**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
1
## **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
2
## **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
3
## **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:
1. 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;
2. vouchers have not been kept in respect of the charity in accordance with Regulation 2 of the Registration of Charitys (Accounts) Regulations 2022;
3. the statement of accounts do not agree with those vouchers;
4. there has been any material expenditure or action which appears not to be in accordance with the constitution of the charity;
5. 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:
4
## **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.
5
## **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.
6
**Lough Neagh Rescue Limited Notes to the Financial Statements for the year ended 31 March 2025**
## **1 Accounting policies**
## **Company Information**
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, BT66 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 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.
7
**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:
1. 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 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.
8
**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.
9
**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.
10
**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**|
|---|---|---|---|---|---|---|---|---|
11
**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)||
12
**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.
13
## **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
14