Comp•ny Reiistr•tl¢)n Number. N1030528 INorthern Ireland) Charlty Number: IOIOSI Lough Neagh Rescue Limited Trustees, Report and Flnan¢lal Statements for the Year Ended 31 March 2024 CHARTERED ACCOUNTANTS Mlll ADUBJVOI 1510112025 COMPANIES HOUSE
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Lou hNea Contents h Rescue Limited Pase Company information Trustees, report Independent examiner's report Ststement of financial activities Balance sheet Notes to the flnancial statements 7-13
Lo Com hNea Rescue Limited Information an Trustee$ Mr D Mallon Mr M McGuckin Mr S Rock5 Mr L Teague Mr M Moffett Mr R Ruddock Mr C Clarke Mr L O'Hara (Resigned 06104120241 (Resigned 06104120241 (Resigned 06104120241 (Resigned 06104120241 (Resigned 10101120241 (Resigned 05110120241 (Resigned 05112120241 IResl8ned 05112120241 Mr P Smyth (Appolnted 10101120231 Mr R Armstrong (Appointed 06104120241 Mr C Wylie (Appointed 06104120241 Mr J Devlin (Appointed 06104120241 Mr J Mcmahon (Appointed 06104120241 Mr G Hamilton (Appointed 10104120241 Mr S Kyles (Appointed 05112120241 Mr D Lundy (Appolnted 05112120241 Audltors SCC Chartered Accountants 17 College Street Armagh BT619BT Bankers Danske 8ank Donegal Square West Belfast BTI 6JS Reglstered offl¢e Klnnego Lifeboat Station, Klnnego Bay. Oxford Island, Lurgan, County Arma8h. BT66 6NJ Northern Ireland Company re115tratlon nurnber N1030528 Charily number 101051
Lo hNea Trustees. Re Rescue Llmlted ort The trustees who are also directors 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 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20191. Oblertlves and alms The primary aim of the company is to provide a first class rescue service available at all times to respond to any emergency which may occur on Lough Neagh and its tributaries. Appointment ol new trustees New trustee5 are recruited by open recruitment by existing directors to fulfil specific roles and skills on the board. The potential trustee is then interviewed regarding their willingness to become a trustee and thelr potential contribution to the aims and objectives of the charity Is considered. Publlc beneflt Our focus has been on continuing to provide services in a safe and effective way. Lough Neagh Rescue Limited continue5 to meet the definition of a public benefit entity under FRS 102 and in line with it's charitable objectives as detalled throughout the report. Flnanelal revlew Durin8 the year ended 31 March 2024 the charity 8enerated a deficit of £73,17912023', £483,939 surplus). Strurturel governance and rnana8ement The charity Is Controlled by its governing document, a deed of trust, and constltutes a limited companyi limited by 8uarantee, as defined by ihe Companles Act 2006. Ststements of trustees, responslbllltles The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees to prepore financial statement5 for each financial year. Under the law the trustees have elected to prepare the flnanclal statements In accordance wlth appll¢able law and United Kingdom Generally Accepted Accountin8 Practice. Under company law the trustees must not approve the financial 5tatement5 unless they are Satisfied that they give a give a true and fair view of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these flnanclal statements, the trustees are requlred to: select Sultable accounting policies and then apply them consistently; observe the methods and principles in the Charitie5 SORP; make judgements and estimates that are reasonable and prudent: State whether applicable UK accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements. and
hNea h Rexue Limited Trustees. Re ort continued Ststements of trustees, responsibilities- continued prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responslble for keeplng proper accountln8 records that are sufficlent 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 Companie5 Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the preventlon and detectlon of fraud and other irre8ularltles. Statement as to dlsclosure of lfifofmatioTr to auditors Each person who was a trustee at the time this report was approved confirms that: $0 far as he/she is aware, there is no relevant audit information of which the company's auditor Is unaware; and helshe has taken all the steps that he ou8ht to have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the company's auditor is aware of that inforrnation, Statutory aud5tors SCC Chartered Accountants were appointed auditors to the charity and a resolution proposing thelr reappolntment will be put to the Annual General Meeting. This report was approved by the board on 13 January 2025, and $58ned on Its behalf bv-. 8*JW Mr S Kyles Trustee
Lou hNea Rescue Llmlted Inde endent Examiner's Re ort o the Memb rs of Lou hNea h Rescu Umlt I report to the chartty's committee on my examination of the accounts of Lough Neagh Rescue Limited for the yearended 31 Mafch 2024 which are set out. Respertlve responslbllltles of ¢h•rfty trustees and examlner As the charity trustees land also the directors of the company for the purposes of company lawl you are responsible for the preparatlon of the accounts in accordance with the requirements of the Companies Att 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination. it is my responsibility to- • examine the accounts under section 65 of the Charities Act follow the procedures lald down In the general Olre¢tlon$ 8lven by the Charlty Commlssion for Northern Ireland under section 6519llbl of the Charities Act state whether particular matters have come to my attention. B•sls ol independent examlner's Statement I have examlned your charlty accounts as requlred under sectlon 65 of the Charltles Act and my examination was carried out in accordance with the general Directlons given by the Charity Commlsslon for Northern Ireland under section 65{9llbl of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included Consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as charity trustees concerning any such matters. My role IS to state whether any materlal matters have come to my attentlon 8lvin8 me cause to believe.. That accountin8 records were not kept in accordance with section 386 of the Companies Act 2006 That the account5 do not accord with those accounting records That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and wlth the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparin8 thelr accounts in accordance with the Flnanclal Reportin8 standard applicable in the UK and Republic of Irèland That there is further information needed for a proper understanding of the accounts to be reached. Independent examlner's statement I have completed my examination and have no concerns in respect of the matters111 to141 listed above and, in connection with following the Direction5 of the Charity Commission for Northern Ireland, I have found no matter5 thal requlre drawin8 to your attention. Sean Gerard Cavanagh SCC Chartered Acctwntants Ltd 17 College Stieet Co. Aima8h BT619Br Date.. 1310112025
hNea h Rescue Llmlted tstement of Financial Activitles forthe ear ended 31 March 2024 2024 Totsl unds 2023 Total fund5 nrestrirted funds Restrlcted Notes Income and Endowments from Donations Grants Other income Total 61.727 44.959 4.800 111,485 61.727 44,959 4,8CKI 111,485 68.397 522,613 24.800 615.810 Expendlture on Other Net Income / (Expendlture) 184,664 173.1791 184,664 173,1791 131,871 483,939 Transfers between funds Net movement in funds 173,1791 173,179) 483,939 Reconclllatlon ol Fund$ Total funds brought forward 816,764 816,764 332,825 Total funds carrled lorward 743,585 743,585 816,764 The statement of financial activities includes all 8ains and losses reco6nised in the year. All income and expenditure derive from continuing activities. The notes form an integral part of these financial ststements.
hNea h Rescue Urnlted lance Sheet l March 2024 2024 Total nds 2023 Total lufftds Unrestricled Restr5¢ted funds funds Notes Fixed assets Tangible assets 1.015.424 1,015,424 1,131,557 Current assets Debtors Cash at bank and in hand 5,836 93,302 99.138 5,836 93,302 99,138 110.409 62,311 172,720 Credltors: amount falllng duè wlthln one year 131,293) 131,2931 1128,4081 Net current a$5et$ 67.846 67,846 44.312 TOTAL ASSETS LESS CURRENT LIABILITIES 1.083.270 1.083.270 1,175.870 Credltors: amount falllng due after one year 1339,6861 1339,6861 13S9.1061 NET ASSETS 743,585 743,584 816,764 Funds Restrirted funds Unrestricted funds io 743,585 816,764 Total funds 743,585 816,764 For the flnancial year in questlon the company was entitled to exemptlon under sectlon 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2CKIS. The dlrectors acknowledge thelr responslbility for complying wlth the requirements of the Act with respett to accountin8 records and for the preparation of accounts. The financlal statements have been prepared In accordance wlth the provlslons appllcable to charltable companies subject to the small companies re8ime. The financial statements were approved by the Board of Trustees and authorised for issue on 13 January 2025. and are signed on behalf of the board bv: Mr S Kyles Trustee The notes form an integral part of these financial statements.
Nea h Rescue Limlted N tes to the Fin ncial Statem the earended 31 M h 2024 Accountln licies Company Informallon Lou8h Nea8h Rescue is a Limited Company and a re8lStered Charity ID Northern Ireland. The address of the registered office is Kinnego Lifeboat Station. Kinnego Bay, Lurgan. Co, Armagh. BT66 6NJ. 1.1 Basls of preparlfi8 the financial ststements 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 Reportln8 by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting StsndaTd 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historlcal cost convention. 1.2 Golng ¢on¢ern At the time of approving the financial 5tatement5, the tru5tee5 have a rea50nable expertation that the charlty has adequate resources to contlnue in operational existence for the foreseeable future. Thus the trustee5 contlnue to adopt the 8oln8 concern basls of accountln8 In preparln8 the flnanclal statements. 1.3 Incomln8 resources All incoming resources are included in the statement of financial artivities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following speciflc policles are applled to particular categories of Income.. Voluntary income is received by way of grants, donations and gifts and Is Included in full In the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy,. Grants for the purpose of capltal expenditure are credited to deferred income when recelvable and amortised in line with depreciation,. Investment income is included when receivable; and Incomln8 resources from charitable tradin8 activities are accounted for when earned. 1.4 Expendlture Liabilities are recognised as expenditure as soon as there Is a legal or constructlve obligation commlttlng the charity to that expenditure, It 5$ probable that a transfer of economic beneflts wlll be required In settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrua15 basis and ha5 been classified under heading5 that aggregate all c05t related to the citegory. Where costs cannot be dirertly attributed to particular headings they have been allocated to activities on a basis consistent wilh the use of resource5.
Lou hNea Rescue Llmlted Notes to the Financlal Statements l March 2024 1.5 Fund accountln8 The Charity has two types of funds for which it is responsible: l. Unrestricted funds - the unrestrirted 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 restritted fund can only be used for particular restricted purposes within 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 Tan8lbl• flxed ass•ts Tan8ible fixed assets are initially measured at cost and subsequently measured at cost or valuatlon, net of depreciation and any impairment1055es. Depreciation is recognised so as to write off the cost or valuation of assets less their resldual values over their useful lives on the following ba515- Freehold property 5% Reducing Balance Fixtures and fittings 15% Reducing Balance Motor Vehicles 25% Reducing Balance The 8aln or loss arisin8 on the disposal of an asset Is determined as the difference between the sale proceeds and the carrying value of the asset, and Is credited or charged to profit or loss. 1.7 Impalrment of flxed a55ets At each reportin8 period end date. the charlty reviews the carrying amounts of its tan8ible assets to determSne whether there is any indication that those assets have suffered an impairment loss. If any such Indlcatlon exlsts, the recoverable amount of the asset Is estimated in order to determine the extent of the Impalrment loss lif any). Where it is not possible to estimate the recoverable amount of an individual asset. the charity estlm3te5 tlie recoverable amount of the cash.generatlng unit to which the asset belon8s. If the recoverable amount of an asset lor cash-generating unit) Is estimated to be less than its carrying amount, the carrying amount of the asset lor cash-generatin8 unit) is reduced to its recoverable amount. An impairment loss is recogni5ed immediately in surplus or deficit, unless the relevant asset 15 carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognlsed Impalrment losses are reversed If, and only If, the reasons for the impalrment loss have ceased to apply. Where an impairment10ss subsequently reverses. the carryin8 amount of the asset lor cash generating unit) 15 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 impairment loss been recognised for the asset {or cash-generating unit) in prior years. 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.
Lou hNea h Rescue Limited Notes to the Financial Statements ear ended 31 Marth 2024 1.8 Cash and cash equlvalents Cash and cash equivalents are basic financial assets and 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. 1.9 Fln•n¢ial Instruments The charlty has elected to apply the provlslons of Section 11 '8aslc Flnanclal Instruments, and Section 12 '0ther Financlal Instruments Issues, of FRS 102 to all of its flnancSal instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provlsions of the instfument. Financial a55ets ènd 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 rea115e the asset and settle the liability slmultaneously. 8osl¢llnan¢lal ossets Basic financial assets, whlch include debtors and cash and bank balances, afe initially measured at transactlon prlce Including transactlon costs and are subsequently carrled at amortlsed cost usin& the effectlve Interest method unless the arrangement constitutes a flnancin8 transaction, where ihe 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. C14551fl¢atlon oAJlnan¢ialllabllltles Flnanclal Ilablllt5es and equlty Instruments are classifled accordln8 to the substance of the contrartual arrangements entered into. An equity instrument is any contract that evidences residual interest in the assets of the charity after deducting all of its liabilities. Bosicfinanclol Ilobllitles Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arran8ement constitutes a financin8 transaction. where the debt instrument is measured at the present value of the luture 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 effertive interest rate method. Trade Creditors are obli8ations to pay for goods 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 le55. If not. they are presented a5 non-current liabilitie5. Trade creditors are recognlsed Initially at transaction price and subsequentty measured at amortised cost using the effective Interest method.
Lou hNea h Rescue Umlted Notes to thè Financial Statements ar ended 31 Mar h 2024 1.10 Tamatlon The charity is exempt from corporation tax on its charitable activities. 1.11 Forelgn currencles Transactions in forei8n currencies are recorded at the rate ruling at the date of the tr3nsaction. Monetary assets and labilities denominated in foreign currencies are translated at the rate of exchange ruling at the balante sheet date. Judgements and key sources of estimatlon uncertainty In the application of the charlly's accountlng policie5, the trustees are required to make judgements, estimates and assumptlons about the carrying amount of assets and liabllities that are not readilv apparent from other sources. The estimates and associated assumptions are based on historical experlence and other factors that are consldered to be relevant. Actual results may differ from these estlmates. The estlmates and underlyin8 assumptions are reviewed on an ongoln8 basis. Revlslons to accounting estimates are recogni5ed In the period in which the estimate is revised where the revislon afferts only that period. or in the period ol the revision and future periods where the revision afferts both current and future periods. Umlted by 8uarant•• The charlty 55 a company Ilmlted by 8uarantee and has no share capital. Net Incomlnz resources for the year 2014 2023 Thls Is stated aftef char8ln8'. Depreclation of owned fixed assets 130,245 130,245 109,589 109,589 Trustees, remuneratlon and beneflts No remuneration or other expenses were pald to the trustees durin8 the year. io
Lou hNea h Rescue Llmlted Notes to the Financial Statements for the ear nded 31 March 2024 Tangible fixed assets Freehold Pro Fixtures & Fittin Motor Vehicles Total Cost At l April 2023 Addltlons Disposals At 31 March 2024 516,708 1,290,453 14,112 116.115 1,923.276 14,112 516.708 1,304,564 116,115 1,937,387 Depredation At l April 2023 Charge for the year Disposal At 31 March 2024 97.004 20.985 596.330 104,827 98.385 4.433 791,718 130,245 117.989 701,157 102.818 921,963 N•t book valu• At 31 March 2024 398,719 603,408 13.297 1,015,424 At l Aprll 2023 419,704 694,123 17,730 1,131,557 Debtors 2024 2023 Other debtors VAT 107,000 3,409 110,409 3,830 5,836 Credltors: amounts fallln8 due wlthln one year 20Z4 2023 Trade creditors Other creditors Accrued expenses Government grants 3,650 5,118 100,250 3,620 19,420 128,408 8.223 19,420 31,293 li
Rescue Limited Notes to the Flnanclal Statements for the nded 31 March 2024 Credltors: amounts falling after one year 2024 20Z3 Government grants 339.686 339,686 359,106 359,106 10 Movement In funds Net Transfer At 01.04.2023 movement in funds between funds At 31.03.2024 Unrestrlrted funds General fund 816,764 173,179) 743.585 Restrlcted funds General fund Total funds 816,764 173,1791 743,585 Net movement in funds, Included in the above are as follows.. Incomlni resources Resources expended Movement In lunds Unrestrlrted funds General fund 111,485 1184,6641 173,1791 Restrlcted funds General fund Total funds 111,485 1184,6641 73,179 12
Lou hNea Rescue Llmlted Notes tolhe Financial Statements ded 2024 10 Movement In funds- continued Comparatives tor movement In funds Net Transfers between funds At 01.04.2022 movement In funds 1.03.2023 Unrestricted funds General fund 332,825 133.1751 517.114 816.764 RestTlcted funds General fund 517,114 1517,1141 Total funds 332,825 483,939 816,764 Comparatlve net movement In funds, included In the above are as follows- Incornlng resources Resoui¢e$ expended Movement In funds Vnrestrlrted funds General fund 98.696 1131.8711 133,1751 Restflcted fund5 General fund 517,114 517.114 Totsl funds 615,810 1131,8711 483,939 11 Desl8nated funds Included withln unrestirted funds at the year end is a de518nated funds balance of £25,00012023- £25,000). This balance has been designated by the trustees as funds needed for emergency replacement of life supporting equipment in the event of a breakdown. 12 Related party transactlons There are no related party transactlons. 13 Ultimate con¢rollln8 party The company is limited by guarantee. There is no controlling party. 13
Lou hNea h Rescue Llmlted Detalled Statement of Flnanclal Actlvltles Forihe earended 31 M h 2 24 Income and Endowments 2024 2023 Don•tlons •nd leiacles Donations Grants 61.727 44,959 106,685 68,397 522,613 591.010 Other tradln8 artlvltles Other Income Total incomln8 resources 4.800 111,485 24,800 615.810 Expendlture Other Trainin8 Legal and professional fees Accourttancv Equipment repair5 7,124 371 3.000 9,596 20.091 4,588 2,663 8,591 15,842 Support costs M¥n•8em•nt Rètes Insurances Inot premisesl Power, li8ht and heat Telecommunicatlons Posta8e, courier and delivery charges Sundry expenses Motor runnin8 expenses Charitable Donation Rental Expenses 162 17.991 1,179 1.868 13 15,043 13,248 3,320 720 53,542 176 10,628 1,336 3,078 25 2,405 3,094 3,089 2,160 25,992 Flnance Bank charges Amort15ation of 8ront Depreclation 206 119,4201 130,245 111.030 11331 119,4201 109,589 90,037 Total resources expended 184,664 131,871 Net incomellexpendlture) 173,1791 483,939 This pa8e does not form part of the ststutory flnancial statements 14