COMPANY REGISTRATION NUMBER: N1O29953 CHARITY REGISTRATION NUMBER: 100527 River Valley Development Association Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2022 PURDY QUINN Chartered Accountants Northern Bank House 42 Greencastle Street KILKEEL Co Down BT34 4BH
River Valley Development Association Limited Company Limited by Guarantee Financial Statements Year ended 31 December 2022 Page Trustees, annual report (incorporating the director's report) Report to the board of trustees on the preparation of the unaudited statutory financial statements Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements 9-20
River Valley Development Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2022 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2022. Reference and administrative details Registered charity name River Valley Development Association Limited Charity registration number 100527 Company registration number N1029953 Principal office and registered Hanna's Close office 87 Aughnahoory Road KILKEEL Co Down BT34 4AH The trustees Mr l Hanna Mr J Callaghan Mr R Forsythe Mrs N Fisher Mr D W Hanna Mr J G Hanna Mr G Fisher Ms S Hanna Ms S McKay Mr M A Chambers Mrs G Fisher Mrs G Hanna Ms K Hanna Mr G J Mitchell (Resigned 2 March 2023) (Resigned 28 February 2022) (Appointed 12 January 2022) (Appointed 1 March 20221 (Appointed 1 March 2022) (Appointed 1 March 2022) Accountants Purdy Quinn Chartered Accountants Northern Bank House 42 Greencastle Street KILKEEL Co Down BT34 4BH
River Valley Development Association Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 December 2022 Structure, governance and management The charity was incorporated under the Companies (Northern Ireland) Order 1986, being a Cornpany limited by guarantee not having a share capital. The date of incorporation was 18 September 1995. The company was formally recognised by the Charity Commission for Northern Ireland on 11 March 2015. The company is governed by its Memorandum and Articles of Association. River Valley Development Association Limited {RVDAI is managed by a Board of Directors. As required on an ad hoc basis, the Board Members are responsible for considering the appointment of potential new Board Members to the Board. Suitable people are approached and if they are willing to serve on the Board, their nomination is put forward for approval by the Board. There is no maximum term of office. Induction and training of directors is provided in house. The accounts are prepared in accordance with the Companies Act 2006 and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2015) {Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objectives and activities The charity's principal activity is working for the general benefit of the inhabitants of the town lands of Aughnahoory, Ballinran, Carrigenagh, Leitrim and Aughnaloopy, Kilkeel, County Down and their surrounding areas without distinction of age, sex or of political, religious or other opinions by promoting general community projects of a social nature with the object of improving the conditions of life for the said inhabitants and to stimulate and promote the economic potential of the area. Achievements and performance In 2022, RVDA experienced a remarkable surge in coltage bookings, marking one of the most active years in the history of our organisation. The post-lockdown period witnessed a substantial influx of tourists to the Mourne area, with individuals capitalising on the trend of staycations. To capitalise on this favourable environment, RVDA launched a robust marketing campaign under the leadership of Kaitlyn Hanna, one of our directors. The primary focus of this campaign was to attract tourists from overseas and the Republic of Ireland (ROI). We are pleased to report that this campaign was highly successful in boosting Cottage bookings through various social media platforms. Moreover, we secured a small marketing grant, which was strategically allocated to advertise our cottages in local newspapers, on the radio, and across social media channels, Additionally, a promotional video showcasing our cottages and the surrounding area was produced. Throughout 2022, our Office Administrator continued to efficiently oversee the booking process and manage our housekeeping staff. To accommodate the heightened summer demand, we recruited two part-time seasonal housekeepers. Fortunately, there were no significant cottage maintenance issues during the year, owing to the substantial progress made in 2021. We also carried out essential external drainage work in the vicinity, including the implementation of exterior tanking around Johnny's cottage to prevent damp-related problems. Plans for cottage refurbishments were initially considered but were postponed due to consistently high occupancy levels.
River Valley Development Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2022 Achievements and performance (continued) In 2022, the Live Here Love Here Pollinator project was successfully completed and opened to the public, serving as a valuable addition to the Close. The project included the establishment of a new path with a diverse range of plantings to support and boost the local bee population. In collaboration with a local beekeepers group, we installed beehives along the riverbanks. Their generosity in donating honey for our charity in exchange for volunteering projects was greatly appreciated. RVDA was honoured to receive a grant from the Heritage Lottery Fund (HLFI to employ a Heritage Project Officer for a three-year term, commencing in September 2022. Laura Johnston assumed this role and initiated the process of applying for additional Heritage grants while coordinating seasonal events. The three main events - The Easter Egg Hunt, Pumpkins and Scarecrows, and Christrnas at the Close enjoyed significant attendance, resulting in much-needed funds for the preservation of Hanna's Close. Throughout the year, we facilitated bookings for Tommy's cottage, George's Garden, and the river site for various charitable events. Additionally, members of our board conducted several radio and television interviews, which significantly elevated our charity's profile. Our Board of Directors met on a monthly basis to address matters pertaining to the cottages, staff, and charitable projects. The Annual General Meeting (AGM) took place in March 2022, during which Gail Fisher assumed the role of Treasurer. and the remaining board members were re-elected collectively. Chairman David Hanna expressed his satisfaction with the continued growth of our charitable endeavours and extended his gratitude to the board for their unwavering support. He acknowledged the invaluable contributions of Vice Chairman Glyn Hanna, outgoing Treasurer Ronnie Forsythe, Secretary Stacey Hanna, and Maintenance Director George Fisher for their counsel and support throughout the year, Special appreciation was also extended to Lily Annett and her diligent staff for their exceptional efforts in maintaining the cottages to a high standard. Chairman David Hanna conveyed his thanks to the volunteer team and Events Subcommittee Chair Glyn Mitchell for their successful event planning and execution in in 2022. At the AGM, it was unanimously agreed to conduct an internal review of the entire operation with a view to optimising the organisational structure and streamlining the accommodation services. The results of this review will be presented to the board in 2023. In summary, 2022 stands out as one of RVDA'S most successful years, and we eagerly anticipate carrying this positive momentum into 2023. Financlal review The results of the charity are set out on pages 7 and 8 of the accounts. Income The charity received donations from community events held during the year. Project funding was also received from The Heritage Lottery Fund, Newry Mourne & Down District Council , Tourism Nl, Keep Nl Beautiful. Grant funding of £34,902 (2021- £38,272) spent in the period was recognised as income in the year to 31 December 2022. Remaining grants secured or received, but not spent at 31 December 2022 have been recorded as deferred income and will be recorded as income in future years as the associated obligations are meet. The total income recorded for the year ended 31 December 2022 totalled £123,998 (2021- £128,618).
River Valley Development Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) f¢ontlnuedJ Year ended 31 December 2022 Financial revlew (contlnuedj enditure The total costs incurred by River Valley Development Association increased from £103,027 in 2021 to £114,170 for the year ended 31 December 2022. This rise of £11,143110.8 % l included expenditure that was exceptional in nature and did not relate to the normal running costs of RVDA. £20,906 of the total costs were in relation to projects funded by grant income received during the year. Cottages underwent continued repair and maintenance. Sur Overall River Valley Development Association reported a surplus for the year of £9,828 (2021 £25,591). River Valley Development Association continued to repay its bank loan and the loan from the Ulster Community Trust during 2022. Going forward, the board intend to focus on marketing to try increase occupancy statistics. They will continue to explore opportunities for new community events at Hanna's Close. Reserves Policy Historically RVDA operated its charitable activities alongside negative profit and loss reserves. However, the negative profit and loss reseNes reversed to a positive position during the year ended 31 December 2022. Regardless of this encouraging step, the directors are aware that the reseeS position should be reviewed on an ongoing basis to ensure that the charity does not face any future cash flowlfunding difficulties. The nature of the properties within RVDA require significant funds simply to maintain them. The directors would emphasise that the negative reserves were a result of the accounting policy adopted regarding Deferred Capital Grants see note 1. Going Concern The directors believe that the charity's accounts should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be adequate for the charity's needs. The directors have considered a period of e1ve months from the date of approval of the accounts and believe that the disclosures relating to the charity's ability to continue as a going concern made in the accounts are more than adequate.
River Valley Development Association Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2022 Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 28th September 2023 and signed on behalf of the board of trustees by.. Mr D W Hanna Trustee
River Valley Development Association Limited Company Limited by Guarantee Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of River Valley Development Association Limited Year ended 31 December 2022 report on the financial statements for the year ended 31 December 2022. which comprise the statement of financial activities (including income and expenditure account), slalemenl of financial position and the related notes. RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND EXAMINER The charity's directors are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject lo audit under company law, and is eligible for independent examination, it is my respon5ibilily to.. • examine the accounts under section 65 of the Charities Act,. • lo follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(b} of the Charities Act.. and • lo stale whether particular mallers have come lo my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65{9llb) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from the directors conceming any such matters. My role is lo slate whether any material matters have come lo my attention giving me cause lo believe.. That accounting records were not kept in accordance with section 386 of the Companies Act 2006. That the accounts do not accord with those accounting records. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. That there is further information needed for a proper understanding of the accounts to be reached. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination and have no concerns in respect of the matters11110 {4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no mallers that require drawing to your attention. Una Cunningham FCA Chartered Accounlanls Ireland 28th September 2023 PURDY QUINN Chartered Accountants Northern Bank House 42 Greencaslle Street KILKEEL Co Down BT34 4BH
River Valley Development Association Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2022 2022 Restricted funds Total funds 2D21 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other income 9,383 89,013 83 25,519 34,902 89,013 83 38,272 90,346 Total income 98,479 25,519 123,998 128,618 Expenditure Expenditure on charitable activities Other expenditure Total expenditure 92,360 904 20,906 113,266 904 103,027 11 93,264 20,906 114.170 103,027 Net income 5,215 4,613 9,828 25,591 Transfers between funds 4,613 14,6131 Net movement in funds 9,828 9,828 25,591 Reconciliation of funds Total funds brought forward Total funds carried forward 15,132 8,025 23,157 (2,4341 23,157 24,960 8,025 32,985 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 9 to 20 form part of these financial statements.
River Valley Development Association Limited Company Limited by Guarantee Statement of Financial Position 31 December 2022 2022 2021 Fixed assets Tangible fixed assets Current assets Debtors Cash al bank and in hand Note 15 381,315 396,055 16 10,967 89,508 100,475 7,352 39,378 46,730 Creditors.. amounts falling due within one year Net current assets Total assets less current liabilities 17 85,952 31,989 14,741 410,796 14,523 395,838 Creditors.. amounts falling due after more than one year Net assets 18 362,853 32,985 387,639 23,157 Funds of the charity Restricted funds Unrestricted funds Total charity funds 8,025 24,960 32,985 8,025 15,132 22 23,157 For the year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities.. 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., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. These financial statements were approved by the board of trustees and aulhorised for issue on 28th September 2023, and are signed on behalf of the board by.. Mr D W Hanna Trustee G Fisher Trustee The notes on pages 9 to 20 form part of these financial statements.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2022 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern I reland. The address of the registered office is Hanna's Close, 87 Aughnahoory Road, KILKEEL, Co Down, BT34 4AH. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 1021 (Charities SORP (FRS 10211 and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern A surplus of £9,828 was reported for the year ended 31 December 2022. The Charity continues lo be very conscious of minimising expenditure. Although costs increased during the 2022 accounting period, the increase was shown to have related to costs were grant funding had been secured. The grant income of the charity increased accordingly. The property letting income figures for 2022 were good as expected, following the lifting of Covid 19 restrictions. The Board are hopeful that this income can be maintained. The directors are confident that there will be sufficient cash flow to make the day-to-day payments and the monthly loan repayments in the foreseeable future. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 Accounting policies (continued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of Iwo sub-classes.. restricted income funds or endowment funds. Incoming resources All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular ¢ategories of income.. Income from self-catering cottages is recorded in line with the booking date. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neilher related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs allributable to a single activity are allocated directly to that aclivily. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 10
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 Accounting pollcies (continued) Tangible assets Fixed assets are stated at cost less accumulated depreciation. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Leasehold propety Pathways Project Fixtures and fittings Government grants Deferred capital grant 20/0 Straight line 51 straight line 15% reducing balance The directors have relied on the 'True and Fair, override when accounting for deferred capital grants. The Statement of Recommended Practice, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) (Charities SORP (FRS 102)), recommends that the income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. This has not been applied by the charity as it would falsely inflate the reserves of the charity and distort its future trading performance. The charity merely holds a lease on restored properties that will revert back to their owners in due course. Deferred capital grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 11
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 Limited by guarantee The Charity is incorporated under the Companies (Northern Ireland) Order 1986 as a Company limited by guarantee and not having a share capital, with Company Number N1029953. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2022 Donations Donations Community events 1,175 8,208 1,175 8,208 Grants Awards for All (Lottery) Covid 19 Support Scheme CJRS Ulster Scots Agency Tourism Nl Tesco - Romany Caravan NMDDC National Lottery Heritage Fund Keep Nl Beautiful 664 664 5,295 9,310 10,250 5,295 9,310 10,250 34,902 9,383 25,519 Unrestricted Funds Restricted Total Funds Funds 2021 Donations Donations Community events Grants Awards for All (Lottery) Covid 19 Support Scheme CJRS Ulster Scots Agency Tourism Nl Tesco - Romany Caravan NMDDC National Lottery Heritage Fund Keep Nl Beautiful 525 7,498 525 7.498 8,025 13,484 8,025 13,484 1,371 2,969 600 1,000 2,800 1,371 2,969 600 1,000 2,800 21,507 16,765 38,272 12
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 December 2022 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Accommodation Community events Genealogyleducation Community Support 85,397 85,397 73,897 1,525 1,700 13,224 73,897 1,525 1,700 13,224 90,346 3,616 3,616 89,013 89,013 90,346 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Sundry income 83 83 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2022 Preservation of historical buildings & community Support costs 82,090 10,270 20,906 102,996 10,270 113,266 92,360 20,906 Unrestricted Funds Restricted Total Funds Funds 2021 Preservation of historical buildings & community Support costs 85,713 9,874 7,440 93,153 9,874 103,027 95,587 7,440 Expenditure on charltable activities by activity type Activities undertaken directly Support costs Total funds 2022 Total fund 2021 Preservation of historical buildings & community Governance costs 102,998 6,014 4,256 109,010 4,256 98,085 4,942 103,027 102,g96 10,270 113,266 13
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2022 10. Analysis of support costs Analysis of support costs Total 2022 Total 2021 Finance costs Governance costs Depreciation Amortisation Gain on disposal of Fixed Asset 2,317 4,256 20,302 (16,6051 2,317 4,256 20,302 {16,605) 2,483 4,942 19,425 (16,6261 (350) 9,874 10,270 10,270 11. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Donation 904 904 12. Net income Net income is stated after chargingl(crediting)'. 2022 2021 Depreciation of tangible fixed assets 20,302 19,425 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2022 2021 Wages and salaries 45,137 28,534 Pension costs 188 The average head count of employees during the year was 7 (2021.. 4). No employee received employee benefits of more than £60,000 during the year12021'. Nil}. 14. Trustee remuneration and expenses Trustee, Ms K Hanna received remuneration totalling £3,045 12021 £nil) in connection with housekeeping duties performed. She reclaimed expenses totalling £1612021 £nil) in relation to this role. No other trustees received any remuneration and no other trustees claimed any expenses during the year in connection with their duties. See related party note 26. 14
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 December 2022 15. Tangible fixed assets Leasehold property Pathways Fixtures and Project fittings Total Cost At 1 January 2022 Additions Disposals At 31 December 2022 698,493 59,930 57,417 5,562 13,000} 59,979 815,840 5,562 (3,000) 818,402 698,493 59,930 Depreciation At 1 January 2022 Charge for the year Disposals At 31 December 2022 326,584 13,809 50,248 2,997 42,953 3,496 {3,000} 43,449 419,785 20,302 (3,000) 437,087 340,393 53,245 Carrying amount At 31 December 2022 358,100 6,685 16,530 14,464 381,315 396,055 At 31 December 2021 371,909 9,682 16. Debtors 2022 2021 Trade debtors Prepayments and accrued income 8,779 2,188 6,326 1,026 10,967 7,352 17. Creditors: amounts falling due within one year 2022 2021 Bank loans < 1 year Trade creditors Accruals and deferred income Social security and other taxes UCIT Loan < 1 year Other creditors 2,384 15,316 56,274 4,533 5,499 1,946 2,311 11,889 11,912 701 5,176 85,952 31,989 15
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 18. Creditors: amounts falling due after more than one year 2022 2021 Accruals and deferred income Loans > 1 year 351,931 10,922 368,536 19,103 387,639 362,853 19. Deferred income 2022 2021 At 1 January 2022 Amount released to income 368,536 (16,605) 351,931 385,162 {16,626} 368,536 At 31 December 2022 20. Pensions Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £188 (2021. £Nill. 21. Government grants The amounts recognised in the financial statements for government grants are as follows.. 2022 2021 Recognised in creditors.. Deferred government grants due after more than one year 351,931 368,536 All capital grants are credited to the balance sheet to be amortised over the length of the ownership of the assets. Amortisalion at 2,/0, 50/0 and 150/0 on property, plant and machinery and fixtures and fittings respectively have been provided th rough the financial statements in line with the accounting policy on depreciation. All revenue grants have been credited lo the profit and loss account when received. 16
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 22. Analysis of charitable funds Unrestricted funds At1 January 2022 Transfer At31 fixed December assets 2022 Income Expenditure General funds Original Contributions (3,9141 19,046 98,479 (93,264) 4,613 5,914 19.046 24.960 15,132 98,479 {93,264) 4,613 At1 January 2021 At31 December 2021 Income Expenditure Transfers General funds Original Contributions (21,4801 111,853 19,046 195,5871 1,300 (3,9141 19,046 12,4341 111,853 (95,587) 1,300 15,132 Restricted funds At 1 January 2022 Transfer At31 fixed December assets 2022 Income Expenditure Awards for All (Hay Shed) NMDDC U Ister Scots CJRS Tourism Nl Tesco - Romany Caravan Nalional Lottery Heritage Fund Keep Nl Beautiful 8,025 8,025 5,295 (5,2951 664 1664) 9,310 10,250 25,519 (8,521) 16,426) (20,906} (789) 13,8241 (4,613) 8,025 8,025 At1 January 2021 At31 December 2021 Income Expenditure Transfers Awards for All (Hay Shed) NMDDC Ulster Scots CJRS Tourism Nl Tesco - Romany Caravan National Lottery Heritage Fund Keep Nl Beautiful 8,025 2,800 2,969 1,371 600 1,000 8,025 {2,800} (1,6691 11,371) 1600} {1,0001 (1,3001 16,765 {7,4401 11,300) 8,025 17
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 23. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 21,359 359,956 381,315 55,594 44,881 100,475 141,071) {44,881) 185,9521 {10,922) {351,9311 {362,853) 24,960 8,025 32,985 Unrestricted Funds Restricted Total Funds Funds 2021 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Provisions 19,494 376,561 396,055 44,755 1.975 46,730 130,0141 (1,975) 131,9891 {19,103) 1368,536} 1387.639) Net assets 15,132 8,025 23,157 24. CapStal commitments The directors have confirmed that there were no capital commitments at 31 December 2022. 25. Contingencies The directors have confirmed that there were no contingent liabilities which should be disclosed at 31 December 2022. 18
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2022 26. Related parties The directors are the ultimate controlling party of the charity. The charity has continued to lease 10 cottages during the year. These 10 properties are leased from three directors of the charity. The directors of the charity have supplied the properties as follows.. Director Cottage Director Mrs N Fisher Stable & Mr G Fisher Mr J Callaghan Barn W John's Carthouse George's Johnny's Tommy's The Office Cottage Murphy's Callaghan's The 'Callaghan' properties had their leases extended to 2023 and the remaining eight leases at Hanna's Close were for 50 years, commencing in 1998. The owners of the properties received no monetary value for the leases. The properties will revert back to the owners at the end of the respective leases for no consideration. During the year the charity paid wages of £3,045 12021 £nil} to trustee, K Hanna. This represented a commercial transaction in relation to services provided by Ms Hanna with regard to housekeeping duties. During the year the charity was invoiced £7,350 (2021 £nil) from Mourne Landscapes Ltd, a business controlled by director M Chambers. This represented a commercial transaction in relation to services provided by the business with regard to fulfilling various grant projects during the year. At the balance sheet date Mourne Landscapes Ltd was owed £1,00012021 £Nil}. During the year the charity was invoiced £3,901 12021 £7,323) from a business controlled by a close family member of director G Fisher. This represented a commercial transaction in relation to services provided by the business with regard to ground maintenance contracts, repairs and grant projects. At the balance sheet date the business related to G Fisher was owed £Nil12021 £3,456} Trustee Ms S Hanna occupied the RVDA property known as 'Johhny's', from 5 Oct 2022 in connection with her role in the ongoing board review of the effective running of Hanna's Close. Ms Hanna was not charged rent for use of this propety. 19
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (conflnuedj Year ended 31 December 2022 27. Going Concern The Charity meets its day lo day working capital requirements through a net overdraft with First Trust. The current economic conditions create some uncertainty particularly over the availability of bank finance in the foreseeable future. The board, taking account of reasonable possible chan ges in the charity's operating performance, are satisfied that the Charity should be able to operate within the level of its current facility and will have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual report and accounts. The going concern basis assumes that the charity will continue in operational existence for the foreseeable future having adequate funds to meet the obligations as they fall due. 20