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 t￿￿1¢¢5 are implemented by thc centre c￿OrdinatOr 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 w0￿1ng 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 Su￿Ound1ng 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 s￿l811Y 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 Ente￿riSeS 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 di￿lOSed
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 f￿ancial 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 f￿ancial 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 f￿ancIal
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 $pecifi¢d by law are not made; or
-we have not receiv¢d all the infornation and explanations we require for our audit.
Responslbilities of trustees
A5 explained more fvlly in the truslees, responsibilities statement, lh¢ trustees (who are also the directors of Ihe
haritable company for the purposes of company law) are responsible for the preparation of the fmancial stalements and
for being salisfied that they give a true ond fair view, and for such internal control as the trustees detemiine is nece55ary
to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitsble compan￿5 ability to
¢onlinue as a Boing concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the trustees either intend to liquidate the charitable company or to eea5e operations, or have no
realistic alternative but to do so.
Audltor's responsibilfitles for tbe audit of the fioan¢i41 stAtements
Our objectives are to obtain reasonable asswance about whether the flnancial statements as a whole are free from
material misstatement, whether due to fraud or eTror, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but 15 nol a guarantee that an audit conducted in accordance with ISAS
(UK) will always det¢¢t a material misstatement when it exists. Misstatements can arise from fraud or etTor and are
nsidered malerial if, individually or in the aggregate, they could reasonably be expected to influence the economi
decisions of users taken on the basis of these fmancial statements.
Irregularities. including fraud, are instances of non*compliance with laws and regulations. We design procedure$ 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 fi￿d$ 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 r￿ed 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 f￿anCIal statements.
Volunteers provide services in all areas of the Vale Centre operations.
1.10. FIDaDcial instruments
A f￿aTr¢ial &sset or Ilability is recognised only when the Company becomes a party to the cOntrac￿al 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 cOmI￿UNITy 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 fi￿d 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
eXpend1ft￿e 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