lo be vital to the operation of the facilities. Reserves The trusiees have examined the charity's requirements for unrestricted reserves taking into account the risks that the trust has recognised. The reserve requirement is estimated to be six months core operating costs. Reserves are Currently £200,190 and the tustees aim to increase this reserve when ihe opportunity arises. Principal restricted funding sources Principal funding sources during ihe year includes.. - Causeway Coast & Glens BC - community development support grant - The National Lottery Community Fund {Donnani Accounts Fund Nl) Page 5
GREYSTEEL COMMUNITY ENTERPRISES (A compaDy limited by guarantee) Report of the trustees (incorporating the dire¢tors' report) for the year ended 30 September 2024 Plans for future periods The trustees are satisfied with the perfonnance of th¢ charitable company during these difficult times. The future aims for Greysteel Community EnteriSeS are: to sustain, improve and expand the activities outlined above. including the establishment of the largest Airdrome in Northern Ireland; maintain the financial viability of the Centre; - ensure the Centre is accessible to evcryoneg promoting a sense of belonging and creating an inclusive culture. - secure additional funding for new projects. - to ¢o-operate with other bodies to develope programmes and provide additional facilities and services and - fLllther expand and develop the Vale Centre ¢omplex which will increase our range and capacity of services provided for our patrons. Statement as to dtsclosure of Inforniotlon to audltors We, the trustees of th¢ charitabl¢ company, who held office at the dale of approval of these fmancial statements. each Confimi, as far as we are aware, that '. there is no relevant audit infonnation of which the charitable company5 auditors are unaware; and we have tsken all the steps that we ought to have taken as trustees in order to make ourselves aware of any relevant audit inforniation and to establish that the charitable ¢ompanys auditors are aware of that inforniation. StAtemeDt of Irustees, responslbllltles The trustees (who are also directors of Greysteel Community EDterprise for the purposes of company law) responsible for preparing lh¢ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare fman¢ial statements for ea¢h finan¢ial year which giv¢ a tN¢ and fair view of the state of affairs of the charitable company and of the incomin8 resources and applicalion of resource5, including the income and expenditure, of the charitsble company for that period. In preparing these fman¢ial statements. the trustees required to: s¢lect suitable accounting policies and then apply them con5iSt¢nlly• observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; stste whether applicable UK accounting standards have been followed subject to any material departures dilOSed and explained in the financial statements. and prepare th¢ fmancial 5tatsments on the going wn¢ern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the fmancial position of the charity and which enable them lo ensure that the fmancial statements comply with the Companies Act 2006. They also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. Page 6
GREYSTEEL COMMUNITY EI¥4TERPIUSES (A company limited by guarautee) Report of tbe trustees (incorporating tbe directors, report) for the year ended 30 September 2024 The trustees wish to express their sin¢er¢ thanks to staff, fimders and volunteers for their dedication, which has enabl¢d the Vale Centre to continue to remain open and to provide the services to the community when they were most needed. Audltors A resolution proposing that McDaid Mccullough Moore be reappointed as auditors of the charity will be put to the . Annual General Meeiing. Small company provtsloDs This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved and authorised for issue by the Trust¢¢s on 2 April 2025 and signed below on its behalf. Paul Bradley Trustee Page 7
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Independent auditors, report to the members of GREYSTEEL COMMUNITY ENTERPRISES We hav¢ audited the charitable ¢ornpany fmancial statements of GREYSTEEL COMMUNITY ENTERPIUSES for the year ended 30 September 2024 which ¢omprise the statement of fmancial aclivities, the charitable company statement of fmancial position, the cash flow statement and notes to the fmanicial statements, including a summary of significant accounting policies. The fancial reporting framework that has bcen applied in their preparalion is applicable law and United Kingdom Accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounling Practiee). In our opinion the fLnancial statements.. -8ive a true and fair view of the state of the charitable companys affairs as at 30 September 2024, and of its incoming resour¢es and application of resources, including its income and expenditure. for the year then ended; -have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -have been prepared in ac¢ordan¢e with the requirements of the Companies Act 2006. Basis for oplnioD We condu¢ted ow 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 charitabl¢ company in accordance with the ethical requirements that are relevant to our audit of the fmancial 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 bosis for our opinion. ConelusloD$ relating to going concern In auditing the fmancial statements, we have concluded that the Trustees use of the going concern basis of a¢counting in the preparation of the financial statements is appropriate. Based on the work we have pcrforn]ed, we have not identified any material uncertainties relatin8 to events or conditions that, individually or collectively* may cast signifJ¢ant doubt on the companys ability to continue as a going concern for a period of al leasl twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going nCern are described in the relevent sections of this report. Olher Informatlon The trustees are responsible for the other infotmation. The other information comprises the infonnation included in the trustees, annual report, other than the ffftancial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicitly stated in our report, we do not expre55 any fonn of assurance conclusion thereon. In ronnection with our audit of the fancial statement5, our responsibility is to read the other inforniation and, in doing $0. consider whether the oth¢r infomation is materially inconsistent with the fmancial statements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such matertal inconsistencies or apparent material misstatements. we are required to detern)ine whether there is a material misstst¢m¢nt in the fancIal 51atements or a material misstatement of the other infonnation. If, based on the work we have perfornied, w¢ conclude that there is a material misstatement of this other infornlation. we are required to report that fact. Page 8
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) We have nothing to report in this regard. Opinions OD'Other matters prescribed by tbe Companies Act 2006 In our opinion. based on the work undertaken in the cowse of the audit: the infonnation given in the trustees, report (in¢OTporating the directors, report) for the fmancial year for which the fmancial statements are prepared is consisient with the fmancial sts¢emenls' and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whS¢h Trve are requfired to report by exception We hav¢ noihing 10 report in respect of the following matters in relation to whiLh Coinpanie$ Act 2006 requires us to report to you if, in our opinion; -adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or .the financial statements are not in agreement with the a¢¢ouniing records and returns; or -certain disclosures of trusle¢s' remuneration $pecifi¢d by law are not made; or -we have not receiv¢d all the infornation and explanations we require for our audit. Responslbilities of trustees A5 explained more fvlly in the truslees, responsibilities statement, lh¢ trustees (who are also the directors of Ihe haritable company for the purposes of company law) are responsible for the preparation of the fmancial stalements and for being salisfied that they give a true ond fair view, and for such internal control as the trustees detemiine is nece55ary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitsble compan5 ability to ¢onlinue as a Boing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to eea5e operations, or have no realistic alternative but to do so. Audltor's responsibilfitles for tbe audit of the fioan¢i41 stAtements Our objectives are to obtain reasonable asswance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or eTror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 15 nol a guarantee that an audit conducted in accordance with ISAS (UK) will always det¢¢t a material misstatement when it exists. Misstatements can arise from fraud or etTor and are nsidered malerial if, individually or in the aggregate, they could reasonably be expected to influence the economi decisions of users taken on the basis of these fmancial statements. Irregularities. including fraud, are instances of non*compliance with laws and regulations. We design procedure$ in line with responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of nol detecting a maierial missthtement due to fraud is higher than the risk of not detecting one resulting from error, as fraud rnay involve deliberate ron¢¢alment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of deiecting irregularities, including fraud, is detsiled below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Page 9
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Based on our understandlng of the company and the environment in whi¢h it operates, we identified that the principal risk was that of non complianc¢ with laws and regulations relating to small charitable companies and we considered the ext¢nt to which non - compliance might have a material effect on the fmancial statements. We also considered laws and regulations that have a dire¢t impact on the preparation of the fmancial ststements such as charities SORPS, the Companies Act 2006 and kncome tax regulations. Our risk approach was as follows:. we ensured the audit parther and audit t¢am had appropriate knowledge and competence to identify and recognise non-¢omplian¢e wlth applicable laws and r¢gulations' using our knowledge and experience of the sector we identified, through discussions with trustees and management. laws and regulations applicable to the company> we concentrated on legislation we considered to have Pd direct impact on the company financial statements, including the reporting framework (FRS 102 in Confonnity with the requirements of the Companies Act 2006), direct and indirect tsxalion, health & safety and environmental legislation, data protection and employinent law. we obtained an understanding of how the company is complying with these frameworks through enquiries with management and trustees as to the poli¢i¢s and procedures in these key area5 and the Conlrols in operation to reduce the opportunity for fraudulent transactions. We also identified potential risks relating to receipt of ¢ash, posting of journal entries and audit procedures perfornied to ounteraGt this risk. included testing of material journal entries and discussions with management. Owing to the inherent limitstions of an audit, there is an unavoidable risk that we may not have detected some material misslat¢ments in th¢ financial statements, even though we have properly planned and perfornied our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (iThegularities) is from the events and transactions reflected in the financial statements, Ihe less likely the inherenily limited procedur¢s required by audiling standard5 would identify it. In addition, as with any audit, there remains a higher risk of non4l¢tection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal Controls. We are not responsible for preventing non-compliance and cannot be expected to detecl non-compliance with all laws and regulations. As part of aft audit in accordance with ISAS (UK), we exer¢i$e professional judgement and maintain professional scepticism throughout the audit, We also: identify and assess the risks of material misstatement of the fu)anrial statements, whether due to fraud or error, design and perforni audit procedures responsiv¢ to thos¢ risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve ¢ollusion, forg¢ry> intentional omissions, misrepresentalions, or the override of internal control. obtsin an understanding of internal control relevant to the audit in order to design audit procedures that are appropriale in the circumstances, but not for the purpose of expressing an OPiDion of the effectiveness of the ompany's internal control, evaluatc the appropriatcness of accounting policies Used and the reasonableness of accounting estimates and related disclosures made by the trustees. Page 10
GREYSTEEL COMMUNITY EwfERPIUSES {A company limited by guarantee) conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtain¢d, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable companls ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditovs report to the related disclosures in the fmancial statements or, if such dis¢losure$ are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to Continue as a going concern. evaluate the overall presentation. structure and content of the fmancial statements, including the disclosures, and whether the fmancial statements represent the underlyin8 transactions and events in a manner that achieves fair presentation. Use of our report This report is made solely io the charitsble company's members, as a body, in accordance with Chapter 3 of Part 16 ot the Companies Act 2006. Our audit work has been undertaken $0 that we might state to the charitable company's trustees those matters we are required to state to them in an auditors, r¢port and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility io anyone other than the charitable company and the haritable ¢ompaDys trust¢es as a body, for our audit work, for this report, or for the opinions we have fomed. alrlck Moore (SeD dltor) For and behalf ofMeD*ld Mccullough Moore Cbartered Accountants aDd Registered Auditors 28132 Clarendon Street Derry N.Ireland BT48 7HD 2 Aprll 2025 Page 11
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarrdntee) Statement of financial activities (incorporatlDg tbe income and expenditure aeeount) For the year ended 30 September 2024 Unrestrieted Restricted Restrleted ineome ineome capltal furbds funds funds 2024 2023 As reslAted Total Total Noles Ineoming resources Incoming resources from generating funds: Voluntary income Activities for genernting funds In¢omin8 resources from ¢haritable activities 4 1,940 217,271 1,940 217,271 28,482 242,935 68,160 28,482 Total iDcoming resources 219,211 28,482 247,693 311,095 Resourees expended Charitable activities 246,368 28,482 61,032 335,882 346,873 Tolgl resources expended 246,368 28,482 61,032 335,882 346,873 Net ID¢omlngl(outgolDg) resources before transfers (27,157) (61,032) (88,189) (35,778) Transfer between funds 89,528 (89,528) Iyet incomel(expenditure) for the year 62.371 (89,528) (61,032) (88,189) (35,778) Totsl fid$ brought forward 137,819 89,528 2,659,573 2.886,920 2,922,698 Total fuDds carrfed forward 200,190 2,598,541 2,798,731 2,886,920 The notes on pages l5 to 24 form integral part of these financial statements. Page 12
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Balance sheet as at 30 September 2024 2024 2023 A$ restated Notes Fixed assets Tangible assets Current ajsets Debtors Chsh at bank and in hand 13 2,761.107 2,782.069 14 19,674 108,116 19,434 149,451 127.790 168,885 Creditors: amouDts falllng due within one yeAr 15 (60.406) (28,741) Iyet ¢urrent assets 67,384 140,144 Total assets less current Ilabilities Creditors: amounts falling due after more than one yegr 2,828,491 2,922,213 16 (29.760) (35.293) Net assets 2,798,731 2,886,920 Funds Unrestricted income Restricted incom¢ Restricted Capital 18 19 20 200,190 137,819 89,528 2,659,573 2,598,541 Totsl funds 2,798,731 2,886,920 The fmancial statements have been prepared in arKordance with the provisions applicabl¢ to companies subject to the small companies, regime and in accordance with section IA of FRS102 "The Financial Reporting Stsndard applicabl¢ in the UK and Republic of Ireland" The financial statements were approved by the board on 2 April 2025 and signed on its behalf by Paul Bradley Trustee Bridle Mullin Trustee The notes on pages 15 to 24 form an integral part ofthese financial statemen1& Page 13
GREYSTEEL COMMUNITY ENTERPIUSES (A company limited by guarantee) Cash flow statement for the year ended 30 September 2024 2024 2023 Notes Cash Ilow from operating aetlvilies Net outgoing resources for the year (88,189) (35,778) Adjuslmentsfor.. Depreciation and impairment 65,617 68,201 chang in.. (Inerea5¢)ID¢¢rease in debtors Increasel(De¢r¢a5e) in creditors (240) 31,665 10,062 (1,186) Net casb IDflow from generated operatlng aetlvltles 8,853 41.299 Ca$h flows from InvestSng actlvilies Capital expenditure 22 (44.655) {47,410) (44,655) (47,410) Decrease in ¢asb ID the year (35,802) (6,111) Decrease ID cash ID the year Movement in bank loans (35,802) (5,533) (6,248) MovemeDt In Det funds In tbe year Net funds at l October 2023 (4J,335) 149,451 (12,359) 161,810 Net fuods 9t 30 Seplember 2024 108,116 149,451 Page 14
GREYSTEEL COMMUNITY ENfERPIUSES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2024 AecouDtiDg pollelej The principal accounting policies are summarised below. The accounting poli¢ies have been applied ¢onsistently throughout the year and the pr¢c¢ding year. Basis of a¢eountlng The charity constitutes a public benefit entity as defjned by FRS102. Gr¢ysteel Community Enterprises is a private company limited by guarantee, registered in Northern treland. The address of the registered office is The Vale Centre, Clooney Road, Greysteel, Derry B T47 3GE. The financial statements are prepared under the historical cost convention and in compliance with and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (issued October 2019) and the Companies Act 2006. The financial statements are prepared in steTling* which is the functional curren¢y of the entity. 1.2. GoiDg CODcern Th¢ financial slatemenls have be¢n pr¢pared on a goin8 concern basis as the trus¢¢e$ believe that no material uncertainty exists. The trustees have considered the level of funds held and the expected level of in¢ome and expenditure for 12 months from authorising these fmancial statements. The principal factors underlying this judgement are the current fmancial perforniance and th¢ continued support of prlncipal fimders. 1.3. Fund a¢couDtiog The funds of the ¢haritable Company consists of restricted funds and unrestrict¢d funds. General funds are unrestrieied ndS which Are available for use at the discretion of the trustee$ in furtheran¢e of the objccts of the charity and have not been designated for other purposes. Restricted funds are ndS which are to be used in accordance with specific restrictions imposed by donors. The airn and use of each restricted fund is set out in the notes to the fu)ancial 5tatem¢nts. R¢stri¢ted funds ar¢ either r¢stricted income funds or restricted capital funds. 1.4. Incoming resources All incoming resources are included in the stat¢menl of financial activitie$ when the charity is entitled to the income, any perforniance conditions attached to the income hav¢ b¢en met and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular cat¢gories of income- Revenue grants are recognised as income when rec¢ivabl¢, Income from trading a¢tivitle5 is recognised when the services have been provided. Capital grants are re¢ognised in the year in whlch they are receivable and treated as restricted funds with depreciation on the relevent asset charged directly to the restricted fLfftd in the statement of fmancial activities. Pa2e IS
GREYSTEEL COMMUNtTY ENTERPRtSES (A Company limited by guarantee) Notes to financial statements for the year eDded 30 September 2024 1.5. Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. Expendilure is split between restricted and unrestricted expenditure. Unrestricted expenditure relate to unrestricted income and to the management and general administration of the charity and restricted expenditure is as set out in the letter5 of offer. Charitable expenditure comprises those costs incurred by th¢ charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Can be allocated directly to such activities and those costs of an indirect nature necessary to support them. 1.6. Tanglble red assets And depreciation Tangible fixed assets with a life expectancy of greater than one year. are stated initially at cost and subsequently at cost less accumulated dcpreciation and impairn)ent losses. Depreciation is provided at rates calculated to WTite off th¢ ¢ost less residual value of each asset over its expected useful life, as follows: Land Buildings Plant and machinery FixtUT¢S, fittings and equipment not depreciated 20/0 straight line 25 % straight line IOO/• straight line 1.7. ImpairmeDt of assets A review for indicators of impairnient is carried out at each reporting date, with th¢ r¢¢ov¢rable amount being estimated where such indicator$ exist. Wher¢ the carrying value exceeds the re¢overable amount, th¢ asset is impaired accordingly. Prior impairnients ar¢ reviewed for possible reversal at ¢a¢h reporting da¢¢. 1.8. Debtor5 and credltors recelvablelpayable Debtors & prepayinents are recognised at the settlement amount due after any trade discount. Creditors are recognised where the charity has a present obligation resulting from a past event that will result in a payment to a third party and the amowit can be Teliably estimated. 1.9. Donated goods & services The value of services provided free by volunteers and goods donated are not included in the fanCIal statements. Volunteers provide services in all areas of the Vale Centre operations. 1.10. FIDaDcial instruments A faTr¢ial &sset or Ilability is recognised only when the Company becomes a party to the cOntracal provisions of the angeMent. 1.11. Judgements and key sources of Uncertainty In applying a¢¢ounting policies, the Trustees are required to make judgements & estimates on an ongoing basis about the carrying value of comany assets and liabiliti¢s. If revision is required, the revision is recognised in that period together with future periods if necessary. The depreciation charge in respect of tangible fixed assets is based on the estimafrd useful life of each group of assets. Revision of estimated useful life of each grouping will affect the estimates charged in the Statement of Financial Aclivities. Page 16
GREYSTEEL cOmIUNITy ENTERPIUSES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2024 1.12. Defined contributlOD peDSiOD scbemes The pension costs charged in the fmancial statements represent the contribution payable by the charity during ihe year. Voluntary income Unrestritttd funds 2024 Total 2023 Total Donations 1,940 ,940 1,940 1,940 Aetlvltles for generatlDg funds Unrestrl¢ted funds 2024 Tolal 2023 Total Cenlre fundraising activities Fitness suite Other income Rent I service ¢harge in¢om¢ 86,493 24,640 4,005 102,133 86,493 24,640 4,005 102,133 125,072 26,022 5.919 85,922 217,271 217,271 242,935 In¢omiDg resourees from charltable aetivitieg Restricted funds 2024 Total 2023 Total Causeway Coast & Glens Borough Council National Lottery Community Fund . Dorniant A¢counts Miscellaneous grants 3,500 24,982 3,500 24,982 1,500 24,982 41,678 28,482 28,482 68,160 Costs of cbaritable activities- by fund type Unrestricted Restricted funds funds Capital funds 2024 Total 2023 Tolgl National Lottery Community Fund - Domiant Accounts Causeway Coast & Glens BC - Developemenl fund Operating The Vale Centre 24,982 3,500 24,982 3,500 307,400 66,660 (251,888) 278,713 246.368 61,032 246,368 28,482 61,032 335.882 93,485 Page 17
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to finaDcial statements for the year ended 30 September 2024 Analysis of charitable expeDditure Vale Centre operations Olher charitable a¢tiYilies 2024 Total 2023 Total stsff ¢osts Facilitators Rates and water Light and heat Repairs and maint¢nan¢e Insurance Fundraising costs Motor and travelling costs ststionery & advertising Cleaning Accountancy charges Auditors, remuneration (Govemance costs) Legal and professional fees (Governan¢¢ costs) Charitable donations Telephone Other office expenses Subscriptions DeprKiation and impairnient Bank charges Training Bank inlerest 101,270 14,082 3,3415 27,418 38,619 13,365 6,369 1,523 1,487 1,759 2,694 3,500 15,611 200 2,434 2,051 1,896 65,617 3,057 370 730 24,982 126,252 14,082 3,348 30.918 38,619 13,365 6,369 1,523 1,487 1,759 2,694 3,500 15,611 200 2,434 2,051 1,896 65,617 3,057 370 730 138,985 16,798 1,246 25,509 22.109 11,291 33,641 4,080 1,690 3,280 2,544 3,500 4,032 1.300 1,756 727 1,861 68,200 3,065 928 331 3,500 307,400 28.482 335,882 346,873 Funds traDsfer The funds transfer is to re-classify funds held at 01 October 2023. Net outgoing resources for the year 2024 2023 Net outgoing resources As stated after charging: Depreciation and other amounts written off tangible fixed assets Auditors, remuneTation 65,617 3,500 68,201 3,500 Page 18
GREYSTEEL COMMUNITY ENTERPIUSES (A company limited by guarantee) Notes to financial statements for the yer4r ended 30 September 2024 Employees Employment Costs 2024 2023 Wa8¢s and s8lari¢s Social security Costs Pension costs 118,559 5,868 1,825 131,143 4.959 2,883 126,252 138,985 No employee received emoluments of more than £60,000 (2023 . None). Number of employees The average monthly numbers of employees (including the trustees) during th¢ year. calculated on the basis of full time ¢quivalents, was as follows: 2024 Number 2023 Number Administration Charitsble activities io 12 13 Employee status Full time Part tim¢ 12 12 13 9.1. Trustees, emolumeDts The trustees were no¢ paid for their servires duriDg the year. The trustees were hot paid or reimbursed for expenses durimg the year. 10. Key management persoDDel remuneratlon The key management personnel of the company are listed on page l. Total remuneration for ihe year ended 30 Scptember 2024 was £69,551 (30 September 2023 - £68,896). Page 19
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2024 Pension costs The company operdtes a defmed contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represents ¢ontributions due from the company and amounted to: 2024 2023 Pension charge 1,825 2,883 12. Taxatlon Greysteel Community Enterprises is a charitable company for tax purposes and is exempt from corporation tax on its charitable activities. Accordingly there is no tax charge in th¢5e accounts. Freehold Plint Flxtures, land & and rittings and buildlng$ machinery equlpmenl 13. Tanglble fixed assets Total Cost At l October 2023 Additions 3,951,676 44,240 22,735 118,992 4,093.403 415 44,655 At 30 September 2024 3.995,916 22,735 IJ9,407 4,138,058 Depreciatlon At l October 2023 Charge for the year At 30 September 2024 ,194,004 59,342 14,346 2,796 102,984 1,311,334 3,479 65,617 1,253,346 17,142 106,463 1,376,951 ,Net book values At 30 September 2024 At 30 September 2023 2,742,570 5,593 12,944 2,761,107 2,757,672 8,389 16,008 2,782,069 The cost of depreciable assets included in land & buildings at 30 September 2024 was £2,962,388. At the balaD¢e sheet date there was no material difference between carrying value and market Value. 14. Debtors 2024 2023 Trade debtors Other debtors l8,139 1,535 17,717 1,717 19,674 19,434 Page 20
GREYSTEEL COMMUNITY ENTERPRISES (A eompany limited by guarantee) Notes to financial statements for the year ended 30 September 2024 15. Cred5tors: amounts falling due within one year 2024 2023 Bank loan Trade creditors Other taxes and social security 6,400 50,779 3,227 6,400 17,112 5229 60,406 28.741 16. Credltorj: amounls falling due after more tbydll ODe year 2024 2023 Bank loan 29,760 35,293 17. Allalysis of Det assels between funds Unr¢s¢rlcted Reslrlcted Income eapital funds funds Total funds Fund balances at 30 September 2024 as represent¢d by: Tangible fixed assets Current assets Current liabilitles Long-t¢rrn liabilities 162,566 127,790 (60,406) (29,760) 2,598,54l 2,761,107 127.790 (60.406) {29,760) 200,190 2.598,541 2,798.731 Pa2¢ 21
CREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to finaDcial statements for the year ended 30 September 2024 18. Unrestricted fuDds At Incomlng Outgoing 01110123 resources resources At 30109124 Transfers Unrestricted Fund 137.819 219,211 (246,368) 89,528 200,190 Purposes of unrestricted fuDd$ Unrestricted funds are ndS Ihat are ulilised at the dls¢r¥litsii of the trusiccs in furtherance of the object* of the charity. Included in unrestricted funds are donations, rental income from the units, rooms, piiches and car boot sales, fitness suite income and sundry other in¢ome, together with all unrestricted dire¢l and overh¢ad Costs incurred in operating The Vale Centre. 19. Restrleted Income funds Al Incoming Outgolng 01110123 resources resources Transfers At 30109124 Miscellaneous restricted funds National Lottery Community Fund Causeway Coast & Glens Borough Council 89,528 (89,528) 24,982 3.500 (24,982) (3,500) 89,528 28,482 (28,482) (89,528) Purposes of restricted funds Restricted income funds consisl of incoming resources thal are provided for a sp¢¢ific purpose, 8$ Outlined in the letters of Offer, together with the resources exp¢nded to which they relate. The National Lottery Community Fund - Dorniant Ac¢ount5 Fund Nl - Grant income delivered by The Naiional Lottery Community Fund towards th¢ salary of a finance officer. Grant income from Causeway Coas1 & Glens Borough Council iowards contribution to overheads for operating The Vale Centre. Page 22
GREYSTEEL COMMUNITY ENTERPRISES (A eompaDy limited by guarantee) Notes to financial statements for the year ended 30 September 2024 20. Capilal fuDds At Outgoing OIIJ0123 resources At 30109124 Capitsl fund 2,659,573 {61,032) 2,598,541 Purposes of capltsl funds Restricted capital fund grants Lulisist of the original capital income provided for the purchase of the land and the build costs of the Vale Centre, the rentsl units, the fitnness suite, the 3Glplaying pitches and all related fa¢ililies. The fid balance is reduced by the COJT¢sponding depre¢iation rharge on the related asset. Funders include Sport Nl, DARD, DAN[, IFI. Limavady BC, CCRU, DHSS, Sports Lottery Fund and various other bodies. 21. Contingent liabilities Grants could be repayable in certain circumstances as laid out in the Letters of Offer. 22. Gros$ eAsb flows 2024 2023 Capltal expenditure Payments to acquire lan8ibl¢ asseis {44.655) (47,410) 23. Analysis of ¢hanges in Det fuDds Opening balance C#$h nows Closlng balance Cash at bank and in hand 149,451 (41,335) 108,116 Debt due within one year D¢bt due after one year (6,400) (35,293) (6,400) (29.760) 5,533 (41,693) 5,533 (36,160) Net funds 107,758 (35,802) 71,956 Page 23
GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2024 24. Golng concern The financial ststements have been prepared on a going concern basis as the trustees believe that no material uncertainty exists.The trustees have considered the level of fvnds and the expected level of income and eXpend1fte for twelve months from the signing of these fmancial slatements. 25. Company limited by guarantee GREYSTEEL COMMUNITY ENTERPRISES is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute to the assetslliabilities of the charitabl¢ company in the evenl of the same being wound up while he/sh¢ is a member, or within one year after he or she Ceases to be a member, for payments of the debts and liabilities of the company ¢ontracted before helshe ceases to be a member, and of the costs. charges and expenses of winding up and for the adju5trn¢nt of the rights of the contributories amongst themselves, such amount as maybe required not exceeding £1. Page 24