## **Charity registration number 264015** ## **Company registration number 01048511 (England and Wales)** ## **RIVERSIDE CHARITABLE TRUST LIMITED** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **LEGAL AND ADMINISTRATIVE INFORMATION** **Trustees** B J Lynch (Chair) I B Dearing B Terry A O'Gorman M Butterworth N Green **Secretary** M Butterworth **Charity number** 264015 **Company number** 01048511 **Registered office** Riverside Newchurch Road Bacup Lancashire OL13 ODT **Independent examiner** PM+M Solutions for Business LLP New Century House Greenbank Technology Park Challenge Way Blackburn Lancashire BB1 5QB **Bankers** National Westminster Bank PLC 28 Bank St Rawtenstall Rossendale BB4 8TS **Investment managers** Embark Investment Services Ltd PO Box 24065 1 Tanfield Edinburgh EH3 1EY ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 4| |Independent examiner's report|5| |Statement of financial activities|6| |Balance sheet|7| |Notes to the financial statements|8 - 16| ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 5 APRIL 2024** The trustees present their annual report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The trust was formed to, inter-alla: - Establish, maintain and support places of education and to give scholarships and other awards to encourage proficiency in education; - Establish, maintain and support places providing relief for sickness and infirmity, and for the aged; - Relieve the poverty of any employed or formerly employed in the shoe trade; and - Provide general charitable public benefits. The trustees confirm that the trust has continued to support the needs of organisations in accordance with the Memorandum of Association. To ensure the charitable objectives are met the trustees have reviewed the outcomes and achievements of our activities for the year to ensure that they remain focused on our charitable aims and continue to deliver benefits to the public. We have compiled with the duty under the charities act to have due regard to the public benefit guidance published by the commission. ## **Strategies** The trustees seek to identify suitable local organisations in line with the charity's objectives and activities and make donations accordingly. ## **Achievements and performance** Details of income and expenditure during the year end and the balance sheet as at 5 April 2024 are set out on pages 6 and 7. Levels of income and expenditure have remained broadly consistent. Income has increased during the year due to higher dividends received from investments. Details of gains and losses on investments in the year are provided in note 9. The trust has contributed to support registered charities, individuals and other bodies by granting donations and death grants during the year. The details to these donations and grants are included in note 4 to the financial statements. ## **Financial review** During the year charitable distributions and expenses exceeded income by £58,209 (2023: £68,311). The total charitable distributions made amounted to £100,604 (2023: £89,372). There have been no material policy changes during the year as regards the nature of the charitable distributions. The investment income in the year was £56,046 (2023: £34,702). The charity generated a net movement in funds during the year under review of £62,190 (2023: negative £77,430), after including investment gains of £120,399 (2023: losses of £9,119) at 5 April 2024 with retained funds of £1,770,777 (2023: £1,708,587). The charity holds fixed and current investments at the year which in total amount to £1,779,729 (2023: £1,662,103). The cash at bank and in hand figure at year end is in deficit of £4,212 (2023: credit £52,424). The creditors balance of £4,740 (2023: £5,940) represents accrued accountancy and independent examination fees not yet paid. ## **Grant policy and organisation structure** All charitable expenditure is regularly reviewed and approved by the trustee directors. The general grant making policy of the trustees is to make payments to local organisations in line with the charity objectives and activities. - 1 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **Reserves policy** The trustee directors constantly 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 trustees anticipate that this policy will be maintained for the foreseeable future. It is the charity's policy to hold reserves to cover any unforeseen losses that may arise and also cover any potential down fall in the process of its investments. During the year the trustee have made provision for the number of qualifying long service members that will benefit from future awards. Based on the current level of awards being £2,500 per member, and at the year end there were 143 qualifying members, the charity have elected to transfer an amount of £357,500 to a designated fund to ensure that future funeral costs are provided for. This will be assessed n an annual basis going forward. ## **Investment policy** The trustee directors ensure that the charity retains available cash in order to meet the short term needs of the charity. Investments are made in short term UK deposit accounts, quoted shares, unquoted shares and unit trusts which are based in the UK and abroad. However, the investment policy states that: - no more than 90% of the net assets of the charity may be invested, directly or indirectly, outside the UK; and not more than 90% of the net assets may be invested in quoted shares and stocks. The responsibility for selecting quoted investments is primarily the responsibility of the investment managers but with the following principal condition: - the investments comprise holdings of ordinary shares in predominantly 'FTSE 100' companies and unit trusts whose underlying assets are primarily held in companies who are withing the 'FTSE 250' Index. Any investment in companies outside the 'FTSE 100' may only be made with the approval of the trustee directors. The responsibility for unquoted investments is undertaken by the trustee directors. ## **Plans for future periods** The trust is to continue to pledge donations to individuals, registered charities and other bodies in the coming years. ## **Structure, governance and management** The trust is a private limited company that was incorporated on 5 April 1972. The Trust is registered charity (number 564015). The charity's governing documents are its Memorandum and Articles of Association dated 5 April 1972 as amended by special resolutions dates 25 March 1993 and 30 April 1993. New trustee directors are appointed by invitation. All trustee directors are appointed for a term of three years after which they become eligible for re-election by rotation. Trustee directors over the age of 70 are subject to re-election on an annual basis. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: B J Lynch (Chair) I B Dearing B Terry A O'Gorman M Butterworth N Green - 2 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **Training of trustees** All trustees are given the opportunity to attend relevant training courses. ## **Relationships** The Riverside Charitable trust owns 26% of the issues Share Capital of E.Sutton & Son Limited and receives dividends from E.Sutton & Son Limited which it distributes amongst local organisations. The trustees Mr M Butterworth and Mr N Green are either directors or shareholders of E.Sutton & Son Limited. ## **Pay policy for senior staff** The directors consider the board of directors, who are the Trust's trustees, the key management personnel of the charity charge of directing and controlling, running and operating the trust on a day to day basis. All directors give their time freely and no director received remuneration in the year. ## **Statement of trustees' responsibilities** The trustees, who are also the directors of Riverside Charitable Trust Limited for the purpose of company law, are responsible for preparing the Trustees' 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 financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Risk management including principlal risk and uncertainties** The trustees have a risk management strategy which comprises: - An annual review of the principal risks and uncertainties that the charity faces; - The establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and - The implementation of procedures designed to minimise or manage any potential impact of the trust should those risks materialise. This work has identified that financial sustainability of its investments is the major financial risk for the charity. A key element in the management of financial risk is the engagement of professional managers to achieve capital growth and investment income to meet the needs of the charity. - 3 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** The trustees' report was approved by the Board of Trustees. .............................. M Butterworth **Trustee** 17 September 2024 Date: ............................................. - 4 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF RIVERSIDE CHARITABLE TRUST LIMITED** I report to the trustees on my examination of the financial statements of Riverside Charitable Trust Limited (the Charity) for the year ended 5 April 2024. ## **Responsibilities and basis of report** As the trustees of the Charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or - 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **PM+M Solutions for Business LLP** New Century House Greenbank Technology Park Challenge Way Blackburn Lancashire BB1 5QB 06/12/2024 Dated: ......................... - 5 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## **FOR THE YEAR ENDED 5 APRIL 2024** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Investment income|**3**|**56,046**|34,702| |**Total income**||**56,046**|34,702| |**Expenditure on:**|||| |Charitable activities|**4**|**114,255**|103,013| |**Total expenditure**||**114,255**|103,013| |Net gains/(losses) on investments|**9**|**120,399**|(9,119)| |**Net income/(expenditure) and movement in funds**||**62,190**|(77,430)| |**Reconciliation of funds:**|||| |Fund balances at 6 April 2023||**1,708,587**|1,786,017| |**Fund balances at 5 April 2024**||**1,770,777**|1,708,587| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 16 form part of these financial statements. - 6 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **BALANCE SHEET** ## **AS AT 5 APRIL 2024** |**Notes**
**Fixed assets**
Investments
**11**
**Current assets**
Investments
**13**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**14**
**Net current (liabilities)/assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
**The funds of the Charity**
Share capital
**15**
Unrestricted funds|**2024**
**£**
**£**
**1,776,945**
**2,784**
**-**
**2,784**
**(8,952)**
**(6,168)**
**1,770,777**
**1,770,777**
**5**
**1,770,772**
**1,770,777**|**2023**
**£**
**£**
1,657,237
4,866
52,424
57,290
(5,940)
51,350
1,708,587
1,708,587
5
1,708,582
1,708,587|**2023**
**£**
**£**
1,657,237
4,866
52,424
57,290
(5,940)
51,350
1,708,587
1,708,587
5
1,708,582
1,708,587| |---|---|---|---| ||||1,708,587| ||||1,708,587| ||||5
1,708,582| ||||1,708,587| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ## 17 September 2024 The financial statements were approved by the trustees on ......................... |..............................|..............................| |---|---| |B Terry|M Butterworth| |**Trustee**|**Trustee**| Company registration number 01048511 (England and Wales) - 7 - **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024** ## **1 Accounting policies** ## **Charity information** Riverside Charitable Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Riverside, Newchurch Road, Bacup, Lancashire, OL13 ODT. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the Charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The company has made a surplus during the year of £62,190 (2023: deficit £77,430) after gains on investments totalling £120,399 (2023: loss of £9,119). It continues to have positive reserves £1,770,777 (2023: £1,708,587) and the trustees are confident that it will continue to generate enough sufficient cash flows to meet its obligations as and when they fall due. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise unrestricted funds that have been set aside for specific purposes where there are commitments of substantial amounts by the charity to this parties. The aim and use of each designated fund is set out in the notes to the financial statements. ## **1.4 Income** Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. - 8 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **1 Accounting policies** ## **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.7 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.8 Financial instruments** The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. - 9 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **1 Accounting policies** ## **(Continued)** ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled. ## **1.9 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. No critical accounting estimates and judgements have been made in preparing these financial statements. ## **3 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Gross dividends and income received||| |- UK quoted investments controlled by investment managers|**56,046**|34,702| - 10 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **4 Charitable expenditure** |**Direct costs**
Relief for sickness, infirmity and for the aged
Relief of poverty
General charitable public benefits
Death grants
Long service award
**Share of support and governance costs (see note 5)**
Governance
**Analysis by fund**
Unrestricted funds|**Charitable**
**expenditure**
**2024**
**2024**
**Number**
**£**
14
**14,950**
57
**45,955**
53
**22,874**
15
**8,800**
**-**
**8,025**
**139**
**100,604**
**13,651**
**139**
**114,255**
**114,255**|**Charitable**
**expenditure**
**2023**
**2023**
**Number**
**£**
13
14,850
52
34,780
53
22,767
11
8,450
**-**
8,525
**129**
89,372
13,641
**129**
103,013
103,013|**Charitable**
**expenditure**
**2023**
**2023**
**Number**
**£**
13
14,850
52
34,780
53
22,767
11
8,450
**-**
8,525
**129**
89,372
13,641
**129**
103,013
103,013| |---|---|---|---| ||||89,372
13,641| ||||103,013| ||||103,013| Charitable expenditure comprises donation to individuals, registered charities and other bodies and is in accordance with the purpose of the trust. ## **5 Support costs allocated to activities** |Governance costs
**Analysed between:**
Charitable expenditure
**Governance costs comprise:**
Independent examination fees
Accountancy
Sundry
Porfolio Management Charges|**2024**
**£**
**13,651**
**13,651**
**2024**
**£**
**2,900**
**2,380**
**73**
**8,298**
**13,651**|**2023**
**£**
13,641| |---|---|---| |||13,641| |||**2023**
**£**
3,740
2,200
91
7,610| |||13,641| - 11 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** |**6**|**Net movement in funds**|**2024**|**2023**| |---|---|---|---| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the independent examination of the charity's financial||| ||statements|**2,900**|3,740| ## **7 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. ## **8 Employees** There were no employees employed. There were no employees whose annual remuneration was more than £60,000. ## **9 Gains and losses on investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| |Gains/(losses) arising on:|**£**|**£**| |Revaluation of investments|**120,399**|(9,119)| ## **10 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **11 Fixed asset investments** |**Listed**
**investments**
**Unlisted**
**investments**
**£**
**£**
**Cost or valuation**
At 6 April 2023
**1,374,450**
**282,787**
Valuation changes
**120,303**
**-**
Disposals
**(595)**
**-**
At 5 April 2024
**1,494,158**
**282,787**
**Carrying amount**
At 05 April 2024
**1,494,158**
**282,787**
At 05 April 2023
1,374,450
282,787|**Total**
**£**
**1,657,237**
**120,303**
**(595)**| |---|---| ||**1,776,945**| ||**1,776,945**| ||1,657,237| - 12 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** |**11**
**Fixed asset investments**
Investments at cost
Quoted Investments at fair value comprise:
United Kingdom
Foreign|**(Continued)**
**2024**
**2023**
**£**
**£**
1,260,623
1,263,251
**2024**
**2023**
**£**
**£**
**268,580**
**183,374**
**1,225,578**
**1,191,076**
**1,494,158**
1,374,450|**(Continued)**
**2024**
**2023**
**£**
**£**
1,260,623
1,263,251
**2024**
**2023**
**£**
**£**
**268,580**
**183,374**
**1,225,578**
**1,191,076**
**1,494,158**
1,374,450| |---|---|---| |||**2023**
**£**
**183,374**
**1,191,076**| |||1,374,450| - 13 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** ## **(Continued)** |**11**
**Fixed asset investments**
The portfolio of quoted shares in a analysed by investment managers as follows:
Cofunds - Embark Investment Services
**Revaluation movements**
The net profit / (loss) shown in the statement of financial activities comprises:
Revalued (loss) / gain for the year
Realised gain on sale of investments|**(**
**2024**
**£**
1,494,158
**2024**
**£**
120,303
96
120,399|**Continued)**
**2023**
**£**
1,374,450| |---|---|---| |||**2023**
**£**
(12,098)
2,979| |||(9,119)| ## Details of unquoted investments: The following information is given in respect of the unquoted investments, all of which are registered in England and Wales: |**Name of Company**|**Nature of business**|**Holding**|**Percentage of**| |---|---|---|---| ||||**ordinary**| ||||**shares held**| |E.Sutton & Son Limited|Footwear distributor|£1 ordinary|26%| |The following information has been extracted from the most recent financial statements of the above|||| |company:|||| |**Name of Company**|**Accounting year end**|**Aggregate**|
**Profit / (loss)**| |||**capital and**|
**for the year**| |||**reserves**|| |E.Sutton & Son Limited|31 December 2023|21,323,472|2,408,088| |Dividends of £20,555 (2023 - £Nil) were received from E.Sutton & Son Limited.|||| |Fixed asset investments revalued|||| |**12**|**Financial instruments**||| |---|---|---|---| |||**2024**|**2023**| |||**£**|**£**| ||**Carrying amount of financial assets**||| ||Instruments measured at fair value through profit or loss|**2,784**|4,866| - 14 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **FOR THE YEAR ENDED 5 APRIL 2024** |**13**
**Current asset investments**
Unlisted investments
**14**
**Creditors: amounts falling due within one year**
**Notes**
Bank overdrafts
Accruals and deferred income
**15**
**Share capital**
**Ordinary share capital**
**Authorised**
100 Ordinary of £1.00 each
**Issued and fully paid**
5 Ordinary of £1.00 each|**2024**
**£**
**2,784**
**2024**
**£**
**4,212**
**4,740**
**8,952**
**2024**
**£**
**100**
**5**|**2023**
**£**
4,866| |---|---|---| |||**2023**
**£**
-
5,940| |||**5,940**| |||**2023**
**£**
100| |||5| ## **16 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. |Income fund
Designated fund
Revaluation
reserve|**At 6 April**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
**1,243,673**
**56,046**
**(114,255)**
**350,000**
**-**
**-**
**114,909**
**-**
**-**
**1,708,582**
**56,046**
**(114,255)**|**Transfers**
**Gains and**
**losses**
**£**
**£**
**(127,803)**
**120,399**
**7,500**
**-**
**120,303**
**-**
**-**
**120,399**|**At 5 April**
**2024**
**£**
**1,178,060**
**357,500**
**235,212**| |---|---|---|---| ||||**1,770,772**| - 15 - ## **RIVERSIDE CHARITABLE TRUST LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024** |**16**
**Unrestricted funds**
**Previous year:**
Income fund
Designated fund
Revaluation
reserve|**At 6 April**
**2022**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
1,475,979
34,702
(103,013)
-
-
-
310,033
-
-
1,786,012
34,702
(103,013)|**(Continued)**
**Transfers**
**Gains and**
**losses**
**At 5 April**
**2023**
**£**
**£**
**£**
(166,974)
2,979
1,243,673
350,000
-
350,000
(183,026)
(12,098)
114,909
-
(9,119)
1,708,582| |---|---|---| The revaluation reserve is required by the Companies Act 2006 and represents the amount by which investments are in excess of their historical cost. At 05 April 2024 these are £357,500 designated funds (2023 - £350,000) for the future benefits to be paid by the charity. There are 143 qualifying Long Service members that will benefit from this award. ## **17 Related party transactions** During the year the trust made a donation of £1,000 (2023 - £1,000) to Bacup Cricket Club junior section. Mr B J Lynch is a trustee director and is connected to Bacup Cricket Club as a result of being a trustee of the club. During the year the trust made a donation of £300 (2023 - £300) to Rossendale Scouts group (45th). Mr N Green is connected to Rossendale Scouts group (45th). Up to 29.06.24 he was a trustee of the Scout Group and from 30.06.24 he is Lead Volunteer for Rossendale Scouts putting him in charge of all Rossendale Scout groups. During the year the trust also made two donations of £500 (2023 - £500) each to Central Methodist Church and Longholme Methodist Church that are now both part of the amalgamated Rossendale Methodist Church. Mr M Butterworth is a trustee and treasurer of the Rossendale Methodist Church but was not involved in the two separate churches before amalgamation. - 16 -