2024-10-31-accounts - Riverside Community Enterprises Ltd

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Company registered number: NI044638 Charity registered number: NIC102835

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Tony Clarke

53 Andersonstown Road Belfast BT11 9AG

RIVERSIDE COMMUNITY ENTERPRISES LTD

CONTENTS	PAGE
Reference and administrative details of the charity, its trustees and
advisers	1
Annual Report of the Trustees including Directors	2 - 3
Independent Examiner Report	4 - 5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Financial Statements	8 - 13

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Trustees' Annual Report (Incorporating the Director's Report)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is controlled by its governing document, a Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The company was incorporated on 8 November 2002 and registered with the Charity Commission for Northern Ireland on 2nd October 2015.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

NI044638

Registered Charity number

NIC102835

Registered office

61 Main Street Portglenone Ballymena BT44 8HP

CHAIRPERSON

P McPeake

TRUSTEES/DIRECTORS

N Worthington K Adams (Treasurer) M Kearney P McPeake D Clarke

INDEPENDENT EXAMINER

Tony Clarke

53 Andersontown Road Belfast BT11 9AG

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Trustees' Annual Report (Incorporating the Director's Report)

The Trustees present their annual report together with the financial statements of the company for the 01 November 2023 to 31 October 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practices applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019)

Riverside Community Enterprises have been able to provide nine business units on favourable terms which are currently all let. This has contributed to the creation of employment of 34 people, full and part time. This has benefitted the public from Clady, Glenone, Innishrush, and Portglenone by offering them the opportunity to start their own business in the locality.

This is demonstrated by the above number of people employed and the services provided which include, contractors, a paint shop, fitness suite, accountant, podiatrist, beautician, publisher, hairdresser and furniture shop.

All the above businesses have been given as much support as possible from the committee to ease their start up. Some of the businesses have enabled the training of others, one example being the hairdressing salon. All businesses are operating successfully demonstrated through the sustained provision of the above services.

Through- out the past year we have been able to offer financial support to Portglenone Enterprise Group Ltd who have renovated the former Danske Bank in Portglenone for use as a community hub.

Overall the directors feel Riverside Community Enterprises have had a successful year.

Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Financial Review

The results for the year ended 31 October 2024 are set out on pages 6 and 7 of the financial statements.

The total income for the year ended 31 October 2024 amounted to £46,930 (2023: £43,234). The total expenditure was £55,688 (2023: £26,627)

The Trustees consider that the unrestricted funds of the charity is sufficient and adequate to fulfil their obligations. The charity held £873,006 at the year end which is made up of fixed assets, debtors and cash at the bank (2023: £881,764).

Reserves Policy

The income of the Company is considered adequate and the risks associated with any significant reduction in income is regarded as unlikely. The Trustees are satisfied with the current level of reserves at the present time. The Trustees are reviewing the Reserves Policy in the current year.

Trustees' responsibilities statement

The Trustees (who are also directors of Riverside Community Enterprise Ltd for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Practice)

Company law requires the trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transaction and disclose with reasonable accuracy at any time the financial position of the charitable company and the enable them to ensure that the financial statements comply with the Companies Act 2016. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees, on ………………………….. and signed on behalf by:

K Adams

Trustee

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIVERSIDE COMMUNITY ENTERPRISES LTD

I report on the financial statements of the company for the year ended 31 October 2024 which are set out on pages 6 to 13.

This report is made solely to the company's Trustees, as a body in accordance with section 65(3)(a) of the Charities Act Northern Ireland 2008 and regulations made under section 66 of the Act. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work of this report.

Respective responsibilities of trustees and examiner

As the company's Trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for Independent examination.

It 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 Commission under section 65(9)(b) of the Charities Act
state whether particular matters have 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 examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.

My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It was also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

Independent examiner’s statement

My role is to state whether any material matters have come to my attention giving me cause to believe:

1 That accounting records were not kept in accordance with section 63 of the Charities Act
2 That the accounts do not accord with those accounting records
3 That the accounts do not comply with the accounting requirements of the Charities Act
4 That there is further information needed for a proper understanding of the accounts to be reached.

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIVERSIDE COMMUNITY ENTERPRISES LTD (continued)

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

Tony Clarke Date: 53 Andersonstown Road Belfast BT11 9AG

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT

Note
2
Rental
3
Other Income
4
8
Reconciliation of Funds
Total funds brought forward
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds carried forward
Expenditure on:
Total Expenditure:
Income from:
Total Income
Donations and Legacies
Charitable Activities

Year to
Year to
Unrestricted
Restricted
31-Oct-24
31-Oct-23
Funds
Funds
TOTAL
TOTAL
£
£
£
£
-
-
-
-
-
44,919
44,919
41,536
-
2,011
2,011
1,697
-
46,930
46,930
43,234
-
(55,688)
(55,688)
(26,627)
-
(55,688)
(55,688)
(26,627)
-
(8,758)
(8,758)
16,607
-
-
-
-
-
(8,758)
(8,758)
16,607
-
881,764
881,764
865,157
-
873,006
873,006
865,157

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

The statement of financial activities also complies 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 2024

Note 9 Debtors 6 2,151 10,148 12,299 Liabilities 7 (5,416) Funds Restricted Unrestricted TOTAL FUNDS 12 Creditors:amounts falling due within one year Cash at bank Current Assets Tangible Assets Fixed Assets Net Assets BALANCE SHEET Creditors:long term liabilities As at 31 October 2024 Net Current Assets	Note 9 Debtors 6 2,151 10,148 12,299 Liabilities 7 (5,416) Funds Restricted Unrestricted TOTAL FUNDS 12 Creditors:amounts falling due within one year Cash at bank Current Assets Tangible Assets Fixed Assets Net Assets BALANCE SHEET Creditors:long term liabilities As at 31 October 2024 Net Current Assets	2024 £ 868,802 868,802 - 21,807 21,807 (6,100) 6,883 (2,679) 873,007 873,007 - 873,007	2023 £ 868,802	2023
			868,802 15,707
	12,299 (5,416)

			(2,743) 865,157
			865,157 -
			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 2024.

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 its 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 company.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors on ………………………….. and 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 2024

NOTES TO THE ACCOUNTS

1 Accounting policies

Charity information

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 (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 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 principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational 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 funds 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 conditions 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 is 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 2024

NOTES TO THE ACCOUNTS (continued)

1.4 Incoming resources (continued)

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

1.5 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 will be required in settlement and the amount of the obligation can be measured reliably.

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 activity 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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment 25% Reducing Balance Building Not Depreciated Land 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 'Basic Financial Instruments' and Section 12 'Other 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 becomes 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 2024

NOTES TO THE ACCOUNTS (continued)

1.9 Basic financial assets

Basic financial assets, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.10 Basic financial liabilities

Basic financial liabilities, including creditors 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, using the effective interest rate method.

Trade creditors are obligations 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 financial liabilities

Financial liabilities are derecognised when the charity'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 services 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.

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2 Income from Donations and Legacies Donations and Legacies Totals 2024 Totals 2023 3 Income from Rental Rental Service Charge Totals 2024 Totals 2023 4 Other Income Insurance Grants Totals 2024 Totals 2023 NOTES TO THE ACCOUNTS (continued)	2024 2023
	Unrestricted Restricted Funds Funds TOTAL TOTAL £ £ £ £ - - - -
	- - - -
	- - - 2024 2023
	Unrestricted Restricted Funds Funds TOTAL TOTAL £ £ £ £ - 42,016 42,016 39,300 - 2,903 2,903 2,236
	- 44,919 44,919 41,536
	- 41,536 41,536 Unrestricted Restricted 2024 2023 Funds Funds TOTAL TOTAL £ £ £ £ - 2,011 2,011 1,697 - - - -
	- 2,011 2,011 1,697
	- 1,697 1,697

5 Staff Costs and Numbers

There were no direct employees during the year. (2023:Nil)

No trustee received any remuneration or expenses for services as a trustee during the current year, nor during the year ended 31 October 2023.

6 7	Rents outstanding Creditors: amounts falling due within one year Accruals & Deferred Income Corporation Tax Trade Creditors HMRC VAT Debtors	2024 £ 2,151 2,151 2024 £ 600 3,919 464 433 5,416		2023 £ -
				-
			2023 £ 600 3,919 - 1,581
			6,100

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2024	2024	2024		2023
Unrestricted Restricted Funds Funds TOTAL £ £ £ - - - - 790 790 - 1,413 1,413 - 2,880 2,880 - 20,533 20,533 - - - - 1,500 1,500 - 180 180 - 25,536 25,536 - 2,358 2,358 - 497 497				TOTAL £ - 834 4,666 2,330 5,200 3,919 417 166 7,000 2,096 -
	-	55,688 55,688		26,627
			Total £ 868,802 - -
	-	26,627 26,627
	Building £ 768,802 - -	Land £ 100,000 - - 100,000 - - - - 100,000 100,000
	768,802		868,802
	- - -		- - -
	-		-
	768,802		868,802
	768,802		868,802

10 Independent examiner's remuneration

The independent Examiner's remuneration amounts to an Independent Examination fee of £600 (2023 - £600)

11 Related party transactions

There were no related party transactions during the year.

RIVERSIDE COMMUNITY ENTERPRISES LTD

(Private company limited by guarantee without share capital) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

NOTES TO THE ACCOUNTS (continued)

12 Statement of funds - current year

13	Restricted funds Restricted Funds Total restricted funds Unrestricted funds General funds Total of funds - current year Statement of fund- prior year Total Unrestricted funds Total of funds - prior year Total unrestricted funds Total restricted funds	Balance at 1 Nov 2023 Income Expenditure Transfer in/out Balance at 31 Oct 2024
		£ £ £ £ £ 881,764 46,930 (55,688) - 873,007
		881,764 46,930 (55,688) - 873,007 - - - - -
		- - - - -
		881,764 46,930 (55,688) - 873,007
		Balance at 1 Nov 2022 Income Expenditure Transfer in/out Balance at 31 Oct 2023
		- - - - - 865,157 43,234 (26,627) - 881,764
		865,157 43,234 (26,627) - 881,764