Charity registration number NI101606
Company registration number NI026634 (Northern Ireland)
ROE VALLEY ENTERPRISES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
ROE VALLEY ENTERPRISES LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr I Bennett
Mr W McLaughlin
Dr M McCormack
Mr I Smyth
Mr B McMurray
Secretary
Mr M Devlin
Charity number
NI101606
Company number
NI026634
Registered office
Aghanloo Industrial Estate
Aghanloo Road
Limavady
BT49 0HE
Independent examiner
PFS & Partners
16 Main Street
Limavady
BT49 0EU
Bankers
Danske Bank
6 Shipquay Place
Derry
BT48 6DF
Ulster Bank
30-32 Catherine Street
Limavady
BT49 9DB
ROE VALLEY ENTERPRISES LIMITED
CONTENTS
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7 - 8
Notes to the financial statements
9 - 17
ROE VALLEY ENTERPRISES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 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 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)" (effective 1 January 2019).

Objectives and activities

Public Benefit Reporting

Statement of Compliance - 'in setting our objectives and planning our activities for the year trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the Charity's purposes and provide a benefit to the beneficiaries'.

 

Roe Valley Enterprises' purpose includes the promotion for the public benefit of urban and rural regeneration in the Limavady and Dungiven areas and their environs (the "area of benefit"), being an area of social and economic deprivation, by all or any of the following means:

(i) the relief of poverty in such ways as may be thought fit;

(ii) the relief of unemployment in such ways as may be thought fit, including assistance to find employment;

(iii) the advancement of education, training or retraining, particularly among unemployed people and providing     unemployed people with work experience;

(iv) the provision of financial assistance, technical assistance or business advice or consultancy in order to     provide training and employment opportunities for unemployed people in cases of financial or other     charitable need through help:

(a) in setting up their own business, or

(b) to existing businesses;

(v) to develop the capacity and skills of the members of the socially and economically disadvantaged     communities within the area of benefit in such a way that they are better able to identify, and help meet,     their needs and to participate more fully in society.

 

Public Benefit

The public benefits that flow from the charitable purpose of urban and rural regeneration are:-

(a) the creation of employment, training and work experience opportunities for residents living in economically     and socially deprived areas and consequently a reduction in poverty, hardship and unemployment, leading     to a better quality of life for the beneficiaries.

(b) enhanced knowledge about setting up and running small businesses.

(c) increased levels of knowledge and transferable vocational skills of those employees/work experience     trainees that are taken on.

 

These benefits are evidenced in a number of ways, both in the collection of primary data and the review of independently produced statistics.

 

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ROE VALLEY ENTERPRISES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Achievements and performance

A key feature of the work of Roe Valley Enterprises Ltd is the promotion of an enterprise culture and awareness raising activities to highlight self-employment and entrepreneurship as positive and rewarding career choices.

 

Roe Valley Enterprises' advisers continue to engage with key influencers locally to promote the opportunities afforded by entrepreneurship and provide guidance and support to those progressing business ideas, especially those who may be distanced from the labour market (including the long-term unemployed, economically inactive and those facing particular barriers to work, such as, older workers, female returners and prisoners). Through their enterprise awareness programmes RVE helps participants address these barriers to employment and self-employment and encourage them to return to the labour market.

 

 

Northern Ireland (NI) Explore Enterprise Support Service

Northern Ireland (NI) Explore Enterprise Support Service is a new initiative delivered by Enterprise Northern Ireland in partnership with The Princes Trust NI which provides self-employment or employment support to economically inactive individuals across Northern Ireland.

 

This is a free service that provides an insight into starting a business or allows you to take the first steps to gaining employment. Participants do not need to have a business idea to join.

The NI Explore Enterprise Support Service offers mentoring and training at a pace tailored to the participants needs and they have the opportunity to work towards achieving a level 2 qualification.

 

During the year our experienced Business Mentors supported twenty participants through a range of activities including:

•    One-to-one tailored mentoring and guidance

•    Workshops and Level 2 training

•    Support from the wider ecosystem

 

To be eligible for this service participants must be:

•    Aged 16 or over

•    Economically Inactive (those not in employment who have not been seeking work within the last 4 weeks and/or are unable to start work within the next 2 weeks)

 

This project is funded by the UK Government through the UK Shared Prosperity Fund.

 

 

Northern Ireland Enterprise Support Service

Go Succeed, Northern Ireland’s Enterprise Support Service, is a new approach to helping potential entrepreneurs, start-ups and existing businesses to maximise their potential and contribute to Northern Ireland’s economy.

Go Succeed provides businesses with tailored, practical and easily accessible advice. If you are thinking about starting a business, you’re a business looking to grow, or maybe your business is ready to scale up nationally or internationally, Go Succeed can help your business by putting in place a more ambitious approach to help you, whatever stage your business is at.

 

The service launched in November 2023 is funded through the UK Government. Go Succeed is led by Northern Ireland’s 11 local Councils.

 

Workspace

One of the most important strands of Roe Valley Enterprises' work is to provide suitable premises for entrepreneurs in the crucial set-up phase and early years of their business. It is a critical success factor for Roe Valley Enterprises to ensure that business start-ups have equality of access to business premises at an affordable cost, particularly during start-up. Currently Roe Valley Enterprises provide a base for 39 tenant businesses employing 1,149 staff. The units are offered on favourable terms to encourage and stimulate entrepreneurship locally. The owners of the businesses that locate in the enterprise centre benefit from the favourable terms provided in respect of the easy in / easy out terms and comprehensive facilities provided on site (CCTV, reception services, mail handling, secretarial

support, on-hand business advice etc). This benefit is outweighed by the public benefit that arises – employment and training opportunities for people from the local socially disadvantaged areas and increased money circulating and spent in the local economy which sustains further businesses. These benefits are considered incidental and a necessary consequence of carrying out the charitable purposes of Roe Valley Enterprises.

ROE VALLEY ENTERPRISES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

Accessing Finance

Roe Valley Enterprises Ltd is an official and pro-active delivery partner of the Start-up Loans Company and the NI Small Business Loan Fund. During the year RVE advisers supported and assisted clients to complete successful loan applications and supported applicants with grant applications.

Financial review

Review of Roe Valley Enterprises Ltd financial position as at year end March 2024.

 

The results for the year are contained within the Annual Reporting and Financial Statements Document. The Charity income for year totalled £264,711 (2023: £237,352); expenditure for year totalled £222,174 (2023: £242,987).

 

Total fixed assets amount to £2,258,199 (2023: £2,195,942) with total net assets amounting to £2,036,347 (2023: £1,993,810). The unrestricted funds are considered to be essential to provide sufficient funds to cover any unforeseen costs which may arise and fulfill the legal obligations of the charity in the event that current levels of income are not maintained. The Charity's policy is to maintain a level of free reserves sufficient to cover such costs. Current assets of the charity at 31st March 2024 amount to £56,943 (2023: £70,301). It is the aim of of the Trustees to build this reserve to the value of 3 months expenditure as detailed within the Reserves Policy.

 

The primary objective of Roe Valley Enterprises Ltd Reserves Policy is to retain a level of free reserves which matches the needs of the charitable company both at the current time and in the foreseeable future. The company will continue to monitor the reserves policy.

 

If upon winding-up or dissolution of the Company there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the Company, but shall be given or transferred to some other charitable institution or institutions having objects similar to the objects of the Company, and which shall prohibit the distribution of its or their income and property, such charitable institution or institutions to be determined by the members of the Company at or before the time of dissolution, and in so far as effected cannot be given to such provision, then to some other charitable object. The reserves, which relates to surplus of income (including capital grants released) over expenditure, the company has invested and will continue to invest in workshop space and units to further the objectives of the company to stimulate self-employment by providing workspace, conference rooms etc.

 

Risk Management

The Board has conducted a review of the major risks to which the company is exposed and a Risk Management Policy has been agreed to identify, monitor and control those risks. External risks to funding are being addressed through the development and delivery of the strategic plan and these are kept under review on the ongoing basis.

Plans for future periods

Roe Valley Enterprises Ltd plans on continuing its activities under the headings of enterprise awareness, business start-up, business development and business support in the forthcoming years, subject to satisfactory funding arrangements.

ROE VALLEY ENTERPRISES LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Structure, governance and management

Roe Valley Enterprises Ltd is a company limited by guarantee and also is a recognised Charity. For the purposes of Charity Law, the Directors are Trustees of the Charity. The Charity is governed by an Executive Board which meet on a bi-monthly basis.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr I Bennett
Mr W McLaughlin
Dr M McCormack
Mr I Smyth
Mr B McMurray

All of the above individuals served during the 2023/2024 financial year. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees, who are also directors 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 Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees' report was approved by the Board of Trustees.

Dr M McCormack
Mr I Smyth
Trustee
Trustee
18 September 2024
ROE VALLEY ENTERPRISES LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ROE VALLEY ENTERPRISES LIMITED
- 5 -

I report to the trustees on my examination of the financial statements of Roe Valley Enterprises Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 65 of the Charities Act (Northern Ireland) 2008 (the 2008 Act). In carrying out my examination I have followed all the applicable Directions given by the The Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 65(9)(b) of the 2008 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

PFS & Partners

Chartered Certified Accountants

16 Main Street
Limavady
BT49 0EU
Dated: 18 September 2024
ROE VALLEY ENTERPRISES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
-
40,800
40,800
-
11,885
11,885
Charitable activities
4
223,911
-
223,911
215,681
9,786
225,467
Total income
223,911
40,800
264,711
215,681
21,671
237,352
Expenditure on:
Charitable activities
5
220,824
1,350
222,174
232,204
10,783
242,987
Total expenditure
220,824
1,350
222,174
232,204
10,783
242,987
Net income/(expenditure)
3,087
39,450
42,537
(16,523)
10,888
(5,635)
Transfers between funds
46,638
(46,638)
-
2,000
(2,000)
-
Net movement in funds
7
49,725
(7,188)
42,537
(14,523)
8,888
(5,635)
Reconciliation of funds:
Fund balances at 1 April 2023
1,984,122
9,688
1,993,810
1,998,645
800
1,999,445
Fund balances at 31 March 2024
2,033,847
2,500
2,036,347
1,984,122
9,688
1,993,810

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ROE VALLEY ENTERPRISES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
305,968
252,615
Investment property
12
1,952,231
1,943,327
2,258,199
2,195,942
Current assets
Debtors
13
56,411
17,388
Cash at bank and in hand
532
52,913
56,943
70,301
Creditors: amounts falling due within one year
15
(63,947)
(54,843)
Net current (liabilities)/assets
(7,004)
15,458
Total assets less current liabilities
2,251,195
2,211,400
Creditors: amounts falling due after more than one year
16
(214,848)
(217,590)
Net assets
2,036,347
1,993,810
Income funds
Restricted funds
18
2,500
9,688
Unrestricted funds
General unrestricted funds
1,851,149
1,801,424
Revaluation reserve
182,698
182,698
2,033,847
1,984,122
2,036,347
1,993,810
ROE VALLEY ENTERPRISES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 8 -

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 2024.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 Trustees on 18 September 2024
Dr M McCormack
Mr I Smyth
Trustee
Trustee
Company registration number NI026634
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
1
Accounting policies
Charity information

Roe Valley Enterprises Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Aghanloo Industrial Estate, Aghanloo Road, Limavady, BT49 0HE.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 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 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 £.

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.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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:

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
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.

1.10
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 the 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.

ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
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.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
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.

ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
3
Income from donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£

Grants Receivable

40,800
11,885
Grants receivable for core activities
Community Foundation
2,500
2,500
DAERA
38,300
-
Government grant income
-
1,350
Halifax Foundation
-
5,338
Job Start
-
197
Airtricity
-
2,000
Other
-
500
40,800
11,885
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Small Enterprise Support

Programme income

27,797
-
27,797
37,518
9,786
47,304
Charitable rental income
189,398
-
189,398
175,348
-
175,348
Other income
6,716
-
6,716
2,815
-
2,815
223,911
-
223,911
215,681
9,786
225,467
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
5
Charitable activities
2024
2023
£
£
Small enterprise support
219,844
237,958
Share of governance costs (see note 6)
2,330
5,029
222,174
242,987
Analysis by fund
Unrestricted funds
220,824
232,204
Restricted funds
1,350
10,783
222,174
242,987
6
Support costs allocated to activities
2024
2023
£
£
Governance costs
2,330
5,029
Analysed between:
Small Enterprise Support
2,330
5,029
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,330
3,429
Depreciation of owned tangible fixed assets
12,219
11,151
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Programme staff
1
1
Administration staff
2
2
Total
3
3
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Employees
(Continued)
- 14 -
Employment costs
2024
2023
£
£
Wages and salaries
91,199
109,001
Other pension costs
5,810
6,457
97,009
115,458
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
254,625
20,651
61,884
337,160
Additions
47,875
-
17,698
65,573
At 31 March 2024
302,500
20,651
79,582
402,733
Depreciation and impairment
At 1 April 2023
35,038
15,391
34,117
84,546
Depreciation charged in the year
5,093
1,890
5,236
12,219
At 31 March 2024
40,131
17,281
39,353
96,765
Carrying amount
At 31 March 2024
262,369
3,370
40,229
305,968
At 31 March 2023
219,588
5,260
27,767
252,615
12
Investment property
2024
£
Fair value
At 1 April 2023
1,943,327
Additions through external acquisition
8,904
At 31 March 2024
1,952,231
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Investment property
(Continued)
- 15 -

The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2021 by Simon McCullough, MRICS, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors reviewed the valuation during the current financial year and believe the current valuation to be an accurate representation of the net realisable value of the investment properties.

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,330
2,294
Prepayments and accrued income
47,081
15,094
56,411
17,388
14
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
20,187
-
Bank loans
226,203
236,272
246,390
236,272
Payable within one year
31,542
18,682
Payable after one year
214,848
217,590
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
31,542
18,682
Other taxation and social security
1,501
9,676
Trade creditors
9,829
4,935
Other creditors
8,120
7,221
Accruals and deferred income
12,955
14,329
63,947
54,843
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
14
214,848
217,590
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,810
6,457

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Community Foundation
2,500
2,500
-
(2,500)
2,500
Halifax Foundation
5,338
-
-
(5,338)
-
Government Fuel payment
1,350
-
(1,350)
-
-
Halifax
500
-
-
(500)
-
DAERA
-
38,300
-
(38,300)
-
9,688
40,800
(1,350)
(46,638)
2,500
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
Community Foundation
-
2,500
-
-
2,500
Dfc - Developing Women's Programme
-
9,786
(9,786)
-
-
The Honourable The Irish Society
800
-
(800)
-
-
Halifax Foundation
-
5,338
-
-
5,338
Job Start
-
197
(197)
-
-
Government Fuel payment
-
1,350
-
-
1,350
Airtricity
-
2,000
-
(2,000)
-
Halifax
-
500
-
-
500
800
21,671
(10,783)
(2,000)
9,688
ROE VALLEY ENTERPRISES LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
19
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
General funds
1,984,122
223,911
(220,824)
46,638
2,033,847
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
General funds
1,998,645
215,681
(232,204)
2,000
1,984,122
20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
305,968
-
305,968
Investment properties
1,952,231
-
1,952,231
Current assets/(liabilities)
(9,504)
2,500
(7,004)
Long term liabilities
(214,848)
-
(214,848)
2,033,847
2,500
2,036,347
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
244,277
8,338
252,615
Investment properties
1,943,327
-
1,943,327
Current assets/(liabilities)
14,108
1,350
15,458
Long term liabilities
(217,590)
-
(217,590)
1,984,122
9,688
1,993,810
21
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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