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 aPpI￿able 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 deMPanY. 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 Star￿la￿ applicable in the UK and Republic of IfeFand 4. That there is fiJrther information r￿ded 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 Gal￿gher 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 sTATEmE￿r 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 Ma￿h 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 expendi￿re 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 p￿paring 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 tru*ees 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 1ndL￿e 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