2025-03-31-accounts - Lough Neagh Rescue Ltd.

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Company Registration Number: NI030528 (Northern Ireland) Charity Number: 101051

Lough Neagh Rescue Limited

Trustees' Report and Financial Statements

for the Year Ended 31 March 2025

Lough Neagh Rescue Limited Contents

	Page
Company information	1
Trustees' report	2-3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7-13

Lough Neagh Rescue Limited Company Information

Trustees

Ms J Kidd (Resigned 06/04/2024) Mr S Rocks (Resigned 06/04/2024) Mr L Teague (Resigned 06/04/2024) Mr C Clarke (Resigned 05/12/2024) Mr L O'Hara (Resigned 05/12/2024) Mr P Smith (Resigned 07/01/2025) Mr J Devlin (Resigned 07/01/2025) Mr G Hamilton (Resigned 22/03/2025) Mr J McMahon (Resigned 13/05/2025) Mr M McGuckin (Resigned 13/05/2025) Mr R Armstrong (Resigned 25/06/2025) Mr D Lundy (Resigned 25/06/2025) Mr S Kyles (Resigned 25/06/2025) Mr P Hughes (Resigned 17/07/2025)

Mr C Wylie Mr P Mooney Mr M Crozier Mr S Nelson Mr D Mallon Mr S Doig Mr A Scullion Mr J Martin Mr R Ruddock Mr D Doyle Ms N Gribben

(Appointed 06/04/2024) (Appointed 07/01/2025) (Appointed 13/05/2025) (Appointed 13/05/2025) (Appointed 13/05/2025) (Appointed 25/06/2025) (Appointed 25/06/2025) (Appointed 25/06/2025) (Appointed 09/07/2025) (Appointed 09/07/2025) (Appointed 19/08/2025)

Auditors

SCC Chartered Accountants 1 The Square Moy Co Tyrone BT71 7SG

Bankers

Danske Bank Donegal Square West Belfast BT1 6JS

Registered office

Kinnego Lifeboat Station Kinnego Bay Oxford Island Lurgan County Armagh BT66 6NJ Northern Ireland

Company registration number

NI030528

Charity number

101051

Lough Neagh Rescue Limited Trustees' Report

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 2025. 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 (FRS 102) (effective 1 January 2019).

Objectives and aims

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 of new trustees

New trustees 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 their potential contribution to the aims and objectives of the charity is considered.

Public benefit

Our focus has been on continuing to provide services in a safe and effective way. Lough Neagh Rescue Limited continues to meet the definition of a public benefit entity under FRS 102 and in line with it's charitable objectives as detailed throughout the report.

Financial review

During the year ended 31 March 2025 the charity generated a deficit of £63,154 (2024: £73,179 deficit ).

Structure, 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' responsibilities

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 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 true and fair view of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accoun�ng policies and then apply them consistently;
observe the methods and principles in the Chari�es SORP;
make judgements and es�mates 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 statements; and

Lough Neagh Rescue Limited Trustees' Report (continued)

Statements 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 responsible for keeping proper accounting records that are sufficient 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 as to disclosure of information to auditors

Each person who was a trustee at the time this report was approved confirms that:

so far as he/she is aware, there is no relevant audit information of which the company's accountant is unaware; and
he/she has taken all the steps that he ought 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 accountant is aware of that information.

Statutory auditors

SCC Chartered Accountants were appointed accountants to the charity and a resolution proposing their reappointment will be put to the Annual General Meeting.

This report was approved by the board on 16 October 2025, and signed on its behalf by:

Mr C Wylie

Trustee

Lough Neagh Rescue Limited Independent Examiner's Report To the Members of Lough Neagh Rescue Limited

I report to the charity's committee on my examination of the accounts of Lough Neagh Rescue Limited for the year ended 31 March 2025 which are set out.

Responsibilities and basis of report

As the charity’s committee of management you are responsible for the preparation of the accounts in accordance with the Registration of Charitys (Northern Ireland) Order 1996. It is our responsibility to carry out procedures designed to enable us to report our opinion.

I report in respect of my examination of the charity’s accounts carried out under Article 40(1)(d) of the Order.

Independent examiner's statement

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

the annual statement of accounts have not been prepared which accord with the accounting records and comply with Regulation 4 of the Registration of Charitys (Accounts) Regulations 2022;
vouchers have not been kept in respect of the charity in accordance with Regulation 2 of the Registration of Charitys (Accounts) Regulations 2022;
the statement of accounts do not agree with those vouchers;
there has been any material expenditure or action which appears not to be in accordance with the constitution of the charity;
the charity has failed to produce information in relation to the accounts as required under Article 40(1)(e) of the Order; and 6. the charity has failed to provide an explanation in relation to the accounts as required under Article 40(1)(e) of the Order.

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 accounts to be reached.

Sean Gerard Cavanagh

SCC Chartered Accountants Ltd 1 The Square

Moy

Co Tyrone BT71 7SG

Date:

Lough Neagh Rescue Limited Statement of Financial Activities for the year ended 31 March 2025

Income and Endowments from Donations Grants Other income Rental Income Total Expenditure on Other Management Finance Net Income / (Expenditure) Transfers between funds Net movement in funds Reconciliation of Funds Total funds brought forward Total funds carried forward	Unrestricted funds £ 43,274 37,750 - 4,800 85,824 21,558 30,996 96,424 148,978 (63,154) - (63,154) 743,585 680,432		Restricted funds £ - - - - - - - - - - - - - -	2025 Total funds £ 43,274 37,750 - 4,800 85,824 21,558 30,996 96,424 148,978 (63,154) - - (63,154) 743,585 680,432	2024 Total funds £ 61,727 44,959 - 4,800 111,485 20,091 53,542 111,030 184,664 (73,179) - (73,179) 816,764 743,585	2024 Total
						funds

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

All income and expenditure derive from continuing activities.

The notes form an integral part of these financial statements.

Lough Neagh Rescue Limited Balance Sheet as at 31 March 2025

Notes Fixed assets Tangible assets 6 Current assets Debtors 7 Cash at bank and in hand Creditors: amount falling due within one year 8 Net current assets TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amount falling due 9 after one year NET ASSETS Funds 10 Restricted funds Unrestricted funds Total funds		Unrestricted	Unrestricted		Restricted	Restricted	2025 Total funds £ 920,076 11,766 92,587 104,354 (23,731) 80,622 1,000,698 (320,266) 680,432 - 680,432 680,432	2024 Total funds £ 1,015,426 5,836 93,302 99,138 (31,293) 67,846 1,083,272 (339,686) 743,585 - 743,585 743,585	2024 Total
		funds £ 920,076 11,766 92,587 104,354 (23,731) 80,622 1,000,698 (320,266) 680,432	funds			funds			funds
						£ - - - - - - - - -

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

The financial statements were approved by the Board of Trustees and authorised for issue on 16 October 2025, and are signed on behalf of the board by:

Mr C Wylie

Trustee

The notes form an integral part of these financial statements.

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

1 Accounting policies

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 with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 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 historical cost convention.

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 Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied 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 capital expenditure are credited to deferred income when receivable and amortised in line with depreciation;
Investment income is included when receivable; and
Incoming resources from charitable trading activities are accounted for when earned.

1.4 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

1.5 Fund accounting

The Charity has two types of funds for which it is responsible:

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.
Restricted funds - the restricted 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 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 basis:

Freehold property 5% Reducing Balance Fixtures and fittings 15% Reducing Balance Motor Vehicles 25% 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 credited or charged to profit or loss.

1.7 Impairment of fixed assets

At each reporting period 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). Where it is not possible to estimate the recoverable amount of an individual asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating 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 impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or 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 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.

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

1.8 Cash and cash equivalents

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 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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, 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

Trade creditors are obligations 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 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.

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

1.10 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.11 Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and labilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date.

2 Judgements and key sources of estimation uncertainty

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.

3 Limited by guarantee

The charity is a company limited by guarantee and has no share capital.

4 Net incoming resources for the year This is stated after charging: Depreciation of owned fixed assets	2025 £ 115,710 115,710	2024 £ 130,245 130,245	2024

5 Trustees' remuneration and benefits

No remuneration or other expenses were paid to the trustees during the year.

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

6 Tangible fixed assets

Cost At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposal At 31 March 2025 Net book value At 31 March 2025 At 1 April 2024 7 Debtors Other debtors VAT Prepayments and accrued income 8 Creditors: amounts falling due within Trade creditors Other creditors Accrued expenses Government grants	one	Freehold Property £ 516,709 - - 516,709 117,988 19,936 - 137,924 378,785 398,721 year		Fixtures & Fittings £ 1,304,563 20,361 - 1,324,924 701,156 92,450 - 793,606 531,318 603,408		Motor Vehicles £ 116,115 - - 116,115 102,818 3,324 - 106,142 9,973 13,297 2025 £ - 1,981 9,785 11,766 2025 £ 244 - 4,067 19,420 23,731	Total £ 1,937,387 20,361 - 1,957,748 921,962 115,710 - 1,037,672 920,076 1,015,426 2024 £ 2,006 3,830 - 5,836 2024 £ 3,650 - 8,223 19,420 31,293	Total

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

9 Creditors: amounts falling after one year

9 Creditors: amounts falling after one yea	r
Government grants 10 Movement in funds Unrestricted funds General fund Restricted funds General fund Total funds Net movement in funds, included in the Unrestricted funds General fund Restricted funds General fund Total funds	Net At movement 01.04.2024 in funds £ £ 743,585 (63,154) - - 743,585 (63,154) above are as follows: Incoming resources £ 85,824 - 85,824	2025 £ 320,266 320,266 Transfers between funds £ - - - Resources expended £ (148,978) - (148,978)		2024 £ 339,686 339,686 At 31.03.2025	2024
				£ 680,432 - 680,432 Movement in funds £ (63,154) - (63,154)

Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025

10 Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds General fund Restricted funds General fund Total funds		At 01.04.2023 £ 816,764 - 816,764	-	Net movement in funds £ (73,179) 73,179		Transfers between funds £ -		At 31.03.2024

								£ 743,585 - 743,585

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds General fund Total funds	Incoming resources £ 111,485 - 111,485	Resources expended £ (184,664) - (184,664)	Movement in funds £ (73,179) - (73,179)

11 Designated funds

Included within unresticted funds at the year end is a designated funds balance of £25,000 (2024: £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 transactions

There are no related party transactions.

13 Ultimate controlling party

The company is limited by guarantee. There is no controlling party.

Lough Neagh Rescue Limited

Detailed Statement of Financial Activities For the year ended 31 March 2025

*Income and Endowments* Donations and legacies Donations Grants Other trading activities Other income Rental income Total incoming resources *Expenditure* Other Training Legal and professional fees Professional subscriptions Accountancy Equipment repairs Support costs Management Rates Insurances (not premises) Security Power, light and heat Telecommunications Plant Hire Postage, courier and delivery charges Sundry expenses Medical Expenses Motor running expenses Charitable Donation Rental Expenses Finance Bank charges Amortisation of grant Depreciation Total resources expended Net income/(expenditure)	2025 £ 43,274 37,750 81,024 - 4,800 85,824 8,164 328 67 3,100 9,899 21,558 237 9,038 1,054 681 2,211 150 146 3,695 1,907 7,311 3,126 1,440 30,996 134 (19,420) 115,710 96,424 148,978 (63,154)	2024 £ 61,727 44,959 106,685 - 4,800 111,485 7,124 371 - 3,000 9,596 20,091 162 17,991 1,391 979 1,868 200 13 13,652 581 12,667 3,320 720 53,542 206 (19,420) 130,245 111,030 184,664 (73,179)	2024

This page does not form part of the statutory financial statements