RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Company Registration Number:
11180955 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 31 December 2023

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Profit And Loss Account

for the Period Ended 31 December 2023

2023 2022


£

£
Turnover: 805,447 701,704
Gross profit(or loss): 805,447 701,704
Administrative expenses: ( 770,559 ) ( 612,825 )
Operating profit(or loss): 34,888 88,879
Interest receivable and similar income: 339 262
Profit(or loss) before tax: 35,227 89,141
Tax: ( 6,693 ) ( 16,937 )
Profit(or loss) for the financial year: 28,534 72,204

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Current assets
Debtors: 3 199,059 178,849
Cash at bank and in hand: 135,792 45,083
Total current assets: 334,851 223,932
Creditors: amounts falling due within one year: 4 ( 226,338 ) ( 143,953 )
Net current assets (liabilities): 108,513 79,979
Total assets less current liabilities: 108,513 79,979
Total net assets (liabilities): 108,513 79,979
Capital and reserves
Called up share capital: 300 300
Profit and loss account: 108,213 79,679
Total Shareholders' funds: 108,513 79,979

The notes form part of these financial statements

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 19 September 2024
and signed on behalf of the board by:

Name: Mr Andrew Gullick
Status: Director

The notes form part of these financial statements

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

    Other accounting policies

    Taxation Income tax expense represents the sum of tax currently payable and deferred tax. The tax currently payable is based upon taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income and expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rats that have been enacted of substantively enacted by the end of the reported period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all the taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the assets to be recovered. Deferred tax assets and based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they are related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 17 14

    Aggregate Director's remuneration for the period amounted to £111,119 (2022: £106,381)

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Debtors

2023 2022
£ £
Trade debtors 157,539 137,378
Prepayments and accrued income 41,220 41,171
Other debtors 300 300
Total 199,059 178,849

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Creditors: amounts falling due within one year note

2023 2022
£ £
Taxation and social security 67,194 47,403
Accruals and deferred income 17,163
Other creditors 141,981 96,550
Total 226,338 143,953

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Loans to directors

During the year RIFT Limited, a Company majority owned by Janette Post, continued to support the operations of RIFT Social Reform CIC by funding its expenses via a loan account. As at the end of the year RIFT Social Reform CIC owed RIFT Limited £138,602 (2022: £77,115). This represents two months of operational support costs which are incurred by RIFT Limited and charged on at cost.Previous years balance represented one month of operational costs.

COMMUNITY INTEREST ANNUAL REPORT

RIFT SOCIAL REFORM COMMUNITY INTEREST COMPANY

Company Number: 11180955 (England and Wales)

Year Ending: 31 December 2023

Company activities and impact

2023 was a year of continued growth for RIFT Social Enterprise, both in terms of the impact that we had on our participants, their families and their local communities, and for our team which saw the addition of new members of staff, an increased use of volunteer support and a greater reach across a number of diverse contracts. 2023 also saw the commencement of our Women into Self-Employment (WISE) project; a two-year fully grant-funded action-learning programme with the aim of empowering women with criminal convictions in England through self-employment. The goal of this project is to bring positive change to the prison system and advocate for integrating self-employment support into core prison education programmes. We supported 1018 participants during the year with their self-employment goals, an increase of 14%, and our contracts grew by a similar percentage, predominantly across the DWP Restart landscape where, by the end of the year, we were supporting 17 different organisations across the UK.

Consultation with stakeholders

We have three main stakeholders: our participants and the staff from our two main contracts: CFO3 and DWP Restart. During 2023 we were able to continue to take full advantage of our new Case Record Management System to automate much of our stakeholder engagement, thus ensuring that feedback questionnaires, opinion polls and newsletters etc could be sent en masse and the results collated and interrogated much quicker than previously. Additionally, we were proactive in pushing our social media channels, with engagement across three different platforms increasing by over 100% and our reputation as a leading provider of self-employment support across the UK being strengthened. The work that we started via the WISE project was the first of its kind for a prison-based project in as much as every women’s prison was consulted via focus groups and/or questionnaires about the challenges that they face when exploring self-employment as an option on release. The responses to this large-scale consultation exercise helped shape the delivery model for the WISE project and we look forward to seeing the impact it has had, and the recommendations it makes, in 2024.

Directors' remuneration

Please see attached accounts for details on director's remuneration and other transactions with the directors. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director's loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
19 September 2024

And signed on behalf of the board by:
Name: Mr Andrew Gullick
Status: Director