Charify number: NJC105809 Company Dumber: N1029941 GREYSTEEL COMMUNITY ENTERPIUSES (A eompany limited by guarantee) Trustees. report and financial statements for the year ended 30 September 2025 1111 111 *AFIHF335' A14 COMPMIES HOUSE GREYSTEEL commuN￿y ENTERPRISES (A company limited by guarantee) Contents Page Ltgal and administrative infomjation Tru51ee5' report Auditors, report to the trus*ts 9-12 Sralement of financial a¢uv>ties 13 Balance sh¢ei 14 Cash tIow 51aternenr Is Noies 10 th¢ fLnan¢ial siaiements 16-25 GREYSTEEL COMMUNITY ENTERPIUSKS (A company limited by guarantee) Legal and administrative iDforniation Charity Dumber HMRC Charity Number NIC105809 XR33827 Compatiy registration nuJDber N1029941 Business addre55 The Vale Centre Cl￿neY Road Greysieel BT47 3GE Registered o￿lCe Tr Vale Centre aooney Road Grey$ieel BT47 3GE Trustees Paul B wadley Gary Nicholl (Ch•[perso￿> Joanna Gray Bridie Mullin (freasuffr) Franei5 Cassidy Pauline M¢Conr*llo8ue Natasha Nicholl (Secre￿ry) Hugh Nicholl Emma Ross laura M¢Callion Paul OTlara Resign￿ 25 February 2025 Appointed 12 Novtmbcr 2024 Apw)inied 12 NovernbeT 2024 AppDinied 28 February 2025 Key management personn C¢nue ¢frordin210r Financc rnaTrager Colurnba Mailey Kerry McLAu8hlin Auditors Mclhid Mccullough Moore 28f32 Clarendon Srrcci Derry N.Ireland BT48 7HD Bankcrs FIN Tnjsi Bank Meadowbank Srrand Road Dcrry BT48 TfN Solicitors Paul D Thomp80n Soliciiors 7 Ltyjge Road Colerabiie BT52 ILU Page I GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Report of the trustees (incorporating the directors. report) for the year ended 30 September 2025 The Irus¢ee5 present their ieport and Ihe financial ￿atementS for Ihe year ended 30 S¢pitmber 2025. The Irusiees (who are also directors ftsr ¢¢rnpany law Pur￿$¢$) who served duTing the year and up its the date of this repon are set out on page l. This repon 15 PTcpaTcd in accordance with AccountiDg and Reportirtg by Charitie5.' Ststemeni Of Recognised Pra¢¢i¢e applicable io charities preparing their accounts ITh accordartt with the FiThancial Rcporting S(andaTd appli¢able in thc UK and Republic of Ireland IFRS 102). The trustees apprcciaie the support provided by our fvndeTS and the dedication of our staff. during the year. SirueiuTe• governance and management Governin8 documeni Greysttel Cotnmunily EnteTprises is a eharitablc company limired by guardllite rK)I having a share capital. It is recognised as a rharity by HMRC {registration number XR33827) and by Chariiy Commkssion Nl Irtgistraiiotj nutnber NIC1058091. Thc company in¢orporai¢d on 12 S¢piemb¢r 1995 and the gov¢rnirtg document of the eniity las amendcdl is Ihc Articles of Associaiion da￿1 18 July 2024. Orgunisorional siruLthr¢ The c4aritable company is managcd by the trusiec5. Twstees arc chosen based iheir skills and profe5sioDal backgrounds so as io ensurc a wide ran8c of expcricncc is repTwntcd on the Board. Tru8ie¢s meet evw six M'eeks to review perfollnance, de*rmine straic8ies. ass￿ risk and plan ￿tUre policies. Thc wsi 15 managed daily by the centye e04)rdinaror and the fjnance manager. All cmployees repori daily ￿ the centre co-ordinator ensuring the 5rn001h operotiort of the Cenire. The cenire ma¢bager is respoThsible for ensuring that rhe cmployees and the Crnire cor1￿]1¢$ wilh all relevant Tegulations including food hygLcnc. health & safciy. and general daia proieciion regulaLLons. Trdming 8t￿ professional dcvelopmeni coutses or¢ provided for ail 51aff. The Vale CeThtt¢ is an equal oppornunitics cmployeT cornmiired tt> positive polities on re¢TUitmenr. wainiog and career development for staff m¢mbers land poieniial 51aff mtmbcTS) regardless of maTital sutU5, religion, colour, race. cihnic origin or disability. The Certire also ac¢omodates patrons wilh disabiliiies by providing easily accessible entry and exit. Appoinimeni and irautins of tlustees New trusiees are Th)min)ted by current (ru51ee5. Indueiion and training of new Tfu51ecs 15 piovided by exi5tln8 En]sree and employecs. Most Iru$iee$ due io their expcrience and backgrounds arc already familiar wilh thc work of (he Vale Ccnirc. Principol risks ilrtcenornties The management has conducied 115 own review of the Tnajor iisks io which the ¢ompaDy is exposed and systems have beert established 10 miiigaie ihost risks. The I￿5￿c$ coniinually rninitor theiT exposurc io financial risk. Given the size of th¢ oomp3nyb the trustees have not d¢legaied ihe respon5jbiliiy of ffK)niioring financial risk ro a sub cornmiuce. The policies sei by the trUS*e$ are impleft*nted by th¢ centr¢ wrdinatOT aAd the lJnanc¢ manager. The fxnaneial viabiliiy and sustainabiliiy of ihe Vale Cenire is a major Tisk recognised. The ItUSle¢s ¢oDlirtllally Sirive to source additional or new fundittg 10 cnhan¢e the facilities and SCTvices available at ihc centre. Divcrsificarion of activities 10 place les5 reliance on public funding is soughi and has been a¢hieved by generaiing income from the r¢tail and industrial unils, thc fiiKss suite and oihcr activili&% ai c¢thtye. Business and financial risk is managed by ensuring appropriate staff, with the theccs5ary cxpericnce, arc in place and budoets and forecasts PTepated 2nd reported on tnonthly. The reponing neNork make5 Use of rr" 5y5tems which includes Xero aThd MicTosoft ExCel￿ord, and other softwar¢ packages whi¢h art ¢ortlinuously updored and mainrained. Page 2 GREYSTEEL COMMUNrrY ENTERPRISES (A company limited by guarantee) Report of the trustees (incorporating the directors. report) for the year ended 30 September 2025 Recruitm¢ni & retenlion of staff is a ¢orteern that has come io light in ihc cutreni economic climat¢. The centre eo-ordioator 1$ Working with fundeis and oihcr stakeholders to ensure the￿ is increased susiained invesiment in Ihis area io ¢nsuTe services providcd are not diminished. The Centres. Prin¢1p￿ financial a￿lS and liabilities includes cash. debtots and trade crcdi(OT5. Associat¢d risks include credit risk artd liquidity risk. To minimi2e ercdii risk. Ihc itusitts havc implct)xnied policics thai require appropnare crcdii checks on poiential cusiotners iKfore trknsaeiions take place. To minimizc bquidily risk. material purthases are ¢arefully planned to ensure appitspriaie cash flows exhst to meei operaiional costs. Internal risks are Thinimised by th¢ implemenwion of ¢ontrols and prrK¢dures for avihorisaiion of all trdnsa¢iions. Paypolicyfvr Key MnnogemeAtPÈtsonnel trus￿$ ¢onsider the ¢¢nty¢ co-ordinator and fLnance manager as the key management personnel of th¢ chariiy responsible for operaiinD The Vale Centre. The trus1¢￿ receive no rtmuneration and were not reimbursed for expenses during the year. The pay of benior 51aff 15 set by the twstees and reviewed annually and is Doimally increased by inflation. Th¢ trusites bcnchm#lTk in settin8 salarie5 is based on the salaries of other key management personr￿] in simildr cornpardble organi5alion5. Volunreer.¥ Greyste¢l Commvniiy Enterprises is gra￿ruI for the tffons of its 20 dJ"fferent voluntttrs (including trustees) Viho art involved in th¢ daily operntions ai The Vale C¢ntre. Objectives and activities Th¢ principal objective of ihe charitablc company* in tonjunciion with ststutory authorities. ¢ommunily and voluntxry organisaiions, is to provide public bentfii by undertaking ￿ advaThce educaiion. ielieve PDveny and for the preservation of 2nd PTomoiion of good health in Greysieel and ihe Surrounding cnviTOD5. Tk Tnjsiees Consider￿ guidance from the Charity Commission for Northern Ireland bn relation ro thc public trencfii S￿ley￿ent. The aims of ihe organisation are :. l. To provide an cffccrive and cffjtieni rangc of strvites that tt*et the rtteds of the patrDns ol tht area. particularly tht provision of re¢reational and leL5ure faeiliiies and acuviiies. provision of ren￿ LLnits. ¢hild¢art & ¢onftience facilities, rneeling rooms and other educaiional programmes .' 2. fts provide employ￿￿nt and volunteeTing oppominities. whi¢h helps 10 regeneraw the area econornically 8nd enhances stlf confidence.. and 3. To dci as both vehjclc and stimulus for community ¢nterprise tt> develop the capabilities of young people to enable (hesn io pJrri¢ipate in so¢i¢iy as independcnL rnaiure and TesponSLble it￿l¥lduaIs. The general public witholli di51Lnction of agc. gendcr. disabiliiy. scxual orienution. naiionality. eihnic idcntity, poliiical or rcligiou8 pcrsua5ion have acc¢%s 10 a wide range of facilllies. advice and infornatLOll. Public benefit How oi¢rucitVllies deliverpublic benefit ProJ*oitort of8ood heolih One of Greysie¢l Community Enierprises prirne objec¢ive$ is the prexrvauon and promoiiorL of good health and persona development. To achieve this objective. the company PTOtrK>te5 SI￿. physi¢a] aciiviry and social well being by providing a commurtiiy ¢enir& playing fields. a gym and a fimes5 suiie. The cenire a150 PTOVLdes summer scheme5. outreach work. afrer school clubs, sports ioumaments. training opportunities, coaching opportuniiies for Unemployed local people as wtll as Providing programme5 in conjunction with the local c4un¢il and PSNI thai promote good community r¢l4tions. Idekle$ securian issues and reduces anLi social behilViOUT. Page 3 GREYSTEEL COMMUNITY ENTERPIUSES (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 30 September 2025 Sociftl inclusto The cenire njrs various ¢las5¢s and aciiviue5. sn the indoor hall. in the fiiness Suite and in ouidoor areas, aimed al reducing so¢ial isolation wi¢hirt the Greysieel commurtily. Fitness. dance & craft classes, iogerher wilh ¢our5es for the uncmployed. ale all aIn￿d ai s(￿laLIY in¢luding all members of the ¢ommuniTy. providing a Siimulating environment and improvLng mental and physhcal health, which in turn promotes ¥ndependencc and well being. Advancemeni of edt4caiion During the year the charity provided meellng and tyaining rooms. confereAce facilities. educaiional iratning programmes and workshops for all rnember5 of the communiry yncluding the yourtg. the elderly. disabled and patrons leaming diffieuliies. In some circumstances, This was in conjuncrion with other communiry and voluntary groups. As a rcsult, peopl¢ of all dges d¢v¢lopcd educational life skills and had access to ¢ducationai ￿OIS previously 8VÉiilable. makin8 Ihern more irtd¢p¢ndent. t￿tUre #nd responsible individudls. Reltef ofiyoveny The Vale Cenir¢ Continued to provide, during th¢ y¢ar. faciliues ai a low ¢051. thai 15 prohibiuve 10 the patron5 of ihc centre. The general public were able To participa￿ on courses ￿Med at advan¢¥ng Iheir ¢ducauon, providing new Skills. increasing employmenr prospects and ul(irNat¢ly rhe rcjief of p)verry. Gr¢ysieffl Tes*rter&£ion To attract ncw busines5C5. in a socially and econtsTwcally dtprivtd arta. thc Val¢ Centrc coniinues 10 promoie and PLDvide inekp¢nsive ietail uniis and workspace. enhancin8 ctnploytntDL and 5clf-crnploynrnl prosptcts. The Irusrccs, Ihcreforc bcliev¢ Ihey are m¢etin8 Ihe public benefii Test by providing d centre for promoiin8 physical and n)¢ni#l health. advancing educaiion, relieving poveny and Promiing urban reger*raiion. Achievements & perforniance Chairperson's Fortword l am pl¢i1sd to present this annual rtvicw on b¢half of ihe Trustrcs. rcfleciin8 on anoihcr productiv¢ and progressive year for our organisaiion and the wider Grcysteel ¢ommurtity. Over ihe past year. we have coniinued io delivu a strong and divers¢ rangc of Services whilc also t3kiThg important 8lcps to Slrengthen our Facilities. kmprove cnvkionmental susiainabilbly. and plan stralcgically for rhe fuiure. Participation across our prtsgratnmcs ba5 remained high. r¢fi¢cting the ongojng and support OF ihc eommunily. partners. 2nd service uscrs. This year has also been orte of consolidation forward Ihinking. Ajongside mainthining corc serviccs in spon, health, youih work, and enierpri%e. we invested in key refuTbishn*nts and encrry¥ m"es ￿lIkd to th¢ small compani¢5 exemptirxL Thi5 re&￿ was approved. by ￿￿TI￿Ste￿ oa 11 hlarcb 2tr26 aDJ 518￿d t¢k*wv# its beha]f by." Gary Nlcholl GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Independen¢ auditors. report to the Members of GREYSTEEL COMMUNrrY ENTERPRISES We have audited thc charitsble Company financial statemenis of GREYsfEEL COMMUNrrY ENfERPRJSES for the ycar cnded 30 Sepitmber 2025 which comprise the staiemcni of fjnancial aciivi¢ics. the chaTiiable company sialernent of financial position. the cash tlow staiemeni and notes ro ihe Iinanicial S[are￿￿n[s. including a 5urnmary ol significan accollntin8 poILCLe5. Tr fjnancial reponing frdrnework th31 ha% applied In theiT prepaTatsDn is applicable law and United Kingdom Accounun8 siandards. includin FRS 102 The Financial Reponing Stsndard applicable the UK and Republic of treIand (United Kingdom Gerteratly Accepied Accounting Practice). In our opinion ihe firtancial sta*TrKnts'. -8ivc a rTUC and fair view of thE state of the ¢hariubl¢ company's affaits &$ al 30 S¢pi¢mber 2025, and of its in¢oming T¢soiirces and application of resourc￿, including lis Inco￿ and expendiliire. lor the year then ended.. -have b¢en proptTly prepared Ln accordance with United Kingdorn Generally Acceprtd Accounting Practice. and -have been prepared in accord>n¢e with the requiTemtnts of the Conwani¢s Aci 2Crf)6. Basis for opinion We ¢ondu¢ted Dur audit in accordance with Iniernarional Srandards on AudLTing {UKI IISAS IUKII and applicable law. Our rcsponsibiliiits under those siandards are further described in the -auditorfs responsibiliiies for iht audit of the financial siatetnenis" section of our repon_ We are independeni of the charitable company in accordatlce with the ethical requirement5 Ihat are relevanr 10 our audii of the financial siaiements in the UK. including the FRC'S Eihical Standard, and we have fulfilled our oiher ethical responsib51ities irt xcordance with thest requiremen￿. We believe that the audit evid¢n¢e w¢ have obiained is S￿￿1Clent and appropriaie to Provide a basÉs for our opinion. Conclusions relating to going conctrn In 2udiiill8 Ihe flnancial siaLemenis. we have concluded th31 the TTU5te¢s use of thE going ¢on¢¢rn basis of arcovnling in Ihe preparation of th¢ financial SLaiemenr5 is appropriate. Bascd on th¢ work we have pcrfomied, we havc nor idcnrified any marerial uncertainties relaung ro events or conditions thai, individually or collectively, ￿Y cast 5igniFLC3tit doubi on the compdnys abilLty io contLnue as a going ¢onctrn for p¢riod of at least Iwclve months from when the financial sTatcmenlS are )uth0ri5ed for issue. OUT responsibilities and th¢ responsibilities of Ihe Tn]stees with respect io going concern are dc5cribed in the relevent sections of Ihis report. Other inforni#tion The ITU¥tces are rcsponsibl¢ for thc other ]nforn￿ll0n. The oihcr hnformarion comprises thc infoTrn411ion included in the In151ces' annual report. oil*r than the fin4n¢ial siarements and ¢wi audiiof'5 report thereon. Our opinion on the financia] siaicrnenis does not cover ihe oiher inforniaTiOn and. ¢x¢epi 40 thc ¢Xfeiit othenvis¢ ¢xpli¢iily srated in our ieport, we do noi expre55 Jny form of assurance coJJ¢lu5ion thercon. In coiineciion with OUT audii of th¢ financial sts¢ments. our responsibility IS LO read ih¢ other informauon and. in doin8 50. ¢oThsider whether thc other infoTmaiion is maieTially in¢oDsisient with the finar)¢ial St2￿mentS or our knowledge obrained in the audiL or otherwise appears ro be Thaierially mis5raied. If we identify su¢h maierial ittconsistencies oi apparent In31er&￿ misstaiemenis, wc are rtquired io delermi￿ whtrher iheTe is a marerial mi5s1a¢eJncnr ITh the financial siaiements or a material snisstaiement of th¢ other inforn)aiion. If. based on rhe work wc have perfornied. wt conclude thai Ihere is a material MISS￿￿rnent of Ihis other inf0m￿tiOn. are required LO report thai fact. Page 9 GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) We have nothing to Teport in thi5 regiwd. Opinions on other matters prescribed by the Companies Act 2(M)6 In our opinion, based on ihe work undertaken io ihe course of Ihe audii.. -the infoimatiort given in th¢ trustees. report (irttorporating the directors. r¢w)rt) for thc finan¢ial y¢ar for which the financial siaiemenis are prep￿ed is ¢onsisterh¢ wilh Ihc fIDan¢1￿ stsiem¢t)¢s.' and -the trustees, report has been prepared ITh accordance with applicable legal requhrerncnts. Matters on which we are requir¢d to report by exception We havc noihing io report ID re5Wt of th¢ following mattcrs in relaiion to whi¢h th¢ Companics A¢r 2006 requir¢s us io retKJri LO YOU Lf. in our opinion. -adequate accounting records have noi been kept. or reiurDS adequa￿ for our audir have not been reccived from branches noi visiied by us: or -Ihe finan¢ial statcments arc not in agrttrnent with thc accounting ￿(ordS and returns.. or -certain discloswes of trustees. remuneration specified by law are not ma4¢. or -we have not reccived all tht informaiioD and explanaiions wc require for our audit. Responsibililles of trustees As cxplained more fvlly in Ihe tru51ecs' wpon5ibilirie5 St8￿Men￿ the tru51ees {who 3Te also the diTeciors of the charitablc company for rhe PUTPOSC5 of cornpany lawl are responsible for the prepaTatiov of financial ststemcnts and ftsr being satisfied Ihai Ihey give a rrnc and fair wicw. and for such iniernal control a5 Ihc trustees deterniinc is ncccssaTy to enable Ihc preparaLion of financial stsiemenis thai are fyec from maierial misststemcni, whether duc to fraud or error. In preparing ¢he fJnaAcial statem¢nTs, the trLL8iees are i¢sponsible for assessiog the charitable ¢ompany's ability to continue as a goin8 concern. di5c105ing. as applicable. tnaltets ielaied io going concern and using the going concer ba$1$ of accounting unless the trusiees either in4end 10 liquidatr Ihe d￿ritable company or io cease operations. or have no reali$ti¢ alternative bui to do so. Auditor's responsibilities tor the audit of the fbnancial statements Our obJeciive5 are to obtain re2%onablt aSSLLrante about whciher the financial statemenrs &$ a whole are fye£ from maierial missiaicment. whcihcr duc ￿ fraud or error, and 10 i55ue atl auditor's report thai includes our opinion. Reasonable assurance IA a high level of assurance. bul is nol a gu3rdnlcc that an audit conducied in ac£ordance with ISAS {UK} will alway$ deteci a m¢ti21 misstatemeoi when li exists. Mi551atements can arise from fraud or error and are con5tdered tTJatetial if. individually or in the aggztgaie. they could rtasonably be expccied io influence the economic d¢cisions of users on Ihe basis of ihese fiDancial sialemeni5. Irregulatiues. including fraud. are ins¢an¢es of non-compliance with laws regulaiions. We design pro¢edur¢s iTh line with responsibilities. ouiiined above, 10 detect maierial mi5Statements in respect of irregularirits, including fraud. The risk of nor dete¢utxg a material miss&iem¢nt due to fraud is higher than the risk of not deit£ting one resulting frorn error, AS fraud may involve deliberaic concealment by. for example. forgery or inientional misrepTesenuiions. or ¢hrough Collusion. The ¢xtent 10 which our procedures are capable of dereciing irregulariues. including fraud. is detailed below. Howtvcr, the PTimary responsibility for the prtv¢ntion and derecrioo of fraud resrs wilh both Ihose charged with governance of ihe entity and manager￿Tr¢. Page 10 GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Based on our understanding of the cornpany and ihe environment in which it operates. we ideniified thai Ihe principal risk was thai of Thon compliance WLih laws dnd regulaiions rel#lting to small charitsblc companies and we considered the extent to which non - romplL4nce might havc a maicria] ¢fftct on th¢ fiJw)cial Strdtemenis. W¢ a]$0 consid¢TEd laws and regulaiJon5 Ihai have a direci iTllPa¢l on the prepardTion of the financial $[a￿l[￿nts such as ¢harities SORPS, the Companics Aci 2006 and incomc reyulaiions. Our risk approach was as follows'.- wr ertsurtd ihe audit parmer and audit team had appropriate knowled￿ and compe¢rtce tts ideniify and Te¢ognise non-compliance Wkth applicable law5 and regulaiion5: using our knowledge and expeTience of ihe s¢cior we id¢niifLcd. through discussions with trusiees and managem¢ni. laws and ttgulacions applicable ¢0 the ¢ompany- we ¢on¢enrraied on legislation we considered io have a direci impaci on the company financial staiernenrs. including the reporting frarrKwork {FRS 102 in conftsrmily with the WUiTemenis of the Companie5 Aci 2006). direct a￿] indirect taxaiion. health & Safety and enviroDmentJl 1¢8Lslatior4 data proteclion and tmploymcnt law- w¢ obrained an undcrsianding of how thc ￿MpanY is complying with ihese framcwoTk$ Ihrough enquiries wilh tnanagemenl a￿1 ¢tustces as io the policies and Pr￿edUreS in these key are•s and the controls in opEration to reduce the opporiunily for fraudulent transactions. We also idcniificd ￿[en[la1 T15k.4 relating ro receipt of Cash. w)sting of journal erttries ar￿ audit proccdures perfonncd io counieraci Ihis risk, included iesiing of ma¢erial joun)al ¢Trtries and distussions wilh mana8cmcnt. Owing to the ittherenL limiiaiions of an audii. is an unavoidable risk thai we may have deW￿d some maierial miS5ratemenis in the financial staicmtThts. evtn ihough we have properly planned and perfornied tsur audii in a¢¢ordance with audiiiDg %tsnd2rds. Fot example, Ihe further rcmoved notKomplianc¢ with laws ond rcgylations ljrrcgulatiEie$l is from ihe ev¢nl$ and ￿an$￿ellOnS reflecied in the finaE)cial State￿￿nIS. Ihc Ic5s likcly lh¢ inherenily limiied procedures required by auditirbg standards would ideThufy iL In addiihon. as with any audii, there remains a higher risk of non4¢tccutsn of irregulariiie5 as these may involve collusion, forgery. inienlional omissions. misrepJYs¢ntaiions. or the override of Iniernaj conirols. Wt are noi responsible for preventing non-compliance and canno( bc expe¢ied io deie¢t rLon*ompliaThce with all laws artd regulations. As parr of aTh audii in accordance with ISAS IUK). w¢ exercis¢ professional judgemeni and rnainuxn PTtsfessional 5cepiicism ihTOU8houi Ihe audir. We also= ideniify and asse55 the risk5 of tnarerial misS￿reMent of the financial sraiements. wheiher due io fraud or effor, design #nd pcrfoTm audii pro¢edures responsive to those risks, and obiain audii evidence rhal 15 5ufficieni and appropriatc 10 provid¢ a basis for our opinion. The risk of nol dettciing a material misstatement resulring from fraud is hi8her Ihan for one resulung from etrtsr. as fraud may ithvolve collusion. foTg¢ry, intentional omissions. misrepresentations, or the overrKde of inrernal control. oltsin Jn und¢rstattding of internal ¢ontrol rel¢vani ro the audii in order 10 de518Th audit proc¢dure5 thal arc appropriate in Ihc circum51ances. but not for ihe puw of exprtssing an opjnion of the effectiveness of the ompanys irticrnal control. evaluaic the appropriateness of accounring policies used and the rtasonableness of actounung esiimaies artd related di5¢1osures made by rhe rrnsiec5. Page 11 GREYSTEEL COMTrIUNITY EwfERPRISES (A ¢ompany limited by guarantee) conclude on the appropriateness of the trustees, use of the going.wncern basis of a¢¢ounting and, based on the kudit evidence obtsined, whether # n]at¢rial uncertainty exists related ro events or conditions thai may ￿t significant doubl on the charitable companys ability lo contiDue as a going coThcern. If we conclude that a rnat¢rial uncertainry exists, we are required to thaw atteniion in our auditorf5 r¢port to the related disclosures in the financial 5tatetnellts or, if such disclosures are inadequate. to TDI)dify our opinion. Our conclusions are bas¢d on the audit evidence obtained up to the da* of our auditorfs rcport. However. futur¢ events or conditions may ¢aus¢ the charitabl¢ company to r¢a5¢ 10 con¢inu¢ as a going wncern. eyaluaie the overall presentation, sknJcr¢￿c and content of the f￿anCial stat¢m¢nts, including the di5rlosur¢s. and whether the financial statements represent the underlyll￿ transa¢tions and ev¢nts IEL a manner that achie￿$ fair presentation. Use ofour report This report is made solely to the charitabl¢ companys members, ￿ a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work been undertaken so that we might swe to the ¢haTitable companys ttwiees those matters we are required to s￿e to them iti an auditors, report and for no other purpose. To th¢ fullest extent permitted by law, we do not accept or assume responsibility to anyone oth¢r than th¢ rharitable wmpany and th¢ haritable companls trustees as a body, for our audit worK for this repor4 or for the opinions we have ftsrned. atrick Moore {Senior ory Auditor) For behaifof M aid Mccullough Moore Cbartered AccoulltsDts *nd Statstory AuditOf5 28132 Cl4relldoD Street Derry N.Ireialld BT48 7HD 11 March 2026 Page 12 GREYSTEEL COMMUNITY ENfERPRISES (A company limilcd by guaraDtee) Statement or rinancial activitios (ineorporating the income and expenditure account) For the year ended 30 September 2025 Unrestricted Rtstricted Restricted incomc income Capital funds funds rund5 2025 2024 Total Total Not In¢oming resources Incomsng resour¢&s from generaiing funds.. Volunlary incomc Activilies for gener4ting funds Incon)ing resources from ¢harAtsble activiiics 4 238 285,828 22,166 1,940 217,271 28.482 285.828 22.166 Total incoming resources 286.066 22,166 308,232 247,693 Re50ur¢es expended Cliariiable aciiviiies 239.9)7 22.166 60.838 322.911 335.882 Total resources expended 239.￿? 22.166 60.838 322,911 335,882 Nct incom1n￿(oUtE07ttg) resourcos beforc transfers 46.159 (60,838) {14.679) {88.1891 Total funds broughr forward 2(M).I 2.598,541 2.798.731 2.886.920 Total funds carried forward 246,349 2.537.703 2.784.052 2,798.731 The notes on pages 16 to 25 form an integrni part of thcse fjnanfial statements. Page 13 GREYSTEEL COThI￿[uNITy ENTERPRLSES {A company lon￿ted by guaraDtee) lance sheet Ys at 30 September 202S 202A Notes Fixed awts Tangibleawts Currellt as*ts D¢biors Cash 8r bank atrd fftn hand 12 2.717.975 I761,1￿1 13 27.931 S%1272 J9.674 108.116 118J13 127.79) Creditors: amounts folJiD8 due within one y 14 (27J73) (60.4LKS) Net current •ss 9).630 67.384 Total assets les5 cyrreDt Iffi•bllltl¢s Credltors: amounts f811iDg due after more th4n one y￿r . 2.80&6J5 1828.491 J5 (24.553) 129.7Ei)) Net assets 2.784.052 1798.731 Funds J7 246J49 200.1 Resuja￿ incon R￿trICted raprtal 19 2.537.703 1598.541 Totsl hmds 1784,052 2.798.731 Thc fiwKial staten*nts ha¥¢ bttn pepared in accordatte with tr pYovis•)n$ 4ppli¢abk to compani&s 5ubicct io the sma]I compani¢s' reglme and in 3rcord3T*e with ￿10￿ IAof FRS102"Tr¢ Financial Re￿rt￿ SthrKI￿d Applicable in ¢VKand lic of tselatha". ts wrr¢ appmved byth¢ board ￿ 11 M¥th2026 aod si8oe4J OD tehalf by icholl TnLStet Bridit Mumin The 16 to 25 fonD4Bititegrd part dthtst st#ttThW￿ Pag¢ Id GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Cash flow st¥tem¢nt for the year ended 30 September 2025 2025 2024 Notes Cash flow from optrating activities Ne¢ outgoing r￿OUrCeS for the year (14.6791 {88,1891 A￿'11S1menr.$IOr.. Depirciaiion and impainnent 68.307 65.617 Changes in.. Increase in debtors IDecreaseyIncrease in crediiors (8.257) (32.307) (240) 31,665 Net cash inflow from generated operating activities J3.064 8.853 Cash nows from In¥¢sling aetlwltlts Capithl expenditure 21 (25,175) 144,655) (25,1751 144,655) D¢¢r¢ase in cash in the year (35.802) Deerease in cash in the ycar Movernenl in bank loans 135,802} {5.533} {5.733} Movement in net funds in the ye¥r Net funds at l October 2024 (17.844) 108.116 141.335) 149.451 Net funds at 30 September 2025 90.272 108.116 Pagt IS GREYSTEEL COMMUNITY ENTERPRISES {A company limited by guarantee) Notes to financial statements for the year ended JO September 2025 Accourtting policies The princip21 accounting policie5 are summarised below. The accouniing policie5 have i*en applied con5i5teThtly throughoui ihe year attd Ihe prt¢￿Ing ye¥. Basis of accounting The chariiy consiiLures a public benefii eniiry as defi￿d by FRS102. Greysieel Community Enterprises 15 a private company Ikmited by gudranite. re&￿￿ered in Northern Ircland. The address of rhe re8isrered office is The Vale Centre. Cl£N)ney Road, G￿y5￿Cl, Detry BT47 3GE. The financlal siaternenis are prepared under the hisiorical cosi Convention and in ctstnpliance with and in accordance with Accounting and Rcporting by Chariiies.. Sraicmcni of R¢COrn￿￿ndCd Praciice applicable to chariiits prtparing thcir accounts in accordancc wilh the Financial Reporting St8ndard applicable in ihe UK and Republi¢ of Ireland (FRS1021 li5sucd October 2019} and thc Companics Aci 2(KKfj. The fjnaneial sra[eMen￿ are piepared in Sierling. which is thE fvnctional ¢urrerty of the eniily. 1..2. Going concern The finanrial statements havc been prepared on a 80ing conccrn bass$ as the Iru5recs believe rh81 no maierial uJi¢enainiy exisis. Tb¢ trustees h2V¢ Cortsjdered Ihe level of funds held and the expecied level of income and expenditure for l2 months froFTr auihoiising these finartcia] staremenis. The principal faciors underlying thi5 judgeraent are rhc curreni fbnancial pErfotman¢e and rhe coniinued sUp￿rt of principal funders. 1.3. Fund accounting The lunds of ihe charitable company Consis￿ of r¢strictrd fun&% atLd Unwtricred funds. General funds art unrestricied fvnds W￿"Ch are available for use ai Ihe di5creuon of the trusrees in furiherance or the objecrs of the charity at¥J hxvt Elot bten desi8natrd for other purposes. Restricied fut￿5 are fund5 which are io be used in accordance with $pe¢ifLC re51riciion5 imposed by donors. The aim ond use of each re5tricLed fund is sei OUL in the wes io the finatKial Matements. Restricted funds are eiiher . restricted income fvnds or restricted capital funds. 1.4. Incoming resourc All in¢oming resoLkr¢es are included in the siatement of firtancial activities when the chariiy is entitled 10 the income. any perforrnance coDdiiions airached to the income have i*cn mtt and the aTnoun¢ ¢an be quantified with reasonabl¢ accuracy. The following specific Frf)li¢ies are applied to pani¢ular categoTies of in¢ome'. Revenue 8ranis rccognised as inco￿￿ when receivable. Jncon* from trading activities is re¢osnised when the services have been provided. Capiral grants are reco8ni5ed in the year in which they are rc¢eivable and rreated as resirictcd funds with depre¢iaiion on the relevent a￿t ¢har8ed directly io the rcstrictcd fund in the S￿rem¢nI of financial actlVLIiC5. Page 16 GREYSTEEL COMMUNITY ENTERPRISES (A eompany limited by guarantee) Notes to financial 5tatemeDts for the year ended 30 S¢ptember 2025 1.5. Resources expended Expendiiure is recognised on an accrLial basis as a liabil¥ty is incurred. Expendiiure is split b¢rw¢en res(ricted and unresiricied txpenditurc. Unrestricied expendiiure rela￿ to unrestri¢ied inco￿￿ and to the managemeni ènd general adrninistrarion of the charity and restricied expcndimrc is a5 sd our in the leLicrs of offer. Chariiable expertditure ¢ompri5es those costs itKurred by the charity in the delivery of its aciivities and services for it5 beneficiaries. It includes both costs thal Can b¢ allocaied dirtcily to su¢h 8CtiVities 2nd those costs of an indirecl nature necew t0 5UPPOrt rhcm. 1.6. Tangible fix¢d assets and depreciation Tangible fixed as5eis wilh a life expectancy of greaier ihart one year. are staled initially ai cosi athd subsequently ai cosi less accumulaied deprc£iaiion and impairmcnr10sses. Dcprecialion 15 provided at ni¢s ¢al¢ul*ed io write off ihe COSL Icss rcsidua] value of eaeh asse( over its exPe¢￿d useful life. as follows.. Land Buildings Plant and rnachin¢ry Fixiurc5, fiiiings and eq￿ipMen1 noi dcpreciated 2% 5trdighi lir 10%- 25% straighi line IO% stTaighi line Impairment Df a￿ets rcvi¢w for indi¢arors of imp8im)ent 1$ Carried oui ai each re￿)rting date. with ihe recovcrable amount Ixing esiimared where such indicators exist. Where the carrying valuc txcccdx the tt£overable amount. Ihc asset is Impaircd accordingly. Prior irnpairmcnts arc reviewEd For possiblc reversal at ¢aeh reporting date. 1.8. Debtors aDd creditors reteivablelp¥yable Debtots & prepayments are recognised ai the seirlellKni 3tN)unidue aftcr any trade discount. C￿dItorS are r¢coDniscd where the chariiy has a preserti obligaiion resulting from a past eveni thai will result in a paymeni 10 a thLTd pany aTrd the amouni can be reliably ¢stiItiaied. Donated goods & seryicos The value of s¢rviees provided free by volunteer5 and go(KJ5 donaicd are nor includtAI in ihe fknancial statetnenis. Volunitcrs provide services in all arcas of ihe Vale C¢nlTe operaiiorts. 1.10. Financial instruments A firbancial asset or liability is r¢cognised only when th¢ rompany be¢0[r￿S a party to the rontyaciual provision5 of lh¢ arran8¢meni. 1.11. Judgemertts and key sources of uncertainty In applying accounring policies. the Tnts1￿ aTe required io make judg¢menL% & ￿tiMateS on an ongoing basis about Ihe carrying value of company asset5 and liabiliiie5. If revision is required. Ihe ievision is re¢ognised in Ihai peri￿ together with ptriods it 1￿CesSary. The depreciation chaige in respect of tangible fixed assets is based on the estimated useful lif¢ of each group of assets. Revision of estimated useful life of each grouping will affeci the Esrimates charged in th¢ Siatem¢nt of Financial Acriviiies_ Page 17 GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Note5 to financial statements for the year ended 30 September 2025 1.12. Defined contribution pension schemes The F*nsion costs ¢harged in the financia] s¢a*ments represent the contribution payable by the charity durin8 the year. Voluntary income UnTtslri¢t¢d 2025 Total 2024 Total Donations 238 238 1.940 238 238 ,940 Activiti￿ for generating fwids Unrestricted funds 2025 Total 2024 Total Centre fundraKsing actlVLiies Fitness suite Oihcr Ln¢ome Reni l se[vi￿ ¢her8e incorne 80.923 35.(K)8 64,021 105,876 80,923 35.(X)8 64.021 105.876 86.493 24,640 4.OD5 102.133 285.828 285,828 217,271 Incoming resources from charitable activities RestrA¢lfd fllnd5 2025 2024 Total Causeway Coasi & Glerts Borough Council Dormani Accounts Fund Nl Miscellaneous 8rdnts 4,375 11491 5.3 4.375 12,491 5.300 3.500 24.982 22.166 22,166 28,482 Costs of eharitable activities - by fund type Unr¢stricted Restricted funds run(ts Capital funds 2025 Tot21 2024 Tthls*l Dormant Accounts Fund NI Causeway Coasi & Glens BC- Dcvelop¢nxThL fund Operaun8 Tr Vale Ceiiit¥ 12.491 9,675 12,491 9.675 300.745 24.982 3,500 307,400 239.907 60.1838 239.907 22,166 60,838 322,911 335,882 Page 18 GREYSTEEL COMMUNITY EIYTERPIUSES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2025 ADalysis of eharitable expenditure Vale Centre op¢rations 2025 Total 2024 Total Staff COSLS Facilitator5 Raies and Wdter Light 2nd heat Repairs and Maintenat￿¢ Insurancc Fundraising cos Moior and travelling ¢0s1S Stationery & advertising Cl¢anin8 Accouniancy Charges Audiior5' remuneraiion (Governance costs) t£gal and prof¢$sional fecs (Governance costs) chan￿ble doDotions Telephone Oihei officc cxpcnses Subscr1￿10ns Dcprecia¥ion and itnpairmEnt Bartk charges Tr￿ning Bank intere51 136.046 10,10] 1.962 25.818 34,935 12.285 8.806 1,097 1.341 1.696 1.290 3.5 3,191 340 2.113 2.743 3,532 68.307 2,967 136,046 10,101 1,962 25,818 34,935 12.28S 8.806 1,097 1.341 1,696 1.290 126.252 14.082 3,348 30,918 38,619 13,365 6.369 ,523 1,487 1.759 2.694 3,5(Y) 15.611 2(X) 2.434 2.051 1.896 65,617 3,057 370 730 3.191 2.1 13 2.743 3.532 68.307 2,967 322.91 I 322,911 335,882 Net outgoing resources for the year 2025 2024 Nei outgoing i¢sour¢es is slated after ¢hargiog- Dcpreciation and other amunts wriitrn oFf tangibk fixed &wi$ AuditOTS' TeTwn¢rauon 68.307 3,5( 65.617 P#g¢ 19 GREYSTEEL COMMUNITY EiwfERPRISES (A cornpany limited by guarantee) Notes to financial statements for the year ended 30 September 2025 Employees Employment costs 2025 2024 WJge5 artd salaries Social se¢urily Costs Pension c0515 129,179 4.653 2.214 l J8.559 5.868 ,825 I36.￿¢6 126,252 No ¢mployee received emoluments of rnre than £60.1x￿ (2024 .. None). Number of employees The average I￿nthlY numbeTS of employees (in¢ludin8 the tru$iees) during ihe year. c4lculaÈed on the ba5j5 of full lime equivalents, was a5 follows.. 2025 Number 2024 Number Adminisiration Charithblc aeiivÈiies 10 10 12 12 Employee status Full lime Part lime 12 12 Trustees, emoluments The trustee5 were not paid for their s¢rvi¢e5 during th¢ y¢ar. The Irustre$ were not paid or reimbursed for expenses during the year. Key man8gement personnel remuneration The key managcmcni P¢T%onnel of ihc company arc lisied on pagc I. T(Aal reryturtTatiorb for the year eThJed 30 Septembcr 2025 was £74.238 {30 S¢ptember 2024- £69.551). Page 20 CREYSTEEL COMMUNrrY EKfERPRISES (A company limited by guarantee) Notes to financial statements ror th¢ year ended 30 September 2025 io. Pension costs The company op¢rates a defirted con(ribuiioTh pension schcmc in Tespect of the employec5. The scheme and 1¢$ as%cts are held by independen¢ tnanagei$. The pension ¢harg¢ rcpreseais conLribuuons due from the company and amounted to.. 2025 2024 Pension charge 2.214 1.825 ii. Taxation Greyst¢el Cornmuniiy EnterpT15es 15 a chariuble company for 13X Putposes and is txempt from ¢orporauon tax on its ¢haTi1obl¢ a¢(tviues. A¢¢ordin8]y there is no tax charge in these accoun￿. FreelTrold land & Plant and Fixtures. rittings and buildin&s machinery equipment 12. Tangible fixed awts Total Cost Ar l (ktober 2024 Addiiions 3.995.916 22.735 J3.126 I19,407 4.138.058 12.049 25.175 Ar 30 Scpiember 2025 3.995,916 35.861 131,456 4,163.233 Depreciation At l October 2024 Charge for the year 1.253.346 60,133 17.142 4,109 106.463 1.376.951 4.065 68.307 AI 30 September 2025 1.313.479 21.251 110.528 1,445,258 Net book values At 30 September 2025 2.682,437 14.610 20.928 2.717.975 AL 30 Sepicmber 2024 2,742.570 5,593 12,944 2.761.107 The cosi of depretiable assets included in land & buLldings 21 30 September 2025 was £3.(X)6.628. At the balance sheer dale Ihtre VdS no rnalerial difference betwcen catrying value artd m8rkei value. ij. l)ebtors 2025 2024 Trade debtors Other debiors 20.028 7.903 18.139 J,535 27,931 19,674 Page 21 GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2025 14. Creditors: amounts falling due within one year 2025 2024 Bank loan T￿de creditors Other taxes and social security 5.874 14.351 7.348 6.400 50.779 3.227 27.573 60,406 15. Creditors: amounts falling due after more than one year 2025 2024 Bank loaTh 24.553 29.760 16. Anxlysis of net assets between funds Unrestricted Rc51ricttd income r4pitsl funds runds Total nds Fur￿ balances at 30 Seo¢m￿l 2025 asrcpre5ented by: Tangible fixed asscis Curreni assets CuTheni ljabiliiies Long-ieryn lithilities 180,272 118.203 127,5731 124.55)) 2.537,703 2.717,975 I I8,203 (27.5731 (24,5531 246.349 2,537,703 2.784,052 Page 22 GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2025 17. Unrestrictcd funds At In£oming OutgillDg OIIIIV24 rtsourtfs re50ur¢¢s At 30109n5 u]￿eS￿￿e1td Fund 2W.190 286.066 1239.907} 246.349 Purposes of unrestricted funds un￿￿1¢¢ed funds are funds re¢tived thai arc uiiLised ai thc discrciion of thc uustre5 in f￿lherance of the object5 of the chariiy. UurLresiricied income funds includes donaiiops, ￿￿1￿1 income from the retail and industrial units. room and pirch hire incorne. hire in¢ome arising from ear ith)i sales. fitness suite income and sundry other in¢ome, (ogethcr with all rclaied unrewicted dirccr and overhead ¢osts irtcurred in operating The Vale Centre. 18. Restriet¢d ineome funds At Incomlng Outgoing OVIOn4 resources resource5 At 30109llS Naiional IA)ttery Community Fund Causeway Coast & Glevs Borough Council Apcx Housing Roe Valley Rc5idcnts A55wiaiion 12,491 4.375 4.8 5(X) {12.491) 14.375) 14,800) {500) 22.166 {22.166) Purposes of restricted funds Resrricied incomc fvnds Coosis￿ of iocoming resources that are providcd lor a SF￿lF1( purpos¢. H5 Outlintd itl the letters of Offer. iogtiher with Ihe resources expended TO wlu.ch they rtlatu Restrickd i￿orne for the year includes Dorniani Accounts Fund NI - Grant incomc delivered by The N31ional Lot¢ery Communiiy Fund iowards the salary of a finance officcr. - Grani income from Causeway Co&$1 & GleLs Borough G)uncil iowards contribyrion io overheads for operating The Vale Centrc. - Income r¢cexved from Apex Ho¢￿1￿8 ￿WardS a Community Fun Day. -IrJ¢om¢ recehved from Roe Vallcy Residents Association 10 hom a tAdies Appreciation Nighi. P*ge 23. GREYSTEEL COMMUNrrY ENTERPRISES (A company limited by guarantee) Notes to financial statements ror the year ended 30 September 2025 19. Capital funds At Outgoing 01110124 resources At 30109125 Capital fund 2.598.541 (60.838} 2,537,703 Purposes of capital funds Restric(ed capiiai fund grants Co￿1$1 of rhe oTigiTthl Capital kttcome ptovid¢d for thc purch2s¢ of lh¢ lartd and Ihe building costs of Ihe Vale Centre. the rentsl unils. the filthe￿ SUlTe. the 3Glplaying piiches and ail related fa¢ilLties. The fund balance is reduced by the correspotLdiThg depreciaiion charoe on the ielated as5ei. Fundcrs include Sport Nl. DARD, DAM. IFI. Limavady BC. CCRU, DHSS. Sports Ix&tttry Fund and variws oih¢r bodie5. 20. Contingent liabilities Grants could be repayable in cenain circums￿￿ a5 I￿.d oul the iLttcr5 ofoffer. 21. Gross cash flows 2025 2024 Capital expenditure PayrDeni$ 10 acquire langible asse 125.175) 144.6551 22. Attalysis of changes in net fund5 Opening balance C45h nows Closing balance Cash at bank and irt hand 108,J16 {17.8441 SM).272 Dcbt due within tsne year Debt due afteT one year (6,40(11 (29,7601 526 5.207 {5,874) (24,553) (36,1601 5.733 (30.427) Net fund5 71.956 59.845 Page 24 GREYSTEEL COMMUNITY ENTERPRISES (A company limited by guarantee) Notes to financial statements for the year ended 30 September 2025 23. Going concern The financial s￿leMentS have bttn prcparcd on a going concern basjs as tht ttusiees bclievc ihaL no material nccnainty exisis.Thc trusiees have ¢oDsidered the levcl of funds and Ihe expec*d Icvel tsf in¢om¢ and expenditUT¢ for twelve month5 fvorn the 5iqiinD of financial siatewnts. Company limitcd by guarantee GREYSTEEL COMMUNrrY ENTERPRISES 1$ a company limited by guarantee and accordingly docs not have a share capital. Every membcr of ihe company undcrtxkes to coniribuic ￿ the asseislliabilirie5 of the charitablt cornpatjy in th¢ eveThL of the same bciTh8 wound up whble htJsh¢ is o metnber, or wjihin one year after hc or she ceases 10 bc a Mcrn￿r. for paymenL8 of the d¢bts and liabiliiics of Ihe company ¢onira¢id befo￿ helsh¢ ¢ease$ 10 be a mcmber. and of the cosis, chargcs and cxpenses of WiDding up and lor thc adjusimcni of ihe righ15 of the contributories ainongst ¢henuelYcs. such anM)unr as maybe required th)t exce£ding £1. Pag¢ 25