COMPANY REGISTRATION NUMBER: N1029953 CHARITY REGISTRATION NUMBER: 100527 River Valley Development Association Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2023 PURDY QUINN Chartered Accountants 42 Greencastle Street KILKEEL Co Down BT34 4BH
River Valley Development Association Limited Company Limited by Guarantee Financial Statements Year ended 31 December 2023 Page Trustees, annual report (incorporating the director's report) Report to the board of trustees on the preparation of the unaudited statutory financial statements 14 Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements 8-18
River Valley Development Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2023 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 2023. 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 Mr M A Chambers Mrs G Fisher Mrs G Hanna Mrs K Hanna Mr G J Mitchell (Resigned 1 October 20231 (Resigned 2 March 2023} (Resigned 10 October 2023) Accountants Purdy Quinn Chartered Accountants 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) (contlnued) Year ended 31 December 2023 Structure, governance and management The charity was incorporated under the Companies (Northern Ireland) Order 1986, being a Company limited by guarantee not having a share capital. The date of incorporation was 18 Septemb8r 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 IRVDAI 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 fomard for approval by the Board. There is no maximum terrn 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 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 2015) (Charities SQRP {FRS 102)}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and activities The charity's principal activity is working for the general benefit of the inhabitants of the lown 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 wilh 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 River Valley Development Association Limited had another busy year with cottage bookings in 2023. The board met regularty throughout the year. Laura Johnston (Project Officer) has been a great asset to the board, and she has helped to run the Easter and Halloween events successfully. The board and volunteers continued to support Laura with her grant applications and heritage workshops. Some cosmetic maintenance was carried out to Ihe interiors of the cottages which has really helped the overall look. The staff continue to work at housekeeping and external ground works and many thanks go to them for their dedicated service. Overall management of the cottage rental business has continued to be carried out by Stacey Hanna on a voluntary basis. As a board we are extremely thankful to her for her efforts, she is also supported by other members of the board on a rotational basis. We look forward to a successful new year in 2024 and will continue to run Hanna's Close in accordance with its charitable aims.
River Valley Development Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {contlnuedJ Year ended 31 December 2023 Financial review Incon7e The results of the charity are set out on pages 6 and 7 of the accounts. The income from charitable activity within the organisation totalled £66,46412022 £89,013) for the year ended 31 December 2023. The charity continued to receive donations from community events held during the year. Project funding was also received from The Heritage Lottery Fund, The National Lottery Fund. Newry Mourne & Down District Council and Ulster Scots Agency. Restricted grant funding of £54,981 (2022- £25,519) was recognised as income in the year to 31 December 2023. Grants received, but not spent at 31 December 2023 have been recorded as restricted funds and will be expensed in the future, as the associated obligations are meet. Grant offers, where the funds have not been received by RVDA at 31 December 2023 have been recorded as income only to the extent that restricted expenditure has been incurred in line with the Letter of Offer. The total income recorded for the year ended 31 December 2023 was £126,120 (2022 - £123,998). enditure The total costs incurred by River valley Development Association increased from £114,170 in 2022 to £122,006 for the year ended 31 December 2023. This rise of £7,836 (6.9'/0) included expenditure that was exceptional in nature and did not relate to the nomial (unrestricted) running costs of RVDA: £40,139 (2022 £20,906) of the total cost was in relation to projects funded by grant income during the year. 2023 was the first year to include the cost of our Project Officer for an entire year. As rental activity was reduced in 2023, the labour costs associated with housekeeping were also reduced. Cost savings have also been made with volunteers taking a more active role in the management of RDVA. Cottages underwent continued repair and maintenance during 2023. Sur Overall River valley Development Association reported a surplus for the year of £4,114 (2022 £9,828). River valley Development Association Gontinued to repay its bank loan and the loan from the Ulster Community Trust during 2023. Following completion of the 'Hay Shed, and full utilisation of grant funding, the building was transferred to the unrestricted assets of R VDA.
River Valley Development Association Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 December 2023 Plans for future periods Reserves Policy RVDA operates its charitable activities with unrestricted reserves totalling £24,682 (2022- £24,960). These unrestricted reserves are primarily represented by the fixed asset of organisation. The directors are aware thal Ihis 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 reported reserves were a result of the accounting policy adopted regarding Deferred Capital Grants - see note 3. 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 need5. The directors have considered a period of twelve 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. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entilled to the small companies exemption. The trustees, annual report was approved on 26 September 2024 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 2023 report on the financial statements for the year ended 31 December 2023, which comprise the slalemenl of financial activities (including income and expenditure 8¢¢ountl, statement 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 wlh the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligibSe for independent examination, il is my responsibility to.. •examine the accounts under section 65 of the Charities Act.. •follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 6519llbl of the Charities Act.. and • state whether particular matters have com8 to 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 accord2nce with the general Directions given by the Charity Commission for Northern Ireland under section 6519llbl 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. It also included consideration of any unusual ilerns or disclosures in the accounts, and seeking explanations from the directors conceming any such matters. My role is to state whether any material matters have come to my attention giving me cause lo believe.. That accounting cOrdS were not kept in accordance with section 386 of the Companie5 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 Charit'es 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. That there is further information needed for a proper understanding of the accounts lo be reached. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination and have no concems in respect of the matters (11 to141 listed above 8nd, in connection with following the Directions of the Charity Commission for Northem Ireland, I h8ve found no matters that require drawing lo your attention. 26th September 2024 Una Cunningham FCA Chartered Accounlanls Ireland PURDY QUINN Chartered A¢counlants 42 Greencaslle Street KILKEEL Co Down BT34 48H
River Valley Development Association Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other income 4,675 66,464 54,981 59,656 66,464 34,902 89,013 83 Total income 71,139 54,981 126,120 123,998 Expenditure Expenditure on charitable activities Other expenditure Total expenditure 81,767 100 40,139 121,906 100 113,266 904 81,867 40,139 122,006 114,170 Net income {10,7281 14,842 4,114 9,828 Transfers between funds 10,450 {10,450) Net movement in funds (278) 4,392 4,114 9,828 Reconciliation of funds Total funds brought forward Total funds carried fonvard 24,960 8,025 32,985 23,157 24,682 12,417 37,099 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 8 to 18 form part of these financial statements.
River Valley Development Association Limited Company Limited by Guarantee Statement of Financial Position 31 December 2023 2023 2022 Note Fixed assets Tangible fixed assets 15 365,451 381,315 Current assets Debtors Cash at bank and in hand 16 10,474 43,096 10,967 89,508 53,570 100,475 Creditors: amounts falling due within one year Net current assets 17 43,423 85,952 10,147 14,523 Total assets less current liabillties 375,598 395,838 Creditors: amounts falling due after more than one year Net assets 18 338,499 362,853 37.099 32,985 Funds of the charity Restricted funds Unrestricted funds 12,417 24,682 8,025 24,960 Total charity funds 23 37,099 32,985 For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to 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 Ihe requirements of the Act with respeGt to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 26 September 2024, and are signed on behalf of the board by.. Mr D W Hanna Trustee Mrs G Fisher Trustee The notes on pages 8 to 18 form part of these financial statements.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2023 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 Ireland. 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 Ihe Republic of Ireland,, 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) (Charities SORP (FRS 1021) 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 £4,114 {2022 - £9,828) was reported for the year ended 31 December 2023. The Charity continues to be very conscious of minimising expenditure. Although costs increased during the 2023 accounting period, the increase was shown lo have related to costs were grant funding had been secured. The grant income of the charity increased accordingly. The property letting income figures for 2023 were reduced from the exceptional year reported in 2022. The Board are hopeful that this income can be maintained. The directors are confident that therè 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 (contlnugdj Year ended 31 December 2023 A¢¢ounting 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 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 categories 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 ils 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 activitie5. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated to expenditure categories reflecling Ihe use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 Accounting policies (contlnued) 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 property Pathways Project Fixtures and fittings 2 % straight line 50/0 Straight line 150/0 reducing balance Government grants Deferred capital grant The directors have relied on the True and Fair, override when accounting for deferred capital grants. 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 102) leffeclive 1 January 20151 (Charitie5 SORP {FRS 1021), 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 dup Gourse. 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 il arises. 10
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2023 Llmited 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 Restricled Total Funds Funds 2023 Donations Donations Community events 433 3,042 433 3,042 Grants Awards for All {Lottery) Ulster Scots Agency Tourism Nl NMDDC National Lottery Heritage Fund Keep Nl Beautiful National Lottery - Main Grant National Lottery Community Fund Government grant incorne 1,975 1,430 1,975 1,430 3,721 31,791 3,721 31,791 9,700 6,364 9,700 6,364 1,200 1.200 4.675 54,981 59,656 Unrestricted Funds Restricterj Total Funds Funds 2022 Donations Donations Community events 1,175 8,208 1,175 8,208 Grants Awards for All (Lottery} Ulster Scots Agency Tourism Nl NMDDC National Lottery Heritage Fund Keep Nl Beautiful National Lottery- Main Grant National Lottery Community Fund Govemment grant income 664 5,295 9,310 10,250 664 5,295 9,310 10,250 9,383 25,519 34,902 11
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 December 2023 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Accommodation Community Support 64,664 1,800 64,664 1,800 85,397 3,616 85,397 3,616 66,464 66,464 89,013 89,013 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Sundry income 83 83 Exp8nditur8 on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Preservation of historical buildings & community Support costs 70,562 11,205 40,139 110,701 11,205 81,767 40,139 121,906 Unrestricted Funds Restricted Total Funds Funds 2022 Preservation of historical buildings & community Support costs 82,090 10,270 20,906 102,996 10,270 92,360 20,906 113,266 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Preservation of historical buildings & community Govemance costs 110,701 5,472 5,733 116,173 5,733 109,010 4,256 113,266 110,701 11,205 121,906 12
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements fcontinued) Year ended 31 December 2023 10. Analysis of support costs Analysis of support costs activily 1 Total 2023 Total 2022 Finance costs Governance costs Depreciation Amortisation 1,958 5,733 20,119 (16,6051 11,205 1,958 5,733 20,119 (16,6051 11,205 2,317 4,256 20,302 (16,605} 10,270 11. Other expenditure UnrestriGted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donation 100 100 904 904 12. Net income Net income is stated after ¢hargingllcreditingl: 2023 2022 Depreciation of tangible fixed assets 20,119 20,302 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Employer contributions to pension plans 47,059 563 45,137 188 47,622 45,325 The average head count of employees during the year was 6 (2022: 7). No employee received employee benefits of more than £60,000 during the year (2022: Nil). 14. Trustee remuneratlon and expenses No director received any remuneration, and no directors claimed any expenses during the year in connection with their duties. See related party note 24. 13
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 15. Tangible fixed assets Leasehold propety Pathways Fixtures and Project fittings Total Cost At 1 January 2023 Additions 698,493 1,975 59,930 59,979 2,280 818,402 4,255 At 31 December 2023 700,468 59,930 62,259 822.657 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 340,393 13,809 53,245 2,997 43,449 3,313 437,087 20,119 354,202 56,242 46,762 457,206 Carrying amount At 31 December 2023 346,266 3,688 15,497 365,451 At 31 December 2022 358,100 6,685 16,530 381,315 16. Debtors 2023 2022 Trade debtors Prepayments and accrued income 5,891 4,583 8,779 2,188 10,474 10,967 17. Creditors: amounts falling due within one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Loan < 1 year Other creditors 2,445 11,154 13,688 9,705 5,422 1,009 2,384 15,316 56,274 4,533 5,499 1,946 43,423 85,952 14
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 18. Creditors: amounts falling due after more than one year 2023 2022 Accruals and deferred income Loan > 1 year 335,326 3,173 351,931 10,922 338,499 362,853 19. Deferred income 2023 2022 At 1 January 2023 Amount released to income 351,931 {16,605) 335,326 368,536 (16,605) 351,931 At 31 December 2023 20. Pensions Defined contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £563 {2022-. £188}. 21. Government grants The amounts recognised in the financial statements for government grants are as follows.. 2023 2022 Recognised in creditors.. Deferred govemment grants due after more than one year 335,326 351,931 All capital grants are credited to the balance sheet to be amortised over the length of the ownership of the assets. Amortisation at 20/0, 50/0 and 15Q/o on propety, plant and machinery and fixtures and fittings respectively have been provided through the financial statements in line with the accounting policy on depreciation. All revenue grants have been credited to the profit and loss account when received. 15
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2023 22. Analysis of charitable funds Unrestricted funds At1 January 2023 At31 December 2023 Income Expenditure Transfers General funds Original Contribulions 5,914 19,046 71,139 181,867) 10,450 5,636 19,046 24,960 71,139 (81,867) 10,450 24,682 At1 January 2022 At31 December 2022 Income Expenditure Transfers General funds Original Contributions {3,914) 19,046 98,479 {93,264} 4,613 5,914 19,046 15,132 98.479 (93,264} 4,613 24,960 Restricted funds At1 January 2023 At31 December 2023 Income Expenditure Transfers Awards for All (Hay Shed) NMDDC Ulster Scots Tourism Nl National Lottery Heritage Fund Keep Nl Beautiful National Lottery Community Fund National Lottery- Main Grant 8,025 1,975 3,721 1,430 (10,000) (450} (3,271 > {1,4301 31,791 (25,738) 6,053 6,364 9,700 6,364 {9,700) {40,139} (10,450} 8,025 54,981 12,417 At1 January 2022 At31 December 2022 Income Expenditure Transfers Awards for All (Hay Shed} NMDDC Ulster Scots Tourism Nl National Lottery Heritage Fund Keep Nl Beautiful National Lottery Community Fund National Lottery - Main Grant 8,025 8,025 5,295 (5,295) 664 9,310 10,250 1664) (8,521) {6,426) {789) (3,8241 8,025 25,519 (20,906) 14,613) 8,025 16
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (Gontinuedj Year ended 31 December 2023 23. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed asset5 Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 30,125 335,326 365,451 31,453 22,117 53,570 133,723) {9,700) 143,423) (3,173} {335,326} (338,499) 24,682 12,417 37,099 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) (85,952) 110,922) {351,931) (362,853) 24,960 8,025 32,985 24. Capltal commitments The directors have confirmed that there were no capital commitments at 31 December 2023. 25. Contingencies The directors have confirmed that there were no contingent liabilities which should be disclosed at 31 December 2023. 26. Related partie5 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 Mrs N Fisher & Mr G Fisher Cottage Stable Barn W John's Carthouse George's Johnny's Tommy's The Office Director Mr J Callaghan Cottage Murphy's Callaghan's 17
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continued} Year ended 31 December 2023 26. Related parties {¢ontlnued) The two 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 was invoiced £12,458 (2022 - £3,901 } from a business controlled by a close family member of director G Fisher. Further work physically carried during the 2023 year was invoiced at £9,700 in the post balance sheet period. These costs represented commercia Iransactions 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 the accrued £9,700 {2022 - £Nil). During the year the charity was invoiced £Nil (2022 £7,350) from Mourne Landscapes Ltd, 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 that year. At the balance sheet date Mourne Landscapes Ltd was owed £Nil {2022 - £1,000). During the year the charity paid wages of £Nil 12022 £3,045) to trustee, K Hanna. This represented a commercial transaction in relation to services provided by Ms Hanna with regard to housekeeping duties. Trustee Ms S Hanna occupied the RVDA property known as 'Johnny's', to 5 Oct 2023 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 property. Trustee Mrs N Fisher occupied a RVDA property for seven days in June 2023. During this stay Mrs Fisher liaised with the Heritage Officer to contribute to a future historical project 'Life at Hanna's Close through the years,. Mrs Fisher was not charged for use of the property in recognition of her ongoing Gontribution and voluntary work for RVDA. 27. Golng Concern 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 Changes in the charity's operating performance, are satisfied that the Charity should be able to operale within the level of it5 current bank 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 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. The validity of this assumption depends on= 11 The continued support of the charity's bankers 21 The continued support of the charity's directors 3) The continued support of the charity's creditors 4) Realisation of future profits based on director, profit projections. 18