RIVERSIDE CHARITABLE TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Company R•gl8tratlon Number 01048511 Reglst•r•d Charity 264015 RIVERSIDE CHARITABLE TRUST UMITED Annual report and flnanclal statements the year ended 5 April 2023 Contents Reference and administration Page: R8pxJrt of the trustee5 Independent examinerfs reFK¥i to Ihe Iruslees of Rlvershle charitab￿ Twsl Limited Statement of financial activili8S B818nce sheet 8-14 Notes forming part of the financial stslements Refersncg and admlnlstratlon Trustse dlrectorn B J Lynch (Choir) l B Dearing 8 Terry A O'Gorman M Butterworth N Green In￿StMent manag8rn Embark Invfrstrnent Serwces Ltd, PO Box 24065. 1 Tanfield, Edinburgh, EH3 1EY Sècretary and reglstered offlce M Buttorworth. Riverside Mill, Nowchurch Road, Ba￿p, Lancashlre. OL13 ODT Company number 01048S11 Rtglstsred chaTIty number 264015 Accountsnts and Independent Examlners RSM UK Tax and Accountir¥J kn"mited. Chartered Accountsnts, One City Place, Queens Roa(J. Chester CH138Q Bankers National Westminster Bank pk. 28 Bank Street, Rawtenstsll, Rossendale, Lancashire, 884 8TS RIVERSIDE CHARITABLE TRUST UMITED Report of the trustees for the year ended S April 2023 The trustees present their report and unaudiled financaal statements for the year ended 5 April 2023. The charity is regislered, No. 264015, with t￿ Chanty Commission. The registered office is Riverside Mill, Newchurch Road. Bacup, Lancashire, OL13 ODT. Results and accounts The Statement of F￿an¢￿41 ActNthes (ir￿1￿lIng the Income and ex&￿}￿￿Ure 8c£ounll arKI the BaL9nce Sheet al 5 April 2023 are set out ￿ pages 6 and 7 respeth"vety. Stru¢turo, governance and managèmènt The trust is a private limited company Ihal was Incorpcyated on 5 April 1972. The trust Is 8 registered charlly {number 2640151. The charity's goveming documents are its men￿randUm and Articles of Association dated 5th April 1972 as amended by special resolutsons dat￿ 25 March 1993 and 30 Aprll 1993. New trustee directors are apptynled by inwlalion. Al truslee directors are appointed for a term of three years after which they become eligible for re-eleekn.on by rotstson. Trustee directors over the age of 70 are subiecl lo re-eleclion on an annual basls. The Iruslee directors during Ihe year werg.. Bary J Lynch lan B Dearing Nlcholas Green Mark Butterworth Brian Terry Angela O'Gorman Tralnlng of truBtees AJI Iru$tee$ aro gbven the opportunty lo attend relevant tralning ￿￿r$e$ R•latlonihlp8 Th? RiVerS￿e Charitable trust owns 26% of the Share Capilal of E.Sutton & Son Limiled and receives dividends from E.Sutton & Son Lim¢ted which it distributes an￿ng$1 local organisalions. The trustees Mr M Butterworth and Mf N Green are either directors or sharoh¢Jd*rs of E.Sutton & Son Limiled. The Riverside Charrtable Trust owned 43% of the issued Share Capital of J81 Llmiled. The Iruslee Mr M 8utterworth is a diredor ol JBI Limf(ed. The shares held in J81 Limited have been sold in the year, and al the year end the Trust did not own any shares. Pay Pollcy for Benlor staff The directors consider the board of dlrectors. who are the Irust's tru51ees comprisè the key management personnel ol the charity in charge of direclir4J and controlling. running and operating Ihe trust on a day lo day basis. All directors give of their lime freely and no directOT re￿iVed ren￿nerati￿ in the year. Rlsk managgment Includlng prlnclpal rfsks and un¢ertalntleB The trustees have a risk management strategy which comprises.. Am annual review of the principal risks and uncertairbties that the charity f￿$.. The establlshment of polieiès, systems and prcKedures to mitigat8 those risks identified In the 8nnu81 rgview., and The implementath.on of procedures designed lo minimise or manage any potentsal impact of the Trust sMuld those risks malerialise. This work has identified thai financial sustsinability of its investments is Ihe major financial r¢sk for the charity. A key element in the managemenl of financial risk is the engagement of professional managers to a¢hieve capital growth and investment income to meet the needs of the charity. RIVERSIDE CHARITABLE TRUST UMrrED Report of the trnstees for the year ended 5 Aprll 2023 (Contlnuedj ObJectSves and actlvltles The trust was fomed to. inter-alia.. Eslabllsh, maintain and support places of edUca￿n and to grve scholarships and other awards to encourage proficiency in education.. Establish, maintain and support places providing relief for sickness and inffimilty. and for the aged,. Relieve the povety of any person employed or fonnerly er￿lOyed in the shoe trade., and Provide general charitable publK b8nefils. The Irustegs confirm that the Irusl has conlinu&J lo SUpp￿t the needs of organisalions in accordance with the Memorandum of Association. To ensure the charitable objecb'ves are mel the Iruslees have reviewed th8 outcomes and achievements of our ac¢ivilies lor the year lo ensure that they remain focused on our charitable aims and contsnue lo deliver benerrts to the public. We have complied with the duly under the charities act lo have due regard to the publ￿ benefit gui(Jance published by the commission. Strategles The Iruslees seek lo identify surtable local (ryanisalions In Ilne ￿th the charfty's oblectSves 8nd advilies and make donatsons accordiroly. hl•v•m•nts and p•rfomian Details ot Income and expenditure during the year end and the balancè sheet at 5 April 2023 arg sel out on pages 6 and 7. Levels of income and expenditure have remained broadly consistent. Income has decreased during the year due lo lower divklends received from inveslments. Detsils of gams and losses on investments In the ygar are provided in rKJts 6. The trust has contsnued lo support regislered charib'&s. individuals and other bcKlies by granting donallons and death grants during the year. Th¢ details lo these donauons and grants are included In note 3 to the financial slalements. Flnanclal revlew During the year Charrtab￿ dlslributions and expenses exeeeded income by £68.311 {2022.. £81.0551. The totsl chantable dlslribulions made amounted to £89,372 12022.. £98.515}. There have boen no material policy changes during the year as regards Ihe nature of the charitable dislributions. The inv&slmenl income in the year was £34,702 {2022'. £30.8641 The charity generated a negatsve nel rrK)vemenl in funds during the year under review of £77,43012022". £2,648 positivel. after including Investment losses of £9.11912022.' £83,703 gainsl at 5 A￿.1 2023 with retained furKls of £1.708.587 {2022'. £1,786,017). The charrty holds fixed and current investments at the year which in total amounl to £1,662,103 12022.. £1,753,279). The cash al bank and in hand figure al year end of £52,424 12022.. £38,138). The creditors balance of £5,940 12022.. £5,400) represents accrued accountancy and independent examination lees not yel pal¢J. Grant pollcy and oryanlsatlon structure All charitab18 expenditure is rryularly review9d and approvgd by th8 trustee directr)rs. The general granl making policy of the trustees is lo make payments to local organisations in line with Ihe charity objectives and aclivilies. RNERSIDE CHARITABLE TRUST LIMITED Report of the trustees for the year ended 5 April 2023 (Continued) Reserves pollcy The Iruslee threclors corislanlty monitor and review the level of the charity's reserves. For a number of years, the resources expended have exceeded the annual income of the charity and the Iruslees anticipate Ihal this policy will be maintained for the foreseeable future. It is the charlty's p)Iicy lo hold reseNes to cover any unforeseen10sges that may allse and also cover any potsntial down fall in the prices of ils Investments. During the year the trustees have made provis￿￿n for the number of qualfying long service members that will benefit from lulure awards. Based on the current level of awards being £2.500 per member. and al the year end there were 140 qualifying members. the chadty have elected lo transfer an amount of £350,000 lo a designated fund lo ensure that future frJneral costs are [￿vided This will be assessed on an annual basis going forward. Inv•8tm•nt poll¢y The Irusl8e directors ensure that the charfty retains available cash in order lo meet the short term needs of the charity. Investments a￿ made in short term UK deposil accounts. quoted shares, unquoted shares and unit trusts which are based in the UK and abroad. However. the investrnenl polb¢y slates Ihal.. no more than 90% of the nel assets of the charity may b6 invasled, dlrectly or indlreclly. oulslde th8 UK.. and • not more than 90% of the net assets may be invested in quoted shares and stocks. The responsibility for selecting qL￿fjd investwents is prlmarily the resp)nsibil￿ of the Investment managers but with the foll¢)wing principal condilion: the investments comprise holding$ of ordinary shares in predomlnanlly 'FTSE 100, companles and unbl trusts whose undèrlying assels are primarlly hekl in companies who are wrthin the 'FTSE 2SO' Ind&x. Any investrnenl in companles outslde the 'FTSE 100. may onty be rrode with the approval ol the trustee directors. The responslblllty unquoted investments is undertaken by the Iruslee directors. The trustee directors confim) Ihal the investrnenl policy has t*en complied throughout the year. Plans for future perlods The Iru$l is lo continue lo pledge don8th￿s to individuals, registered d)arflies and other bodies in th8 coming years. RIVERSIDE CHARITA8LE TRUST LIMITED Report of the tru$tee$ for the year ended 5 Aprll 2023 (Contlnu•dJ Statement of trustees. responsibllltles The charity Iruslees (who are also the d1￿ClorS of RNerslde Chartt8ble Tnjst Limited for the purposes of Company lawl are responsib￿ for preparing 8 trustees, annual report and financial statements in accordance with appllcable law and United lQngdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Praclicel. Comp8ny1ow require$ the charity trustees lo prepare financial statements for each year which give a true and fair view of the state ol affair5 of the charTtable company and of the incoming resources and application ol resources, including Ihe income and expenditure of the charilable company for that peric*J. In proparing the financial statements. the trustees are required to.. select suitsble accounting pjliaes and thgn apFly them consistenlly: observe the methods and prinoplgs in t￿ applicable Charities SORP: make judgements and eslSmates that are reasonable and prudent; slate whether applicable ac¢￿nI1ng standards have been followed, subject to any material d8partures that musl be dls¢losed and explalned in the fnand81 stsl8m¢nts: prèpare the financial statements on the going e. Mr N Green Is a Iruslee director and is eonnecled lo Rossendale Scouts group145th1 as a resust of bèing a Iruslee of the scout group. During the year the trust also made hvo donations of £500 each to Central Melhodist Churth and Longholme Melhodisl Church that a￿ now both part of the arnalgamaled Rossendale Melh(wJisl Church. Mr M 8utterworth is a Iruslee and treasurer of the Rossendale Methodist Church but was not involved in tt)e two separate churches before amalgamation. 14