Company registered number: N1044638 Charity registered number. NIC102835 RIVERSIDE COMMUNITY ENTERPRISES LTD IPri¥ate compony limited by iuarantee without share capltal) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 Tony Clarke 53 Andersonstown Road Belfast BTII 9AG ADFTUKNK 1411112024 COMPANIES HOUSE
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RIVERSIDE COMMUNITY ENTERPRISES LTD CONTENT5 PAGE Reference and administrative details of the charity, its trustees and advisers Annual Report of the Trustees including Directors Independent Examiner Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-13
RIVERSIDE COMMUNITY ENTERPRISES LTD (Private company limited by guarantee without share capitall TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT Year to Unrestrlrted Restrlcted 31-Oct-23 Funds Funds TOTAL Year to 31-Oct-22 TOTAL Note Income from: Donations and Legacies Rental Other Income 41,536 1,697 41,536 1,697 40,442 1,678 Total Income 43,234 43.234 42,120 Expenditure on: Charitable Activities 126,627) 26,627 {40,411) Total Expenditure: {26,6271 (26,627) (40,411) Net Income/(expendlture) 16,607 16,607 1,709 Transfers between funds Net movement In funds 16,607 16,607 1,709 Reconclllatlon of Funds Total funds brought forward 86S,157 865,157 863,448 Total funds carrled forward 881,764 881,764 865.157 The statement of financial activities includes all gains and105ses recognised in the year. All incoming resources and resources expended derive from continuing activities. The statement of financlal activities also complles with the requirements for an income and expenditure account under the Companies Act 2006. The notes on page 8 to 13 form an integral part of these accounts
RIVERSIDE COMMUNITY ENTERPRISES LTD {Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 BALANCE SHEET As at 31 October 2023 2023 2022 Note Flxed Assets Tangible Assets 868,802 868,802 868,802 868,802 Current Assets Debtors Cash at bank 1,410 7,205 8,614 21,807 21,807 Llabllitbe5 Creditors: amouTht5 fJllln8due wlthln one year {6,100) (9,515) Net Current Assets 15.707 (2,7431 881,764 1901) (2,7431 865,157 Creditors: lon8 term Ilab114tles Net Assets Funds Restricted Unrestricted 881,764 865,157 TOTAL FUNDS 12 881,764 865,157 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 October 2023. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including it5 income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial Statements, so far as applicable to the companv. The member5 have not required the company to obtain an audit of its financial Statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The flnancial statements were approved by the board of directors on . were signed on their behalf by: K Adams (Treasurer) Trustee The notes on page 8 to 13 form and integral part of these accounts
RIVERSIDE COMMUNITY ENTERPRISES LTD (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 NOTES TO THE ACCOUNTS l Accountin8 pollcies Charity informatlon Riverside Community Enterprises Ltd is a private company limited by guarantee incorporated in Northern Ireland. The registered office is: 61 Main Street, Portglenone, BT44 8HP and the principal place of business is Glenone Business PK, Kilrea Rd Portglenone BT448PE. 1.1 Accounting convention The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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 IFRS 1021" las amended for accounting periods commencing from l January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provislons in the SORP for charlties applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The prlncipal accounting pollcies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charlty has adequate resources to continue in operatjonal existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted fund5 are subject to specific conditions by donors as to how they may be used. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance condition5 have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised at the time of the donation.
RIVERSIDE COMMUNITY ENTERPRISES LTD {Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 NOTES TO THE ACCOUNTS (contlnued) 1.4 Incomin8 resources (continued) Turnover is measured at the fair value of the conslderatlon received or receivable and represents amounts receivable for goods and seniices provided in the normal course of business, net of discounts, VAT and other sales related taxes. l.S Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits w511 be required in settlement and the amount of the obligation can be measured reliablv. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. The charity is below the charity audit threshold and therefore is exempt from reporting expenditure on an activlty basis. The charity has opted to report by the nature of expenditure rather than on an activity basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognlsed so as to write off the cost or valuatlon of assets less their residual values over thelr useful lives on the following bases: Equipment Building Land 25% Reducing Balance Not Depreciated Not Depreciated 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity become5 party to contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously
RIVERSIDE COMMUNITY ENTERPRISES LTD (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 NOTES TO THE ACCOUNTS {continued) 1.9 Basic financial assets Basic financial a55ets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transactlon is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classifled as receivable within one year are not amortised. 1.10 Basic financial liablllties Basic f inancial liabilities, including credltors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, usin8 the effective interest rate method. Trade creditors are obligation5 to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.11 Derecognition of flnancial liabllities Financial liabllities are derecognised when the charlty's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's service5 are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 10
RIVERSIDE COMMUNITY ENTERPRISES LTD {Private company limited by 8uafantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 NOTES TO THE ACCOUNTS (continued) 2 Income from Donations and Le acies 2023 2022 Unrestrlcted Funds Restrlcted Funds TOTAL TOTAL Donatlons and Legacies Totsis 2023 Totals 2022 3 Income from Rental 2023 2022 Unrestricted Funds Restrlcted Funds TOTAL TOTAL Rental Service Charge Totals 2023 39,300 2,236 41,536 39,300 2,236 41,536 38,362 2,080 40,442 Totals 2022 40,442 40,442 4 Other Incom Unrestrirted Funds Restrlcted Funds 2023 TOTAL 2022 TOTAL Insurance Grants Totals 2023 1,697 1,697 1,678 1,697 1,697 1,678 Totals 2022 1,678 1,678 S Staff Costs and Numbers There were no direct employees during the year. {2022:Nill No trustee received any remuneration or expenses for ser4ices as a trustee during the current year, nor during the year ended 31 October 2022. 6 Debtors 2023 2022 Rents outstandin8 1,410 1,410 7 Credltors: amounts fallin due within one ear 2023 2022 Accruals & Deferred Incorne Corporation Tax Trade Creditors HMRCVAT 600 3,919 600 7,488 1,427 9,515 1,581 6,100 li
RIVERSIDE COMMUNITY ENTERPRISES LTD (Private company limired by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 NOTES TO THE ACCOUNTS (CONTINUED) 8 Ex endlture Charitable Activities 2023 2022 Unrestrirted Funds Restricted Funds TOTAL TOTAL Awards and Grants Electricity & gas Repairs and Maintenance Insurance Administration Corporation Tax Consultancy & professional fees Bank Charges Charitable Donations Water Charges Total 2023 984 931 10,524 2,071 12,861 834 4,666 2,330 5,200 3,919 417 166 7,000 2,096 26,627 834 4,666 2,330 5,200 3,919 417 166 7,000 2,096 26,627 700 180 10,000 2,160 40.411 Total 2022 40,411 40,411 9 Tan Ible Flxed Assets COST At l November 2022 Additions Disposals At 31 October 2023 Buildin Land Total 768,802 loo,000 868,802 768,802 loo,000 868,802 DEPRECIATION At l November 2022 Charge for the year Eliminated on disposal At 31 October 2023 NET BOOK VALUE At 31 October 2022 768,802 100,000 868,802 At 31 October 2023 768,802 100,000 868,802 10 Inde endent examiner's remuneration The independent Examiner's remuneration amounts to an Independent Examination fee of £600 (2022 - £600) 11 Related transactions There were no related party transactions during the year. 12
RIVERSIDE COMMUNITY ENTERPRISES LTD (Private company limited by guarantee without share capital) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 NOTES TO THE ACCOUNTS (continued) 12. Staternent of funds - current ear Balance at INOV 2022 Balance at 31 Oct 2023 Income Expenditure Transfer in/out Restricted funds Restricted Funds Total restricted funds 865,157 865.157 43,234 43,234 126,627) 126,627) 881,764 881,764 Unrestrlcted funds General funds Total Unrestricted funds Total of funds - current year 865,157 43,234 126,627) 881,764 13 Statement of fund- rior ear Balance at INOV 2021 Balance at 31 Oct 2022 Income Expenditure Transfer in/out Total unrestricted funds Total restricted funds Total of funds - prior year 863,448 863,448 42,120 42,120 (40,411) (40,411) 86S,157 865,157 13