COMPANY REGISTRATION NUMBER: N1029953 CHARITY REGISTRATION NUMBER: 100527 River Valley Development Association Limited Company Limited by Guarantee Unaudited Financial Statements 31 December 2024 PURDY QUINN Chartered Accountants 42 Greencastle Street KILKEEL Co Down BT34 48H
River Valley Development Association Limited Company Limited by Guarantèe Financial Statements Yaar ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) 14 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 8-18
River Valley Development Association Limited Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 December 2024 The truste8s. who are also the directors for the purposes of company18w, present their report and the unaudited financial ststements of the charty f¢r the year ended 31 December 2024. Refence and administrativè details Registered charfty name River Valley Development Association Limited Charty registration number 100527 Company reglstratlon number N1029953 Principal offic8 and registered Hanna's Clos8 offl¢e 87 Aughnahoory Road KILKEEL Co Down BT34 4AH The trustees Mr l Hanna Mrs N Fisher Mr D W Hanna Mr J G Hanna Mr G Fisher Ms S Hanna Mrs G Fisher Mrs G Hanna Mrs K Hanna Mr G J Mitchell 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) fcontinued) Year ended 31 December 2024 Structureg 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 dste of incorporation was 18 September 1995. The company was formally recognised by the Charity Commission for Northem Ireland on 11 March 2015. The company is governed by its Memorandum and Articlas of Association. River Valley Development Association Limited (RVDA) is managed by a Board of Directors. As requir8d on an ad hoc basis. the Board Members are responsible for considering the appointment of potential new Board Members to Ihe Board. Suitable people are approached and if they are willing to serve on the Board, their nomination is PLrt 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 20CE and the Accounting and Reporting by Charilies.. 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) {effedive 1 January 2015) (Charities SORP (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 benefrt of the inhabrtants of the town lands of Aughnahoory. Ballinran, Carrigenagh, Leitrim and Aughnaloopy, Kilkeel, County Down and their surrounding areas withoLrt 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 th8 conditions of lrfe for the said inhabitants and to stimulate and promote the economic potential of the area. Achievements and performanco This has been another very successful year for the Association, particularly in relation to the continued popularty of our cottage bookings. Demand has remained strong throughout the year, and we a delighted to report excellent occupancy levels, which in turn hss provided vital ineome to support our wid8r activit18s and ongoing heritage commitments. The Board of Directors met regularly during the year to ensure that our work remained on course, and to provide oversight on both operational and strategic matters. I would like to thank my fellow directors for their commitment and dedication in guiding the Association throughout the year. In addition to our core work, we were pleased to hosl seasonal communty events. including our traditional Easter gathering and a well-attended Halloween celebration. These events, alongside a S8ries of craft workshops, brought together visitors, residents, and supporters, helping to strengthen the sense of Community and promote engagement with the cottages and their heritage. Our volunteers continue to be th8 backbone of the Association. Their tireless work has 8nsured thal the appearance of the cottages and surrounding close has remain8d of the highest standard. From routine maintenance to more detailed care, their Contribution cannot be overstated. In doing so, they have also helped us preserv8 the historic characler and heritage of th8 cottag8s, which r8mains at the heart of our mission. Looking ahead, we remain committed to balancing the Careful preservation of the cottages with ensuring they are enjoyed and appreciated by the community and visitors alike. With continued strong support, both from bookings and our dedicated volunteers. we are confident that the River Valley Development Association will build further on the successes of 2024.
River Valley Development Association Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 Decembor 2024 We wish to extend sincere thanks to all direclors, volunteers, supporters, and visitors for their role in making 2024 such a positive and rewarding year. Flnancial review Income The results of the charity are sel out on pages 6 and 7 of the accounts. The income from charitable activity within the organisat50n totalled £44,74612023 £66,484) for the year ended 31 December 2024. The charity r8ceived 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 Halifax. Restricted grant funding of £50,808 12023- £54.981) was recognised as income in the year to 31 Dember 2024. Grants received, but not spent at 31 December 2024 have been recorded as restricted funds and will b& expensed in the flrtu, as the associated obligations are meet. Grant offers, where the funds have not been received by RVDA at 31 December 2024 have been recorded as income only to the extent thal r8Stricted expenditure has been recorded in line With the Letter of Offer. The total income recorded for the year ended 31 December 2024 was £99.17812023- £126,120). ndlture The total costs incurred by River valley Development Association decreased from £122,006 in 2023 to £103,571 for the year ended 31 December 2024. This decrease of £18,435 (15.1 /0) was a direct result of having lass rental activty and fewèr physical properties to maintain. The unrestricted operational costs for the charity totalled £55.732 (2023 £81.867). while £48.739 (2023 - £40,139} of the lotal costs were in relation to projects funded by grant income during the year. As rental activity was further reduced in 2024, the associated labour costs of housekeeping and utilities etc. were also reduced. Cost savings have also been made with volunteers taking a more active role in the management of RDVA. Cottages undeent continued repair and maintenance during 2024. Deficit for the ear Overall River Valley Development Association reported a deficit for the year of £4.393 (2023 sury)lus £4,114). River Valley Development Association continued to repay its bank loan and the loan from the Ulster Communty Trusl 8nd8d during 2024. In tha post year énd périod River Vallèy Development Association borrowed £65,000 from Community Finance Ireland to refurbish several Close properties. This loan is scheduled to be repaid over ten years.
River Valley Development Association Limited Company Limitsd by Guarantoe Trustees. Annual Report (Incorporatlng the Dlrector's Report) (continued) Year ended 31 December 2024 Plans for future periods Reserves Policy RVDA operates its charitable activities with unrestricted reserves totslling £20.060 (2023 - £24,682). These unrestricted reserves are primarily represented by the red ass8t of organisation. The directors are aware that this position should be reviewed on an ongoing basis to ensure that the charity does not face any future cash flowlfunding difficulties. The natur8 ofthe 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 Con¢em The directors believe that the charitws accounts should be prepared on a going concern basis on th8 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 Ihe accounts and believe that the disclosures relating to the charty'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 entitled to the small companies exemption. The trustees, annual report was approv8d on 24 September 2025 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 Financlal Statements of River Valley Development Association Llmlted Year ended 31 December 2024 I report on the financial slaleménts for the year ended 31 December 2024, which comprise the statement of financial activities {including incom6 and expenditure account), statement of financial position and the related notes. RESPECTIVE RESPONSIBIUTIES OF DIRECTORS AND EXAMINER The charitys directors are responsible for the preparation of the a¢Gounts in ac¢ordan¢e with the requirements of the Companies Act 2006. Having satisfied mys81f that the charity is not subjéct to audit und6r company law, and is eligible for ind8p8nd8nt examination. it is my responsibility to: examine the account5 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 sectton 85(giib) af the Charities A¢t,' and state whether particular matters havè come 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 exarninalion was rArried out in accordan with the general Direclions given by the Charity Commission for Northern Ireland under section 6519>lb) of the Charities Act. The exarnination 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 items or disclosures in the accounts, and seeking explanations from the directors conceming any such matters. My role is to slate whether any material matters have come to my attention giving me cause to believe.. That accounting records were not kept in accordance Mih section 386 of the Companies Act 2006. That the accounts do not accord with those accountlng r6cords. That the accounts do not comply with the accounting requirements of section 396 of the Companiés Act 2006 and with th8 methods and prin¢ipl8s of the Charities Ststement of Recommended Practice applicab18 to charities ppanng their accoun18 in accordan wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland. That there is further information needed for a proper understanding of the ao¢ounts to be reaohed. INDEPENDENT EXAMINER'S STATEMENT hav8 completed my examination and have no concerns in respect of th8 matters {1 } to 14} listed above and, in connection with following the Directions of the Charity Commission for Northem Ireland, I have found no matters that require drawing b your attention. 24 Sept&mb8r 2025 Una Cunningham FCA Chartered Accountants Ireland PURDY QUINN Chartered A¢¢ountants 42 Green¢asll8 Street KILKEEL Co Down BT34 4BH
River Valley Development Association Limited Company Limited by Guarantse Statament of Financial Activities (includlng Income and oxpenditure account) Year ended 31 December 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Nots Income and •ndowm•nts Donations and legacies Charitable activities 3,624 44,746 50,808 54,432 44,746 99,178 59,656 66,464 Total Income 48,370 50.808 126,120 Expenditure Expenditure on charitable activities Other expenditure Total expenditure 55,732 47,839 103,571 121,906 100 55,732 47,839 103,571 122,006 Net lexpenditure)lincome (7.362) 2.969 (4.393) 4.114 Transfers beeen funds 2,740 (2,740) Net movement in funds (4.622) (4,393) 4,114 Reconciliation of funds Total funds brought fomard Total funds carried fOard 24,682 12,417 12.646 37,099 32.706 32,985 20,060 37,099 The statemént of fin8ncial activiiies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 8 to 18 forni part of the6e financial slatements.
River Valley Development Association Limited Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Fixed assets Tangible fixed assets 14 350,510 365,451 Current assets Debtors Cash at bank and in hand 15 7,958 27,707 35,663 10,474 43,096 53,570 Credltors: amounts falllng due wlthln on• year Net current assets 16 34.044 43,423 1,619 10,147 Total assets less current Ilabllltles 352,129 375,598 Creditors: amounts falling due after more than one year Not assets 17 319,423 338,499 32.706 37,099 Funds of the charity Restricted funds Unrestricted funds 12,646 20,060 32,706 12,417 24,682 Total charity funds 21 37,099 For the year ending 31 December 2024 the charity was entitled to exempticn from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilities: The members have not required the company lo obtain an audit of its financial statements for the year in question in accordance with section 476" The directors acknowledge their responsibilities for complying wilh the requirements of the Act with respect to accounting records and the preparation of financial statements, Thes8 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 24 September 2025, and are signed cn behalf of the board by.. Mr D W Hanna Trustee Mrs G Fish8r Trustee The notss on page5 8 to 18 form part of these financial statements.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 December 2024 General information The charity is a public benefil 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 compllance These financial statements have been pr8pared in compliance with FRS 102, Th8 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 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basls of preparatlon The financial statements have been preparad on the historical Qosl basis, as modffied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through incom8 or 8xp8nditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern A deficit of £4,393 was repcrted for the year ended 31 December 2024. The Charity continues to be very conscious of minimising expenditure. Although costs decreased during the 2024 accounting period, the propety letting income figures also decreased with only five cottages generating rental receipts, The Board are hopeful that this income can be maintained. The board havè plannèd lo refutbish of several Close properties in the coming year. This will be funded thought a loan from Community Fund Ireland. The directors are confidenl that there will be sufficient cash flow tc make the day-to4ay payments and the monthly loan repayments in the foreseeable futur8. Judgements and key sources of estimation uncertalnty 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 r8vi8wed and are based on experience and other factors, including expectations of future events that are believed to be reasonable und8r the circumstsncas.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (¢onllnued) Year ended 31 December 2024 Accounting pollcl•s (continued) Fund accountlng 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 app8al, and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming resourcas All income is included in the statement of financial activitie5 when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to Ihe charity and the amount can be reliably measured. The following specific policies ara applied to particular categories cf 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 Ihe extent the goods have b88n provided or on Completion of the seNlCe. Income from donations or grants is recognised when there is evidence of enlitlement to the gift, receipt is probable and ils amount can be measured reliably. Income from contracts for the suppty of s8Nices is recognised wilh the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on 8 particular purpose and returned rf unspent, in which case it may be regarded as restricted. Resources expended Expendilure is recognised on an accruals basis as a liabilty 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, ev8nts, 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 Ihe benefit of its beneficiaries, including those support costs and Costs relating tc the governance of the charity apportioned to charFtable activities. other expenditure includes all expenditure that is neither related to raising funds for th6 charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categoriés reflecting the use of the resource. Direct Costs attributable to 8 single activity are allocated directly lo that activity- Shared costs are apportioned behween the activities they contribute to on a reasonable. justifiable and consistent basis.
River Valley Development Association Limited Company Limited by Guarantee Notes to the Flnanclal Statements f¢ontinuedJ Year ended 31 December 2024 Accounting poli¢ies {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 lrfe of that assel as follows.. Leasehold property Palhways Project Fixtures and fittings 20A straight line 50kn straight line 150h 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 acccunts 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 entitl8ment to the gift, receipt is probable and its amount can be measured reli8bly. This has not been applied by the charity as it would falsely inflate the reserves of the charity and distort ts future trading perft)rnan. The charity merely holds a lease on restored properties that will revert back to their owners in due ccurse. Deferred capital grants in respect of capital 8xpenditure are tr8ated as deferred income and are credited to the profit and loss account over the estimated useful lrfe of the assels to which they relate. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related seniice is provided. Prepaid conttibutions are recDgnised as an asset to thé èxtent 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 seNice, the liability is measured on a discounted present value basis. The unwinding of the discount is recogni5ed as an expense in the period in which it arises. 10
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (continu Year ended 31 December 2024 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 Reslricted Total Funds Funds 2024 Donatlons Donations Community events 1,059 2,565 1,059 2,565 Grants Awards for All {Lott8ry) Halifax National Lottery Heritsge Revival Ulster Scots Agency NMDDC National Lottery Heritage Fund National Lotlery - Main Grant National Lottery Community Fund Government grant income 2,050 7.961 2,050 7,961 7,917 32,880 7,917 32,880 3,624 50,808 54,432 Unrestricted Funds Restricted Total Funds Funds 2023 Donatlons Donations Communily events 433 3,042 433 3,042 Grants Awards for All {Lotteryl Halifax National Lottery Heritage Revival Ulster Scots Agency NMDDC National Lottery Herilage Fund National Lottery - Main Grant National Lottery Community Fund Government grant income 1,975 1,975 1,430 3,721 31,791 9,700 8,364 1,430 3,721 31.791 9,700 1,200 1.200 4.675 54,981 59.656 11
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financlal Statsments {¢onfinuedJ Year ended 31 December 2024 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Accommodation Community Support 44,746 44,746 64,664 1,800 64,664 1,800 44,746 44.746 66,464 66.464 Expenditure on charitable activities by fund type Unrestricled Funds Restricted Total Funds Funds 2024 Preservation of historical buildings & community Support costs 45,537 10,195 47,839 93,376 10,195 55.732 47,839 103.571 Unrestricted Funds Restricted Total Funds Funds 2023 Preservation of historical buildings & communty Support costs 70,562 11,205 40,139 110,701 11,205 81,767 40,139 121,906 Expendlture on charltable actfvitles by actlvlty type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Preservation of historical buildings & community Governance costs 93,376 6,045 4,150 99.421 4.150 116.173 5,733 93.376 10,195 103,571 121,906 12
River Valley Development Association Limited Company Llmlted by Guarantee Notes to the Financial Statements fcontlnuedj Year ended 31 December 2024 Analysis of support costs Analysis of Support costs Total 2024 Total 2023 Finance costs Governance costs Depreciation Amortisation 2.150 4,150 20,466 116.571) 10,195 2.150 4,150 20,466 (16.571) 10.195 1,958 5,733 20,119 {16.605) 11,205 10. Olher expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donation 100 100 11. Net (expenditurevincome Net (exp6nditure)Iincome is stated after chargingllcredtting).. 2024 2023 Depreciation oftangible fixed assets 20.466 20,119 12. Staff costs The tolal staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Empk)yer contributions to pension plans 40.209 563 47.059 563 40,772 47.622 Th8 average h8ad count of employees during the year was 5 {2023.' 8). No employee received employee benefits of more Ihan £60,000 during the year (2023". Nil). 13. Truste• r•munoration and exponsès No director received any remuneration, and no directors claimed any expenses during the year in connection with their duties. See related party note 25. 13
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 Decernber 2024 14. Tangible fixed assets Leasehold pioperty Pathways Fixtures and Project fittings Total Cost At 1 January 2024 Additions 700.468 59,93D 62,259 5,525 822,657 5,525 At 31 December 2024 700.468 59,930 67,784 828,182 Depreclatlon At 1 January 2024 Charge for the year At 31 December 2024 354.202 13,809 56,242 2,997 48.762 3,660 457.206 20,466 368,011 59,239 50,422 477,672 Carrying amount At 31 December 2024 332,457 691 17,362 15,497 350.510 At 31 December 2023 346,266 3,688 365,451 15. Debtors 2024 2023 Trade debtors Prepayments and accrued income 1,554 6,402 7,956 5.891 4.583 10.474 16. Crèditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social securty and other laxes UCIT Loan < 1 year Other creditors 2.506 10.321 6.086 13.642 2,445 11.154 13,688 9,705 5.422 1,009 1,489 43,423 14
River Valley Development Association Limited Cornpany Limited by Guarantee Notes to the Financial Ststements f¢onllnugd) Year ended 31 December 2024 17. Creditors: amounts falling due aftor more than one year 2024 2023 Accruals and deferred income Loan > 1 year 318,755 868 335,326 3.173 319,423 338.499 18. Deferred income 2024 2023 At 1 January 2024 Amount released to income 335.326 (16,571) 318,755 351,931 {16,605) 335.326 At 31 December 2024 19. Pensions Defined contrlbutlon plans The amount recognised in income or expendituré as an expense in relation to defined contribution plans was £563 (2023: £5631. 20. Government grants The amounts recognised in the financial statements for government grants are as follcws: 2024 2023 Recognised in creditors". Deferred government grants due after more than one year 318,755 335,326 All capital grants are credited to the balance sheet to be amortised over Ihe length of the i)wnership of the assets. Amortisation at 20/0. SO and 150/0 on property. plant and machinery and fixtures and frttings respectively have been provided through the financial statements in line with the accounting policy on depreciation. All revenue grants have been credited to the prorrt and loss account when received. 15
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Statsments f¢onllnu•dJ Year ended 31 December 2024 21. Analysls of charltable funds Unrestricted funds At1 January 2024 At31 December 2024 Income Expenditure Transfers General funds Original Contributions 5,636 19,046 48,370 (55,732} 2.740 1.014 19,046 24,682 48,370 {55,732) 2.740 20.060 At1 January 2023 At31 December 2023 Income Expenditure Transfers General funds Original Contributions 5,914 19,046 71,139 (81,86n 10,450 5,636 19.046 24,960 71,139 {81,867) 10.450 24,682 Restricted funds At1 January 2024 At31 December 2024 Income Exp8nditur8 Transfers Awards for All (Hay Shed) Halifax NMDDC Ulster Scots National Lottery Heritage Revival National Lott8ry Heritage Fund National Lottery Community Fund National Lottery - Main Grant 2.050 7,917 12,050) (690) {7,227) 7,961 32.880 (5,576) (28,672) (6,364) 2,385 10,261 6,053 6,364 12,417 50,808 147.839) (2,740) 12,646 At1 January 2023 At31 December 2023 Income Expenditure Transfers Awards forAII (Hay Shed} Halrfax NMDDC Ulster Scots National Lottery Heritage Revival National Lottery Heritage Fund National Lottery Community Fund National Lottery - Main Grant 8.025 1,975 110,000) 3,721 1,430 (3,271) <1.430) (450) 31,791 6,364 9,700 (25,738) 6,053 6,364 (9,700) (40,139) (10.450) 8,025 54,981 12.417 16
River Valley Development Association Limited Company Limited by Guarantee Notes to the Financial Staternents (contlnued) Year ended 31 December 2024 22. Analysls of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 31,755 350,510 23,017 35,663 134,044) {34,044) (668> {318,755) (319,423) 20,060 12,646 32,706 318.755 12,646 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditcrs gater than 1 year Net assets 30,125 335.328 365,451 31,453 22,117 53,570 {33.723) (9,700) {43.423) (3,173) (335,326) (338,499} 24,682 12,417 37,099 23. Capltal commltments The direclors have confirmed that ther8 were no capital commitments at 31 December 2024. 24. Contlngencles The directors have confirmed that there were no contingent liabilities which should be disclosed at 31 December 2024. 25. Related parties The directors are the ultimate controlling party of the charity. The charity has continued to lease 8 cottages during the year. These 8 properties are leased from two directors of the charity. The dir8Ctors of the charity have supplied the propertl8s as follows: Dlrector Mrs N Fisher & Mr G Fisher Cottage Stable Barn W John's Carthouse George's Johnny's Tommy's The Office 17
River Valley Development Association Limited Company Llmitod by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 December 2024 25. Related parties These eight properties were leased at Hanna's Close for period cf 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 £15,352 {2023 - £12,458) from £ business conlrolled by a clos8 family member of director G Fisher. This figure included worf( that was physically carried during the 2023 year was invoiced at £9,700 in the 2024. These costs represented commercial transactions in relation to services provided by the business with regard to ground maintenance contracts, repairs and grant projects. At the balan sheet date, Ihe business related to G Fisher was owed the accrued £Nil (2023 - £9,7QO ). 26. Going Concern The current economic condilions creat8 some uncertainty particularly over the availabilty of bank finance in the foreseeable future. The board, taking account of r8asonablè possible changes in the charity's operating performance, are satisfied Ihat the Charty should be able to operate within the level of its current bank facility and will have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue Io 8dopt 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 validty of this assumption depends on.. 1) The continued support of the charity's bankers 2) The continued support of the charity's directors 3) The continued support of the charity's creditors 4) Realisation of future profrts based on directorf profit projections. 27. Post balance sheet period In the posl balanc8 sheet period River Valley Development Association bOOWed £65,000 from Community Finance Ireland to refurbish several Close properties. This loan is scheduled to be repaid over ten years. 18