Company Registration Number: N1030528 {Northern Ireland) Charlty Number: 101051 Lough Neagh Rescue Limited Trustees, Report and Flnancial Statements for the Year Ended 31 March 2023 CHARTERED ACCOUNTANTS wmm *ACXIVGSQ 1710212024 COMPANIES HOUSE A13
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Lou Contents h Rescue Llmlt d Page Company Informatlon Trustees, report Independent auditor's report Statement of financial activities Balance sheet Notes to the financial statements 9-15
Lou Com hNe an h Rescue Limited Inforniation Trustees Mr D Mallon Dr A Mccann Mr C Hughes Mrj P Martin Mr M Crozier Mr P Hughes Msj Kidd MrCHMCorr (reslgned 02105120231 (resigned 07106120231 (resigned 02105120231 (resigned 02105120231 (resigned 02105120231 (resigned 02105120231 (resigned 07106120231 Mr S Brown {resigned 23106120221 Mr M McGuckln {appointed 0210512023) Mr S Kyles {appointed 0710612023 Mr S Rocks (appointed 0710612023 Mr L Teague (appointed 07/0612023 Mr D Lundy (appointed 07106120231 Mr M Moffett (appointed 07106120231 Audltors SCC Chartered Accountant5 17 College Street Armagh BT619BT Bankers 47 William Street Cookstown Co. Tyrone 8T80 8AX Reglstered office Kinnego Lifeboat Station, Klnnego Bav. Oxford Island, Lurgan, County Armagh, 8T66 6NJ Northern Ireland Company reglstration number N1067640 Charlty number 101051
Lou hNe h Rescue Llmlt d Trustees, Re ort The trustees who are also direttors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charltles: Statement of Recommended Practlce applicable to charities preparin8 thelr accounts in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffective I January 2019). Objectfves and alms The primary aim of the company is to provide a first class rescue service available at all times to respond to any emer8ency which may occur on Lou8h Nea8h and its tributaries. Appolntment of new trustees New trustees are recruited by open recruitment by existing director5 to fulfil specific roles and skills on the board, The potential trustee Is then Interviewed regarding their willingness to become a trustee and thelr potentlal contributlon to the alms and objectives of the charlty is considered. Publlc beneflt Our focus has been on continuing to provide services in a safe and effective way. Lough Neagh Rescue Limlted continues to meet the definition of a publlc benefit entity under FRS 102 and in line wlth It, charltable objectives as detailed throughout the report. Financial review Durln8 the year ended 31 March 2023 the charitv 8enerated a surplus of £483,93912022: £3,712 surplus). Structurep governance and management The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. Statements of trustees, responslbllltles The trustees are responsible for preparln8 the annual report and the financlal statements in accordance with applicable law and United Kln8dom Generally Accepted Accountin8 Practice. Company law requires the trustees to prepare financial statements for each financial year. Under the law the trustees have elected to prepare the financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a give a true and fair view of affalrs of the charity and of the surplus or deficit of the charity for that period. In preparin8 these flnanclal statements, the tru5tee5 are required to: select suitable accountlng policles and then apply them conslstentlv; observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent; State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statement5; and
Lou hNe Trustees, Re Llmited continued ststements of trustees, responsibilities- continued prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the charitable company will continue in business. The trustees are responsible for keepin8 proper accounting records that are sufflcient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement •$ to dlsclosure of Informatlon to auditors Each person who was a trustee at the time this report was approved confirm5 that: so far as he/she is aware. there is no relevant audit information of which the company's auditor is unaware, ar>d he/she has taken all the steps that he ought to have taken as a trustee in order to make himselflherself aware of any relevant audit information and to establish that the company's audltor is aware of that Information. Statutory audltor5 SCC Chartered Accountants were appointed auditors to the charity and a resolution proposing thelr reappointment will be put to the Annual General Meeting. This report was approved by the board on 9 January 2024, and signed on is behalf bv.. Mr D Mallon Trustee
Lou hNe h Rescue Limited Inde endent Auditors, Re To the Members of Lou hNea h Rescue Llmlted Oplnlon We have audited the financial statements of Lough Neagh Rescue Limlted (the 'chartt3ble company'l for the year ended 31 March 2023 which comprise the Statement of Financlal Actlvities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financlal reporting framework that has been applled In their preparatlon Is applicable law and United Kingdom Accountlng Standards Iunlted Kingdom Generally Accepted Accounting Prattice). In our opinlon the financial statements.. give a true and fair view of the state of the charity's affalrs as at 31 March 2023 and of its incomin8 resources and application of resources, includin8 Its income and expenditure, for the period then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Bagls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the flnancial statements In the UK, Includin8 the FRC'S Ethical Standard. and we have fulfllled our other ethlcal responsibilities In accordance with these requirements, We belleve that the audit evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclu$lons relatlng to golng concern We have nothing to report in respect of the followlng matters In relatlon to which the ISAS (UK} requlre us to report to you where: the trustees use of the goin8 concern basis of accountin8 in the preparatlon of the financial statements is not appropriate,. or the trustees has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the golng concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other inforniation The trustees are responsible for the other information, The other information comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Lou hNea h Rescue Llmlted Inde endent Audltors, Re To the Members of Lou hNea Contlnued h Rescue Llmlted Other Informatlon In connection with our audit of the financial statements, our responsibllity is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are requlred to determlne whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material m155tatement of thls other informatlon, we are required to report that fact. We have nothin8 to report in this regard. Oplnlons on other matters prescrfbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information 8iven in the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements: and - the director's report has been prepared in accordance with applicable legal requlrements. Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audlt, we have not identified material misstatements in the trustees, report. We have nothin8 to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, In our opinion.. adequate accountin8 records have not been kept, or returns adequate for our audlt have not been received from branches not vislted by us; or the financial statement5 are not in agreement with the accountin8 records and returns; or certain dlsclosures of dirertor's remuneration specified by law are not made; or we have not received all the Information and explanations we requlre for our audit. Responslbllltles of trustees As explained more fully in the trustees responsibilities statement, the trustees is responsible for the preparation of the financial statements and for bein8 satisfied that they give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.
Lo hNea hRe e Llmlt d Inde endent Auditors, Re ort To the Members of Lou hNea continued h Rescue Limited Auditor's responslbllltles for the audit of the flnanclal statements Our objectives are to obtaln reasonable assurance about whether the flnancial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these flnanclal statements. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsre5ponsibllities. Thls description forms part of our auditorfs report. The purpose ol our audit work and to whom we owe our responsibilltles This report is made solely to the charity's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to State to hlm In an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members, as a body, for our audit work, for this report, or for the opinions we have formed. Sean G. Cavana8h (Statutory Audltor) for and on behalf of SCC Chartered A<countant$ 9 January 2024 17 College street ArmaEh Co. Armagh Northern Ireland BT6198T
Lou hNe scue Llmlted ststement of Flnanclal Activltles for the ear ended 31 March 2023 2023 Total funds 2022 Total funds Unrestrlcted funds Restrlcted funds Notes Income and Endowments from Donation5 Grants Fundraising Events Other income 68,397 5,499 68,397 522,613 52.816 34.534 20.748 517,114 24,800 24.800 Total 98,696 517,114 615.810 108,098 Expendlture on Other Net Income / (Expenditure 131,871 133,1751 131,871 483.939 104,386 3.712 517,114 Transfers between funds io 517,114 1517,1141 Net movement in funds 483,939 483,939 3,712 Reconcillation of Funds Total funds brought forward 332,825 332,825 329,113 Total funds carrled forward 816,764 816,764 332,825 The statement of financial actlvlties includes all gains and10sses recognlsed in the year. All Income and expenditure derlve from continuing activltles. The note5 form an integral part of these financial statements.
Lou hNea hRe Balance Sheet as at 31 March 2023 2023 Total funds 2022 Total funds Unrestrlcted fund5 Restrlcted funds Notes FIMed asset5 Tan8ible a55etS 1,131,557 1,131,557 687,758 Current assets Debtors Cash at bank and In hand 110,409 62,311 172,721 110,409 62,311 172,721 52,592 127,364 179,956 Credltors: amount falllni due wlthln one year 1128,4081 1128,408) {136,9431 Net current assets 44.312 44,312 43,013 TOTAL ASSETS LESS CURRENT LIABILITIES 1,175,870 1,175,870 730,771 Creditors: amount fallin£ due after one year 1359,106) 1359,106) 1397,946) NÉT ASSETS 816,764 816,764 332,825 Funds Restricted funds Unrestrlcted funds io 816,764 332,825 Total funds 816,764 332,825 The financial statements have been prepared in accordance with the provisions appllcable to Charltable companies subject to the small companies regime. The flnancial statements were approved by the Board of Trustees and authorlsed for Issue on 9 January 2024, and are signed on behalf of the board by.. Mr D Mallon Trustee The notes form an integral part of these financial statement5.
Lou No for the hRe ue Umlted o the Financial Statements ear ended 31 March 2023 countin olicles Company Informatlon Lough Neagh Rescue is a Limited Company and a registered Charity in Northern Ireland. The address of the registered office is Kinnego Lifeboat Station, Kinnego Bay, Lurgan, Co. Armagh, 8T66 6NJ. 1.1 Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance wlth the Charities SORP IFRS 1021 'Accountlng and Reporting by Charities.. Statement of Recommended Practlce applicable to charitie5 preparin8 their account5 In accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Flnanclal Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006, The financial statements have been prepared under the historical cost convention. 1.2 Golng concern At the time of approvlng the financial statements, the trustees have a reasonable expectatlon 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 Incomlng resources All incoming resources are Included in the statement of financial actlvltles when the charlty Is entitled to the income and the amount can be quantlfled with reasonable accuracy. The followln8 speclflc policie5 are applled to particular categorles of income: Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activitie5 when the charity is legally entitled to the Income and the amount can be quantified with reasonable accuracy; Grants for the purpose of capital expenditure are credited to deferred income when receivable and amortised in line with depreciation; Investment income is Included when receivable; and Incomln8 resources from charitable trading activities are accounted for when earned. 1.4 Expenditure Liabilities are recognised as expenditure a5 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 headin8S that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to actlvlties on a basis consistent wlth the use of resources.
Lou hN hRes Llml No es to the Flnanclal Statements for the ear ended 31 March 2023 1.5 Fund accounting The Charity has two types of funds forwhich it is responsible.. l. Unrestricted funds the unrestricted fund is under the control of the Board of Trustees, to be used in the furtherance of the objectives of the charity. 2. Restricted funds - the restricted fund can only be used for particular restricted purposes wlthln the objects of the charity. Restrictions arise when Specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 1.6 Tanglble flxed 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 a55et5 less their resldual values over thelr useful Ilves on the followlng basis: Freehold propertv 5% Reducing Balance Fixtures and fittings 15% Reducing Balance Motor Vehicles 25% Reducing Balance The galn or loss arlsln8 on the dlsposal of an asset Is determlned as the difference between the sale proceeds and the carryln8 value of the asset, and Is credlted or char8ed to proflt or loss. 1.7 Impairment of fixed assets At each reporting period end date, the charity reviews the carrying amounts of its tan8ible assets to determine whether there is any Indication that those assets have suffered an impairment loss. If any such Indlcatlon exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Where it is not possible to estimate the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generatlng unit to which the asset belongs. If the recoverable amount of an asset lor cash-generating unltl is estimated to be less than Its carrying amount, the carryin8 amount of the asset lor cash-8enerating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment1055 15 treated as a revaluation decrease, Recognised impairment losses are reversed if, and only if, the reasons for the impairment1055 have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset lor cash generating unit) is increased to the revised estimate of its recoverable amount. but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment1055 been recognised for the asset lor cash-generating unit) in prior vears. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset Is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase, io
Lou hNea h Rescue Limited Notes to the Financlal Statements for the ear ended 31 March 2023 1.8 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposit5 held at call with bank5, 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. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financlal Instruments, and Section 12 '0ther Flnancial Instruments Issues, of FRS 102 to all of its financlal 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 recoBnlsed amounts and there Is an Intention to settle on a net basls or to realise the asset and settle the liabillty 51multaneously, Boslcllnonclal 05sets Basic financial assets, which include debtors and cash and bank balances, are Initially measured at transaction prlce Includin8 transacrion costs and are subsequently carried at amortlsed cost using the effective interest method unless the arran8ement constitute5 a financin8 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 rnot amortlsed. Clossification offinontiol liobilities Financial liabilitie5 and equity instruments are classified accordlng to the substance of the contractual arrangements entered Into. An equity instrument is any contract that evidences a resldual Interest In the assets of the charlty after deductln8 all of its liabilities. Boslcjlnanclal Ilobllhles Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially reco8nised at transactlon price unless the arran8ement 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 8ood5 or services that have been acquired in the ordinary course of business 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 liabilltles. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost Using the effective interest method. li
Lou hNea h Rescue Limited Notes to the Financlal t temen for the ear ended 31 March 2023 1.10 Taxatlon The charity Is exempt from corporation tax on its charitable activities. 1.11 Foiel8n currencles Transactlons In foreign currencies are recorded at the rate rulin8 at the date of the transactlon. Monetary assets and labilities denominated In forei8n currencies are translated at the rate of exchange rulin8 at the balance sheet date. Judgements and key sources of estlmation uncertainty In the application of the charity's accountin8 policles, the trustee5 are requlred to make Jud8ements, 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 on8oin8 basis. Revisions to accounting estlmates 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. Limited by guarantee The charlty Is a company Ilmlted by guarantee and has no share capltal. Net Incomlng resources for the year 2023 2022 Thls is stated after char8in8'. Depreclatlon of owned fixed assets 109.589 109,589 63.676 63,676 Trustees, remuneratlon and benefits No remuneratlon or other expenses were paid to the trustees during the year. 12
Lou hNea h Rescue Limited Noles he Fln I Statement for the ear ended 31 March 2023 Tanglble fixed assets Freehold Pro ert Fixtures & Fittin Motor Vehi Total Cost At l April 2022 Additions Disposals At 31 March 2023 516,708 737,064 553,389 116,115 1,369,887 553,389 516,708 1,290,453 116,115 1,923,276 Depreclatlon At l April 2022 Char8e for the year Disposal At 31 March 2023 74,914 22,090 514,740 81,590 92,475 5.910 682,129 109.589 97,004 596,330 98.385 791,718 Net book value At 31 March 2023 419,704 694,123 17,730 1,131,5S7 At l April 2022 441,794 222,324 23,640 687.758 Debtors oiz Other debtors VAT Prepayments and accrued income 107,000 3,409 25,493 24,233 2,866 52,592 110,409 8 Credltors: amounts fallln8 due wlthln one year 022 Trade creditors Other creditors Accrued expenses Government grants 5,118 100,250 3,620 19,420 128,408 117,446 19,497 136,943 13
Lou hNea h Rescue Limited Notes to the Financial Statements for the ear ended 31 March 2023 Credltors: amounts falling after one year 2023 2022 Government 8rants 359,106 359,106 397,946 397.946 10 Movement In funds ransfe between funds At .04.2022 movement In funds At 1.03.2023 Unrestrl¢ted fund$ General fund 332,825 133,1751 517,114 816,764 Restrlrted funds General fund 517,114 (517,114) Total funds 332,825 483,939 816,764 Net movement In funds, included In the above are as follows: Incomlng resources Resources expended Movement in funds Unrestrlcted funds General fund 98,696 {131,8711 133,1751 Restrirted lunds General fund 517,114 517,114 Total funds 615,810 1131.871) 483.939 14
hNea h Rescue Limited Notes to the Financial Statements for the ear ended 31 March 2023 10 Movement In funds- contlnued Comparatlves lor movement in funds Net Transfers between funds At 01.04.2021 movement In funds At 31.03.2022 Unrestrlcted funds General fund 205,947 3,712 123,166 332,825 Restrlrted fund5 General fund 123,166 {123,1661 Total funds 329,113 3,712 332,825 Comparative net movement In funds, included in the above are as follows.. Incomlng resources Resources expended Movement In funds Unrestrlcted funds General fund 79,098 175,386) 3,712 Restrlrted funds General fund 29,000 {29,000 Total funds 108,098 1104,3861 3,712 11 Desl8nated funds Included within unresticted funds at the year end Is a designated funds balance of £25,00012022: £25,000). This balance has been designated by the turstees as funds needed for emergency replacement of Ilfe sUPPOrting equipment in the event of a breakdown. 12 Related party transartlon5 There are no related party transartions. 13 Ultimate controllin8 party The company is limited by guarantee. There is no controlling party. 15