Charity Registration No. NIC102215 Company Registration No. N1025252 (Northern Ireland) KILREA ENTERPRISE GROUP LIMITED (Being a Compary Limited by Guarantee and having a Share Caw ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
KILREA ENTERPRISE GROUP LIMITED CONTENTS Page Charity Inforniation Trustees report Independent exarnlnerfs report stst8m8nt of tlnancial activltl8S Balance sheet Notes to the financial statements 7-11
KILREA ENTERPRISE GROUP LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Thomas Collins MBE Ms Mary Gibson Mr David Laughlin Secretary Mr Thomas Cdlins MBE Charity number NIC102215 Company number N1025252 Registered offi 33 New Row lfjlrea Co. Londormdery Northem Ireland BT515TA Independent examlner Mwre (N.I.) LLP 30-32 Lodge Road Coleraine BT52 1 NB Bankers Danske Bank Main Street lfjlr8a Coleraine Co. Londonde BT515QS Sollcftors Macaujay Wray LLP 35 New Row Coleraine Co Londonderry BT52 1AH
KILREA ENTERPRISE GROUP LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial ststements for the year ended 31 Marth 2023. The financial statements have been prepared in accordan wilh the accounting policie5 set out in note 1 to the financial statetnents and comply with the charitys Memorandum and Arh'des of AssoGiation. the Companies Act 2006 and 'Accounting and Reporting by Charities: Statement of Recommended Practice aPpIable to charities preparing their accounts in accordancE with the Finan(aal ReFM)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecllve 1 January 2019)". Objèctlves and actlvltles The charity's objects are to promote th8 benefrt of the inhabltants of Kilrea and Its environs (the "area of b8nefit') without distinction of sex, race or political. religious or other opinions by associating with the ststutory authorities, voluntary organisallons and Inhabrtants in a common effort to: (i) advance education (ill provide facilities In the Interests of social welfare for r8creation and other leisure Ilme occupations with th8 object of improving the conditions of life for the said inhabitants: and (illl provld8 such am8nltl8s and facilitlas for th8 bon8fit of thè publlc in particular but not exduslvely Tiver walks. wild flower meadows and tree planting. The trustees have paid due regard to guKlance issued by the Charity Commission in de<xding what activtties the charity should undertake. Provldln facllltles in the Int@sts of soclal welfare for recwtion and lelsure We provldè fundlng to local groups and inttlativas and we hav8 also mad8 land avallablè to our local councll to create a river walkway. The public b&nefit is improved h8alth and well-being for am who use it. 11 also creates opportuniti8s for émployrn8nt as access to thg river increases the opportunty for sport and 18isure activitl8S, which in tum will create employmenl for local people who are at risk of unemployment and deprivation through rural isolation and disiance from servic8S. tions Pro in am nities facilities f r the the The publlc benefrt is improved health and well-being and the promOtn of posiiive and physical health through the development and support of walking trail and access to the countryside to those of our benefictaries who are in poor health or disability. There is a public b8nefit which Ilows from our charitable objects as we increase employ ability and ensure that our area is an attractive and well managed place to live and that local people can acquire the education and skills they need to fulfil their true potential arKJ enjoy positive health and welkbeing as a result. We afe an open organisation w8lcoming people of all ages and from all backgrounds who are interested in volunteering with us. Our beneficiaries are the members of the public who are rural dwellers of all ages from the local area. They are also our volunteers who can gain skims and confidence while providing of their time and expertise. How we prove our benefit is Ihrough recorcl keeping of feedback frorn those who attend our iniliats'ves as well as those vtho volunteer in our various activities arKI attend our events. We provide newsletters and flyers. utilise the local press for publicity and take photographs and also collect monitoring infonnation when we access publiG funds for our activitie5. There is no private benefft accrued to any of our trustees as everyone treated the same and has 8qual asS to all of our support and ser4ices.
KILREA ENTERPRISE GROUP LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Financial review The results for the year are set OLrt on page 5. The 4x)mpary rerned net expenditure for the year of £32.973 {2022 - net income of £26,527). At 31st March 2023 the totsl funds of the d)arity amounted to £766.138 (2022 - £799,111) comprised solely of general unrestricted funds. Risk Management The Trustees regularfy assess the major risks to vthich the Charity is exposed. and are satisfi8d that systems are in place to mitigate exposure to any rnajor risks. Plans for future periods The Kilrea Enterprise Group wll help to fijnd suitable local start up businesses that fijlfil relevant crtteria for sustainabilty and employmen¢ using the interest generated by (zpital, with a view to keeping the capital intact. Structure. governance and management The charity ts a company limited by guarantee. The principal activity of the company is to promote the estsblishment of small business aclivities which would provide employThent in the area. The tnJstees, who are also the directors for the purpose of company law. and served during the year and up to the date of signature of the financial statements were: Mr Thomas Collins MBE Ms Mary Gibson Mr David Laughlin None of the trustees has any benefiaal interest in Ihe >MPanY. All of the trustees are members of the o)mpany and guarantee to contribute £1 in the event of a winding up. Kilrea Enterprfse Group Limited 15 govemed by lis MertK)fdndum and Artldes of Association dated 5 February 1991. It registered with the Charity Commission for Northem Ireland on 30 June 2015. The trustees report w?s approved by the Board of Trustees. Mr David Laughlin Trustee Dated: 13 March 2024
KILREA ENTERPRISE GROUP LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KILREA ENTERPRISE GROUP LIMITED I report on the accounts of the charity for the year ended 31 March 2023, which are set out on pages 5 to 11. Respectlve responslbilities of trustses and examlner The trustees, who are also the directors of Kilrea Enterprlse Group Limited for the purposes of company law, are responsible for the preparation of the a()Unts in accordance with the requirernents of the Companies Act 2006. Having satisfted myself that the charity is not subject to audil under (yJmpany law. and is eligible for independent 8xaminatlon. it Is my responsibllty to: examine the accounts under section 65 of the Charities Act (li) foll¢)w the procedures laid down in the general directions given by the Charity Commissicn for Northern Ireland under section 65(9)(b) of the Charities Act (iii) slate whether particular matters have come to my attention. Basis of Indopondent examin•rf8 report I have examined your charty accounts as required under section 65 of the Chaiiti8s Act and my examination was carried out in accordance with the general Directions given by th8 Charity Commission for Northem Iraland under section 6519)(b) of the Charities Act. The examination induded a review of the acwunting records kept by th8 charity and a comparison of the accounts pr8S8nled with those records. It also includecl nSideratiOn of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have c4)Th to my attenlion gmng us cause to believe., 1. That accounting records were not kept in accordance with Secti 386 of the Cc#npani8s Aci 2006 2. That the attounts do not accord with those accounting records 3. 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 Charilies Statement of Re(yJrnmended Practice applicable to ¢harities preparing their accounts in accordanc with the Financial Reporting Starla applicable in the UK and Republic of IfeFand 4. That there is fiJrther information rded for a proper under51anding of the accounts to be reached. Independent exarnlnerfs stateTnent I have completed our examination and have no concems In respect of the matters (1) to {4) Ilsted above and, In connection with following the Directions of the Chaiity CommissK)n for Northern Ireland. I have found no maller8 thai require drawng to your attentlon. Dr R I Peters Galgher OBE FCA for and on behalf of Moore (N.I.> LLP 31>32 Lodge Road Coleraine BT52 1NB Dated- 13 March 2024
KILREA ENTERPRISE GROUP LIMITED sTATEmEr OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDrruRE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Unrestrtcted funds funds 2023 2022 Notes Income from: Investments 12,095 9,732 ndlture on: Charitable activities 4.735 Other 2.165 2.233 Total resources expended 6.900 4.277 Net gain(lO$ses) on Investments (38,168) 21,072 Net movement in funds (32,973) 26,527 Fund balances at 1 April 2022 799,111 772.584 Fund balances at 31 Mah 2023 766.138 799,111 The statement of financial activitses indudes all gains arKI losses re(x)gnis8d in the year. The statement of financial act]vities indudes all gains and losses recognised in the year. All ir*come and expenditu derive from (x)ntinuing acbvttses. The statement of financial adivibes also complies with the requirements for an in(x)mè and expendire account under the Companies Act 2LTr)6.
KILREA ENTERPRISE GROUP LIMITED BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Notes Current assets Investments Cash at bank and In hand 12 768.268 563 796,448 7,023 768.831 803.471 Credltors: amounts falling duo Wtthln one year 13 2,693 4.360 N8t ojrrent assets 766.138 799,111 Th? funds of tho charlty Unrestricted funds 766,138 799,111 766,138 799.111 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The directors acknowledge their r8sponsibiliti.8s for a)mplying with the r8quirernents of the Companies Act 2006 with respect to accounting records and the preparation of financial slatements. The members have not required the company to obtain an audlt of its financial slatements for the year in question in accordance with section 478. These financial sLqtements have been prepared in accordance with the provisions applicable to companie5 subject to Ihe small companies rggim8. The finanual ststements were approved by th8 trustees on 13 March 2024 Mr Davld Laughlin Trust80 Company registration number N1025252 (Northern Ireland)
KILREA ENTERPRISE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢counting policies Charity inforniation Kilrea Enterprise Group Limited is a private company limited by guarantee in(x)rporated in Northem Ireland. The registered Offi is 33 New Row. Kilrea, Co. Londondefry. BT515T& Northem Ireland. 1.1 A¢counttng convention The financÉal statements have been prepared in accx)rdance with the charitys Memorandum and Arbdes of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charitres pparing their acu)unts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).. The charty is a Public Benefft Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for (tharities apptyirvJ FRS 102 Update Bulletin 1 not to prepare a Ststsment of Cash Fk)ws. The financial ststements are prepared in sterling, whith Is the functional rrencY of the charity. Monetary amounts in these financial ststements are n)unded to the nearest £ The principal accounting poli(aes adopted are sel out below. 12 Going concern At the time of approving the financial statements. ts truees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable fiJture. Thus the trustees continue to adopt the going concem bass of accounting in preparing the financial statements. 1J Charitable funds UnrestrÉcted funds are available for usè at the (ftscretion of the tTUStees in furtherance of their charltsble objectives. Restricted funds are subjed to spedfic (x)ndilions by donor5 or grant0 as to how they may be used. The purposes and uses of thé restricted funds are set out in ihe notes to the finanual statements. Endowment funds are subjec to specAfic conditions ty donors that the capital must be maintsined by the charity. 1.4 Income Income is recognised when the tharity is legally entitled to it after any perfornian conditions have been me( the amounts can be measured reliably. and tt is probable that income will be received. Cash donations are re(JyJnised on receipt. Other donations are recognised once Ihe charity has been notified of the donation. unless performance condstions require deferral of the amounL Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othep•vise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expecled. If the amount is not known. the legacy is treated as a conlingent asset. 1.5 Expenditure Expenditu is recognised once there is a legal or o)nstructsve obligation to make a payment to a third paty, it is probable that setttement will be required and the amount of the obligation be measured reliably. Irrecoverable VAT is charged as a cost against the acbvtty for which the expenditure was incurred.
KILREA ENTERPRISE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies {Contlnuod) 1.6 Cash and cash equlvalents Cash and cash equivalents 1ndLe cash in harml. deposits held at call with banks. other short-temi liquid investrnents thith original maturities of three months or less. and bank overdrafts. Bank overdrafts are shoN within borrowings in current liabilities. 1.7 Flnancial Instruments The charity has eleded to apply th8 provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial instruments are re(x)gnisad in the Charitys balance sheet when the charity be<xJme5 party to the contractual provisions of the instrument. Financial assets and liabilities are offseL wilh the net amounts presented in the firn¢la1 statements, when there is a legally enforceable right to sel off the recognised amounts arKI there is an intention to settle on a net basis or to realis8 the asset and settle the liability simuhaneously. 8a$ic Ilnanclal assets Basic financial assets, which indude debtors and $h and bank balancAs. are initialty measured at transactlon prfce induding transacllon costs and are subsequently carried at amorb'sed cost using the effectiv8 interest method unless the arrangement constitutes a financing transaction, ere the transaction is measur8d at the pr8S8nt valu8 of the future r8C8ipls discounted at a market rate of int&r8St. Financial assets dassffied as receivable within one year are not arnortised. Other financial assets Other financial assets. induding investments in equty inslruments which 8Tr not subsidiawies, associates or joint V8ntures. are initially m8asured at fair value, which is nomalty th8 transactlon prlce. Such assets are subsequently carried at fair value and the changes in fair value are recognis8d in profit or loss, except that investments in eqLbily instruments that are not publically traded and vknose fair values cannot be measured r81iably are measured at cost less irnpaJm&nt. Bas1¢ Ilnanclal liabllltios Basic financial liabililies. duding credrtors and bank loans are initiauy rec(yJnised at transaction Pri unless the arrangernt constitutes a financing transaction, where the debt instrument is measured at the present value of the fijture payrnents discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortssed. Debt instruments arg subsequenlly (xrried at afflortisecl cos( using the effective inlerest rate melhod. Trade creditors are obligatbons to pay for go(MJs or services that have been aCqUid in the ordinary course of operation5 from supplier5. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they a presented as non-current liabililTres. Trade creditors are recognised initially at transaction price and Subsequently measured at anrtised cost using the effective interest method. Derecognrfion of ffnanclal liabillties Financial liabilities are derecognised when tharitys contractual obllgations expire or are discharged or cancelled.
KILREA ENTERPRISE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crltlcal accounting eimateS and judgements In the application of the charivs accounting wficaes. the trustees are required to make judgements, estimates and assumptions about the carying amount of assets and liabililies that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are ct)nsidered to be relevanL Acttk21 resuts may differ from these estimates. The esttmates and underfying assumptiorB are Viewd (¥) an ongoing basis. Revisions to aoUntIng estimates are recognised in the peri(xJ in which the estimate is revised where the revision affects onty that period, or in the period of the revision and futtjre Peris Whe the revision affects both Trent and future periods. Investments Unrestrlcted Unrestricted funds funds 2023 2022 Investrnent Income Interest recetvable 12.089 9.731 12,095 9,732 Charitable actlvitles 2023 2022 Roorn hire Charitable event expenditure 664 2295 2,959 Share of govem3nce costs (see note 5) 1,776 4,735 Support costs allocated to activit5 2023 2022 Governan costs 1.776 Analysed between: Charitable activities 1,776 2,044
KILREA ENTERPRISE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustses None of the trustees (or any persons conneded with them) r1Ved any remuneration or benefits from the Gharity during the year. Employees The average monthty numb8r of ernoYeeS during Ihe year was: 2023 NuMr 2022 Number Tolal There were no employees whose annual remunar81ion was more than £60,000. R•mun•ratlon of k•y managem•nt pernonn•l Olher Unrestricted Unrestricled funds funds 2023 2022 Financing costs Investment fees 64 2.101 55 2,178 2,165 2.233 N•t galnsl(losses} on Invostments Unrnstrlcted Unrastricted funds funds 2023 2022 Revaluation of investmeT (38,168) 21,072 10 Taxatlon The charity is exempi from taxats'on on its a(Alvit5 beUSe all ts income is applied for tharitable pwposes. 11 Financial instruments 2023 2022 Carrying amount of financial assets Instruments measured at fair value through Pfofft or loss 768.268 796,448 10-
KILREA ENTERPRISE GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 CuTrnt asset invesknents 2023 2022 Unlisted inveslments 768.268 796,448 13 Creditors: amounts falling due wfthln one year 2023 2022 Trade credrtors Accnjals and deferred in<x)me 1.000 1.693 1,000 3.360 2.693 4,360 14 Unrestricted funds The unrestiicted funds of the tharity <x)mpfise the unexpended balances of donations and grants whith are not subject to spectfic conditions by donors and grant0 as to how they may be used. These indude designated funds which have been set aside out of unrestrithd funds by the trustees for specific purposes. At 1 April 2022 Incoming resources Resources expended Gains and At 31 March losses 2023 General funds 799,111 12.095 (6,900) (38,168) 766.138 Prevlous year. Al 1 Aprll 2021 Incoming Resources resources expended Galns and At 31 March losses 2022 General funds 772.584 9.732 (4.277) 21.072 799.111 15 Relatsd party transactions There were no related party trdnsaclions during the year (2022- rM)ne). The trustees. who are also the director5 for the purp of company law. reiVed no remuneration for their services for the year. 11