Compan}, registration number.. N1053517 Charity registration number.. 102397 The River Bann and Lough Neagh Association Company (A coinpany limited by share capital) Annual Report and Financial Statements for the Year Ended 31 October 2022
The River Bann and Lough Neagh Association Company Contents Reference and Administralive Details Strategic Report Trustees, Report 3to6 Independent Exaininer's Report Stalein¢nt of Financial Activilies Balance Sheel Statement of Cash Flows 10 Notes 10 the Financial Statements 11 to 19
The River Bann and Lough Neagh Association Company Reference and Administrative Details Chairman Mr Robert Mc Corniac Trustees Mr Andrew Nelson Mr Kevin Arthur Le Quesne Mr Michael Robert Slevenson Mr Robert Mc Corniac Mr Kevin Arthur Le Quesne Secretary Charity Registration Number 102397 Company Registration Number N1053517 The charity is incorporaled in North¢rn Ireland. 3 Hillview At)Iriin Co Antriin BT412BT Registered Office Independenl Examiner J A Mc Cleiiienis & Co Independent Exaininer 25B Ballyimena Business Cenlre Galg>onn Ballyinena Co Antrim BT42 1 FL Page I
The River BanD and Lough Neagh Association Company Strategic Report for the Year Ended 31 October 2022 The trustees. who are directors for the purposes of coinpany law, present their strategic report for the year ended 31 Oclober 2022, in coinplianc¢ with s414C of the Coinpanies Act 2006. Th¢ strategic report was approved by th¢ tnislees of the charity on 5 May 2023 and signed on its behalf by.. Mr Kevin Arthur Le Quesne Coinpany secretary and trustee Mr Robert Mc Cormac Chairinan and trustee Page 2
The River Bann and Lough Neagh Association Company Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable conipany for the year ended 31 October ?02? Objectives and aclivilies Ohjecls and alms The Company is Cslablished lo promote the River Bann and Lough Neagh (hereinafter referred to a8 the 'area of benefil,) for the benefit of the inhabitants of Northern Ireland {hcreinafter referred lo as 'ihe beneficiaries,) without distinction of age gender disability, sexual orientation, nalionalily, ethnic identity, policitical or relegious opinion. by associating the statutory authorities. community and voluntary organisations and tli¢ inhabitants in acoininon effort to advance education, and to provide facilities in the interests of social welfare for recreation or other leisure-tiine occupalion, willi ihe obj¢¢l of improving Ihe condiiions of life for the said inhabitants and in particular: a) to provide or assist in ihe provision or racililies in ihe interests of social welfare for appropriate recreation and leisure time occupalion cointnensurale with the activiiies described above: b) to advance public educatioii in eiiviroinei)tal and heritabFe matters in the area of benefit and ihe ways of sustainiiibF, conserving,protecting and iinprovii)g the same. For over 40 years the River Baiin and Lough Nea association has been involved in promoting the River and th elough and ensuring this iinportant waierway is used properly without being spoili. The association can trace its roots back lo 1962 and came inio existence officially in 1964 because of the threai of closure of the River Bann navigation between Tooinebridge and Coleraine. Its aiins and objectives ure 10 preserve aiid promote the amenilies of the Bann and Lough Neag)h, Iheir Iributaries and associated waterways. The fact thal navigation is still possible beiween Toomebridge and Coleraine is due to the efforts of maiiy people, bul without ihe work of the IUILNA it is quite likely that navigyalion would have ceased 10 exisl years ag)0. We have held Inany annual boat rallies over the year5. The Association has produced a pilot book, a gyuide book and helped with tl)e production of a safety g7uide of Lough Neabh. RBLNA a150 organises boat rallies, enviromental cleanups, canal walks, talks on a wide variel of iopics, visits to places of interest to meinbers and hosts visils to the Systein. In 2005 the RBLNA lonned a company and 8ig>ned a JO year lease from Lord O Neill for Rams Island. In 2007 the coinpany was recognised as a Charity by H M Revenue and Customs. At the Inoinenl and in the past we have had no paid staff and all work administrativ¢ aiid liands on is done by volunleers. Rams Island Heritage Project volunieers have fundraised in excess of £300,000.00 for Capital Projects on the island such as buildingJ a new etty, providiiig an inlerprelive centre and providing a ferry boat. The physical work for these individual venture5 was undertaken by volunteers. The project ha5 a small teain of cui)Imilled individuals. The project focuses on enviroinenlal restoration of the i51and, enhancing habiianl for wildlife and creating safe and free public access to the island. Page 3
The River BaDn and Lough Neagh Association Company Trustees, Report Public benefil Since 2005 groups of volunteer5 from the River Bann and Lough Neagh Association Coinpany have been working on Raiiis Island 10 make it accessible and attractive to tl)e general public. The development on paths, walkways, a floating Visiiors, Centre, wild caniping area. pouliry and duck enclosures, an excelleni jetty and a ferry service are the results of our endeavours. Nearly evcry weekend.volunleerts are working to mainlain, repair and exiend these facilities further. With minimal publication and steadily increasing we now welcome around 8,000 visitors of all ages, abilitiesldisabililies, creeds (or nonel annually. some coine on the Ferry, many under their own steam.some come for the novelty of travelling lo an island, others 10 explore its sizeable area and perhaps have aguidcd tour and leani soinetliing of it5 human and natural history. Refreshnients are available to all and except for a noininal charge to cover ferry costs ¢veryihing id free. although a donation box is available lo anyone who wishes lo aid Ilie prolijecl filiancially. No one benefits financially or recives any 'perks' for their labours apart from ihe satisfaction of seeing a volui)tary job well done. The River Bann aiid Lough NeagTrh Association Colnpany regularly org?anises volunteer litter lifts around the shor¢s and invasive species removal thes¢ benefit the wildlife and visitors. The project is unique in Northern Ireland and the directors and volunteers are enlhusiaslic in their cominittinenl to inaintain and develop il further. Meinbers of ihe public who care to avail themselves of a visit to Ram's Island will not be dissappointed - al least that is whai thousands of previous visitors have said! Sliould they go for a ferry ride, a walk around the island, a guided tour encompassing ils history. talks on ecogical balance and conversation or just a cup of tea and a chat in its well foound Visitors Cei)Ire (barge) they will find it a refreshinbF and invig?oratingy experience. as a get-away-froiii-ii-all desiination it is unique. As a world for ¢hildren{of all ages) lo explore il is filled wilh mystery. As a social venue it is unsurpassed. As a place for reflection it is limitless. the Directors believe that a vist lo Rai)Is island is ag>real ionic everyone is wwlcoine and il's freel A vist io Rams Island Inay last a few hoiires or a fcw days. It Inay be done individually or a part of a group. It may be a fixed progji'ainiiie or laissez-faire agienda. 11 may be part of a celebralion or for a iinie of quiet refleclion. Whatever your reason to visit, Rams Island will jol dissppoint. Thousands of visitors over the past ten years will iestify io this! The trustees confirni that they l)ave coinplied with the requireinenls of the ChariliLS Act (Northern Ireland) 2008 to have due regard to the public benefit guidance published by the Charity Coinmission t.or Nortliern Ireland. Trustees and officers The trustees and officers serving during the year and since the year end were as follows.. Trustees.. Mr Andrew Nelson Mr Michael Savage (Date of Death 13 January 2022) Mr Robert Bingham (resigned 31 March 2022) Mr Kevin Arthur Le Quesne Mr Michael Robert Stevenson Mr Robert Mc Connac (appointed 26 January 2023) Chatnnan: Mr Robert Mc Corniac (appointed 26 January 2023) Mr Kevin Arthur Le Quesne Secretary: Page 4
The River Bann and Lough Neagh Association Company Trustees, Report Structure) governance and management Financial instruments Objecllve.s andpolicies The charity's activities expose it to a nuinber of financial risks including credit risk, cash flow risk and liquidity risk. The use of tinaiicial derivatives is governed by the charity's policies approved by the board of Iruslees, which provide written principles on the use of financial derivatives to manage ihe5e risks. The charitv does not use derivative financial instruments for speculative purposes. Ca.sliflow rls'k The charity's activilies expose il primarily to the financial risks of changes in foreign currency exchange rates and inleresi rates. The charity uses foreign exchange fonvard contracts and int¢resi rate swap contracts to hedge these exposures. Interest bearing assets and liabililies are held at fixed rate to ensure certainty of cash flows. Credil rlsk Th¢ charity's principal financial assets are bank balances and cash, trade aiid other receivables, and investments. The charity's credit risk is priinarily attributable to ils trade receivables. The ainoiints presented in the balance sheet are nel of allowances for doubtful receivables. An allowance for impaim)enl is made where there is an identified loss evenl wliich, based 011 previous experience, is evidence of a reduction in Ihe recoverability of the cash flows. The credit risk oli liquid funds and derivative financial instrumLiils is limited because the counterparties are banks witli high credil-ralingis assigned by inlemalional credil-ratii)g agencies. The charity ha5 no sigyniticani concentration of credil risk. with exposure spread over a large number of counterparties and customers. Llqulillty ri.lk In order fo maintain liquidity to ensure that suffjcient funds are available for ongoingy operations and fisture developiiienls, the charily uses a Inixture of loi)g-lenn and short-terni debt finance. Further details regarding liquidity risk can be found in the Statemeni of accountiiig policies in the financial statements. Statement of trustees, responsibilities The trusiees (who are also the directors of The River Bann and Lough Neagh Association Company for the purposes of company law) are responsible for preparing the tNstees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Iru51ees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied thai they give a true and fair view of the state of affairs of the charilable company and of the incoining resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial stalements, the trustees are required to- select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP. make judgemenis and estimates that are reasonable and prudent- Page 5
The River Bann and Lough Neagh Association Company Trustees, Report stale whether applicable accounting standards, comprisinL, FR$ 102 have been followed, subject to any material departures disclosed and explained in the financial siateinents- and prepare the financial slateinents on Ihe going concen) basis unless il is inappropriate to presume that the charitable conipany will c()ntinuc in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the chariiable company and enable them to enswe ihal the financial stateinents Coinply with Ihe Coinpanies Aci 2006. They are also responsible for safeguarding the assets of the charitable company and hence for laking reasonable steps for the prevention and detection of fraud and other irrebyularilies. The trustees are responsible for ihe maintenance and integrity of the corporale ai)d finaiicial information included on the chariiable coinpany's websile. Legislatioi) goveming tlie preparation and dissemination of financial stateinenls Inay ditTer froim legislation in other jurisdiclions. Disclosure of information to 8uditor Each trustee has taken steps ihai Ihey ought to have taken as a trustee in order lo make theinselves aware of any relevant audil informalion aiid to eslablish that Ihe charity's auditor is aware of il)al informalioii. I'he Irusiees confinn that there is no rel¢vaiil infonnalion that they know ol. and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on 5 May 2023 and signed on its behalt'by.. Mr Kevii) Arthur Le Quesne Company secretary and trustee Mr Robert Mc Connac Chainnan and trustee Page 6
The River Bann and Lough Neagh Association Company Independent Examiner's Report to the trustees of The River Bann and Lough Neagh Association Company {'the Company,) I report to the charity trustees on Iny examination of the accounts of the Company for the year ended 31 October 2022. Responsibilities and basis of report As the charity's Iruslees of The River Bann and Lough Neagh Association Company (and also its directors for Ihe purposes of coinpany law) you are respoI)sible for the preparation of th¢ accounis in accordance with the requirements of Ihe Coinpanies Act ?006 ('Ihe 2006 Act.). Havingy satisfied myself that the accounls of The River Bann and Lough Neagh Associalion Company ar¢ not required 10 be audited under Part 16 of the 2006 Act aiid are eligible for independent examination. I report in respect of my examin<ttion of your charity's accounts as carried out ur]der the Chariti¢s Act (Northcrn Ireland) 2008 ('the 2008 Acl').and the Charilies (Accounts and Reports) Regyulalions (Northern Ireland) ?015. In carrying out my examination I have followed the Directions given by the Charity Commission under the 2008 Act. Independenl examiner's statement I have coinpleled Iny exaininalion. l Confirni ihai no niatters have come to Iny attention in conneciion wilh the exaininaiion giving me cause to believe., accounting records were not kept in respeci of The River Bann and Lougvh Neagh Association Coinpany as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requireinenls of section 396 of the 2006 Act other than any requirement tlial the accounts give a 'true and fair view, which is not a matter considered as part of an independent exaiiiination; or 4. the accounts l)ave i)ol been prepai'ed in accordance with the rneihods and principles of ihe Sialeinent of Recomimended Practice for accounting and reporting by charities lapplicable lo charilies preparing Iheir accounls in accordance witl) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. have no concerns and have come across no other matters in connection with the examination io which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reaclied. J A Mc Clements Independent Examiner 25B Ballynena Business Centre Galgonn Ballymena Co Antrim BT42 IFL 5 May 2023 Page 7
The River Bann and Lough Neagh Association Company Statement of Financial Activities for the Year Ended 31 October 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unreslricted funds Total 2022 Note Income and Endowments from: Donation5 and legacies Other trading activities 2,631 13,193 2,631 13,193 Total income 15,824 15,824 Expenditure on: Raising funds (20,073) (20,073) Total expendilur¢ (20,073) (20,073) Net expenditure Net Inovement in ndS (4,249) (4,249) (4,249) {4,249) Reeoneiliation of funds Total funds brought forward Totsl ndS Caled forward 5,465 5,465 14 1,216 Unrestricted funds 1,216 Total 2021 Notc Income and Endowments from.. Donations and legacies Other trading activities 8,480 16,349 8,480 16,349 Total income 24,829 24,829 Expenditure on: Raising funds (20,357) (20,357) Tolal expenditure (20,357) (20,357) Net incoine 4.472 4,472 Nei moveinenl in fund5 4,472 4.472 Reconciliation of funds Total funds brought forward Total funds Caled fonvard 993 993 14 5,465 5,465 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 14. The notes on pages I I to 19 fonn an integral part of these financial statements. Page 8
The River Bann and Lough Neagh Association Company (Registration number: N1053517) Balance Sheet as at 31 October 2022 2022 2021 Note Fixed assets Tangible assets 2,039 2,640 Cu rrent assets Stocks Cash at bank and in hand 10 5,800 5,063 5,615 5,615 10,863 Creditors: Amounts falling due within one year 12 (6,438) (8,038) Net current (liabilities)lassels (823) 2,825 Net assets 1,216 5,465 Funds of the chgrity: Unrestrieted income funds Unreslricted funds 1,216 5,465 Total fund5 14 5,465 For the financial year ending 31 October 2022 Ilie charity was enlilled to exemption from audit under section 477 of the Companies Acl 2006 relatingp to sinall COlmP<inies. Directors, responsibilities.. Tl)e members have not required the charity lo obtain an audit of its accounls for the year in question in accordance wilh section 476: and The directors acknowledge their responsibilities for coinplying with Ihe requtremenls of Ihe Act with respect to accounltng records and the preparation of accounts. The financial slalements on pages 8 to 19 were approved by the trustees, and authorised for i55ue on 5 May 2023 and signed on their behalf by.. Mr Kevin Arthur Le Quesne Company secrelary and trustee Mr Robert Mc Corniac Chairnian and trustee The notes on pages I I to 19 fonn an integral part of these financial statements. Page 9
The River Bann and Lough Neagh Association Company Statement of Cash Flows for the Year Ended 31 October 2022 2022 2021 Note Cash flows from operating activities Net cash (expenditure)lincome (4,249) 4,472 Adjustments to cash flows from non-cash items Depreciation 880 880 (3,369) 5,352 Working capital adjustments Decrease in slocks (Decrease)lincrease in creditors Nel cash flows from operating aclivities 10 12 5,800 (1,600) 250 317 831 5,919 Cash tlows from ini'esling activities Purchase of iaiigiible fixed assets (279) Cash nows from fjnancing activities Repayment of loans and borrowings 12 (1,429) Net increase in cash and cash equivalents 552 4,490 Cash and cash equivalenls al l November Cash and cash equivalenls at 31 October 5,063 573 5,615 5,063 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages I I to 19 fom an integral part of these financial statements. Page 10
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 Charity stat5 The charity is limited by share capital, incorporaled in Northern Ireland. The address of its registered office is.. 3 Hillview Antriin Co Anlrim BT412BT These financial siateinenls ivere aulhorised for issue by the trustees on 5 May 2023. 2 Aecounling policies Summary of signifieant accounting policies and key aeeountlng estimates The principal accounting policies applied in the preparalion of these financial slaleinenls are sel out below. These policies have been consistently applied lo all the years presented. unless otherwise slated. Statement of compli8ncc The financial staleinents have been prepared in accordance with Accounting and Reporting by Charities.. Siaieinent of Recominended Practice applicable to charities preparing their aceounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l Jai)uary 2015) - (Charities SOIiP (TrRS 102)), the Fii)ancial Reporting Standard applicable in tl)e UK and Republic of Ireland (FRS 102). They also comply wilh the Coinpanies Act 2006 the Charities Act (Nortliern Ireland) 2008 and the Charities (Accounls and Reports} Regulations (Nortliern Ireland ) 2015 Basis of preparation The River Bann and Lough Neagh Association Company ineels the definilion of a public benefil entity under FRS 102. Assets and liabilities are initially recognised ai historical cost or transaction value unless othenvise slated in the relevanl accounlin& policy noles Going coneern The trustees coi)sider Ihat there are no material uncertainties about the charily's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income gnd endowments All income 15 recogni5ed once the charity ha5 enlitleinenl to the income, it is probable that the incoine will be received and the amount of tlie incoine reL¢ivable can be measured reliably. Donalions and legacies Donations are r¢cognised when the charity has been notified in WTiting of both the amounl and Settlement date. In the event that a donation is subject to condilions thal require a level of perforniance by the charitv before the charity is entitled to the funds, the iT]come is deferred and not recogni5ed until either those conditions are fully met, or the ]ri]Ment of those condiiions is wholl), within the control of the Charity and il is probable that these conditions will be fulfilled in the reporting period. Pagell
The River Bann and Lough Neagh Assoeiation Company Notes to the Financial Statements for the Year Ended 31 October 2022 Expendilure All exp¢ndiiure is recognised once there is a legal or construclive obligation to that expenditure, it is probable settlement is required and the amount can be ineasured reliably. All costs are allocated to the applicable expenditure headino Ihal aggregate similar costs to that category. Where costs cannot be direcily attributed io particular headings Iliey l)ave been allocated on a basis consisl¢nl with the use of resoiirces, with central staff costs allocated on Ihe basis of lime speni. and depreciation charges allocated on the portion of tl)e asset's us¢. Other support costs are allocated based on the spread of staff costs. RaisinRliind.s These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading aclivilies thai raise funds. Support costs Siipport costs include central function5 and have been allocated to activity cosl categories on a basis consisienl with the use of resources, for exainple, allocaling property costs by floor areas, or per capiia, staff Costs by the time spent and otlier costs by Iheir usage. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Findnce Aci ?010 and therefore it meets Ihe definition of a charitable coinpany for UK corporation tax purposes. Accordingly, the charity is polenlially exempt froin laxalion in respect of incoine or capital gyaii)s received within categories cuvered by Chapter 3 Part I l of the Corporatioii Tax Act ?0 l O or Section 2.56 of the Taxation of Chargeable Gain5 Act 199? to Ihe exleni Ihai such income ur gain5 are applied exclusively to cl)Éirilable purposes, Tangible fixed assets Individual fixed assets costing £0.00 or Inore are initially recorded at cost, less any subsequent accumulaled depreciaiion and subsequenl accuinulated impairn]ent losses. Depreciation and amortisation Depreciation is provided on laiig?ible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their expected useful econoinic life as follows.. Cash and cash equivalents Cash and cash equivalents coinprise cash on hand and call deposits, and other short-ienn highly liquid investinents Ihal are readily convertible to a known amounl of cash and are subject to an insAgnifIcant risk of change in value. Page 12
The River Bann and Lough Neagh AssoeiatAon Company Notes to the Financial Statements for the Year Ended 31 October 2022 Borrowings Interest-bearing borrowings are inilially recorded at fair value, net of transaction costs. Inlerest-bearing borrowings are subsequently carried al ainortised cost, with the difference between the proceeds, nel of transaction costs, and the amount due on redeiiipiion being recognised as a charg?e to the Statement of Financial ALtivities over the period of tlie relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in inleresl payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settleinenl of Ihe liability for al least Iwelve months after the reporting dale. Foreign exehange Transactions in foreiyi currencies are recorded at the rate of exchange at the date of the Iransaclion. Monetary assets and liabilities denoininaled in foreign currencies al the balance sheet dat¢ are reported al the rates of exclian8e prevailingi al thai dal¢. The results of overseas operations are translated at the average rates of exchange during the period and Ilieir balance sheets ai the rates ruling at the balance sheet dale. Exchange diflerence5 arisii)g on translation of Ihe opeiiing nei assels and results of overseas operations are reported in other coinprehensive incoine and accumulated in equity (attributed 10 non-controlling) interests as appropriate). Other exchange differences are recognised in the Staleinenl of Financial Activilies in the period in which they arise except for.. l ) exchange differences on transactions entered into to hedge certain foreign currency risks (see above); 2) exchange difterences arising on gains or losses on non-monetary items which are recognised in other comprehensive income. and 3) in the case of the consolidated financial Slalements, exchange differences on monetary items receivable froni or payable 10 a foreign operation for which settleinent is neither planned nor likely lo occur (therefore forming part of the nel investment in the foreign operation), which are recognised in other coniprehensive income and reported under equity. Fund structure Unrestricted income fi]nds are general funds that are available for use at the trustees discretion in furtherance of the objectives of ihe charity. Page13
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 Financial instruments Debr In.slrumenls Debi instruments which Ineet the following conditions are subsequently measured at amortised cost using tlie effective interest inediod.. (a) The contractual return to the holder is (i) a fixed amount; (li) a positive fixed rate or a positive variable rate. or (iii) a coinbination of a positive or a negative fixed rate and a positive variable rat¢. (b) The contract may provide for repayments of the principal or the return to the holder (bui not both) to be linked to a single relevant observable index of gyeneral price inflation of the currency in which the debi instruinenl is denominated, provided such links are noi leveraged. (c) The contract may provide for a deternlinable variation of the return to the holder during the life of the inslruinenl, provided that (i) the new rate satisfies condilion (a) and Ihe variation is not contingent on fulure events other Ihan ( l ) a changFe of a contractual variable rate.. (2) lo proteLt the holder against credit delerioralion ot" Ihe issuer; (3) ¢han¥es iii levies applied by a cenlral bank or arisinb froin chaiigyes in relevanl taxation or law. or (li) the new rale is a Inarket rate of interest and satisfies Condition (a). (d) There is no contractual provision that could, by ils lernis, resuli in the holder losing the principal alnount or any inleresi attributable lo the current period or prior periods. (e) Contractual provisions that permit the issuer 10 prepay a debt instruinent or pertnil the holder 10 Put it back to the issuer before Inalurity are not conlinbjent on future events. oil)er Ihai) to protect Ilie holder agyainsl the credit deterioration of Ihe issuer or a chan&Te in coiilrol of Ihe issuer. or to protect the liolder or i55uer agyainsl changes in levies applied by a ceiitral bank or arising) from changyes in relevant taxaiion or law. (n Contractual provisions mas, perinil the extension of the tertn of11)e debt instruinenl, provided that the return to the l)older and any otlier conlraLtual provisions applicable durin<? the extended term satisfy th¢ conditions of paragraphs (a) lo (c). Debt insifuTnenls that are classified as payable or receivable within one year on initial recognilion and which Ineel the above conditions are Ineasured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of iinpaimiei)t. With the exception of soine hedging instruments, other debt instruments nol meeting these conditions are measured al fair value through profil or loss. Commitment5 to Inake and receive loans which meet the conditions mentioned above are measured at cosl (which may be nil) less impairnient. Inve.flinenls Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value ihrough profit or 105S. Where fair value cannot be measured reliably, investments are measured at cosi less impainnent. Inve5th1ents in subsidiaries and associales are measured at C05t less impairnient. For investinents in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, Cost is measured by reference lo the nominal value of the shares issued plus fair value of other conslderdlion. Any premium is ignored. Page 14
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 Derivalivefinancial in.slruments The charity uses derivative financial instruinents to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes. Derivatives are inilially recognised at fair value at the date a derivalive contract is entered into and are subsequently remeasured lo their fair value at each reporting date. The resulting gain or Ios5 is recognised in staiemenl of financial activilies immediaiely unless the derivative is designaled and effeclive as a hedging iiistruinenl, in which event the timing of the recog7nilion in statement of financial activities depends on the nature of the hedge relaiionship. Fulr value fftea.suremenl The best evidence of fair value is a quoted price tor an identical assel in an active Inarkel. When quoted prices are unavailable, the price of a recent transaution tor an identical asset provides evidence of fair value as loi)g as there has not been a si¥nificanl change in econoinic circuinsiances or a significant lapse of tiine since the transaction look place. If the market is not aclive and recent trai)sactions of an identical asset on their own are not a good esliinate of fair value. the fair value is estiinated by using a valuation technique. 3 Income from donations And legacies Unrestrleted funds General TotAI funds Donations and legacies; Donatioiis froin individuals Gift aid reclaiined 2,458 173 2,458 173 Total for 2022 2,631 2,631 Total for 2021 8,480 8,480 4 Income from other trading gctivities Unrestricted funds General Total fund5 Trading income; Shop income from sale of donated goods and services Events incoine,. Other events income Other income froin other trading activities 423 423 3.270 9,500 3,270 9,500 Total for 2022 13,193 13,193 Total for 2021 16,349 16,349 Page 15
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 5 Expenditure on raising funds a) Costs of Irading activitles Unrestricted funds General Total funds Note Depreciation. amortisaiion and other siinilar costs Allocaled support costs 880 13,377 880 13.377 Total for 2022 14.257 14,257 Total (or 2021 20,107 20,107 Page 16
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 Total costs 6 N¢t incomingloutgoing resources Nel (outgoing}/incoining resources for the year include: 2022 2021 Depreciation of fixed assets 880 880 7 Trustees remuneration and expenses 8 Taxation The charity is a regisiered charity and is tlierefore exeinpi froin taxalion. 9 Tangible fixed assets Furniture and equipment Motor vehicles Total Cost Ai l Noveinber 2021 Addilions 230,302 279 746 231,048 279 At 31 October 2022 230,581 746 231,327 Depreciation Al l Noveinber 2021 Charge for the year 227.662 880 746 228,408 880 At 31 October 2022 228,542 746 229,288 Net book value At 31 October 2022 ?,039 2,039 At 31 Oclober 2021 2,640 2,640 10 Slock 2022 I I Cash and Cash equivalents 2022 2021 Cash ai bank 5,615 5,063 Page 17
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 12 Creditors: amounts falling due wilhin one year 2022 2021 Bank loans Other creditors 6,446 (8) 6,446 1,592 6,438 8,038 13 Share capital 14 Funds B#l#nce at I November 2021 Incoming resourees Resources expended Balance at 31 October 2022 Unreslrieted funds General 5,465 15,824 (20.073) 1,216 Balance at I November 2020 Incoming resources Resources expended Balanee At 31 Oetober 2021 Unrestricted funds General 993 5,465 I S Analysls of nel assets between funds Unrestrieted funds General Total funds at 31 October 2022 Tangible fixed assets Current assets Cuent liabilities 2,039 5.615 (6,438) 2,039 (6,438) Total net assets 1,216 1,216 Page 18
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2022 Unreslricted funds General Total funds at 31 October 2021 Tangible fixed assets Currenl assets Cuen1 liabilities 2,640 10,863 (8.038) 2,640 10,863 {8.Oi8) Toial net assets 5,465 5,465 16 Analysis of net (unds At l November At 31 October 2021 2022 Cash at bank and in hand 5,063 5,063 Nel debt 5,063 5.063 At l November At 31 October 2020 2021 Cash at bank and in hand 573 573 Net debt 573 573 17 Related party transaetions Page 19
The River Bann and Lough Neagh Association Company Statement of Financial Activities by fund for the Year Ended 31 October 2022 Unrestricted Funds Total Total Unrestrieted Unrestricled Funds Funds 2022 2021 Income and Endowmenls from: Donations and legacies Other Irading activities 2,631 13,193 8,480 16,349 Total incoine 15,824 24,829 Expenditure on: Raising funds 20.073) (20,357) Toial expenditure (20,073) (20,357) Net (expenditure)lincome (4,249) 4,472 Net movement in funds (4,249) 4,472 Reconcili8tion of funds Total funds brought forward 5,465 993 Total funds carried forward 1,216 5,465 This page does not fonn part of the statutory financial slatements. Page 20
The River Bann and Lough Neagh Association Company Detailed Statement of Financial Activities for the Year Ended 31 October 2022 Total 2022 Total 2021 ncome and Endowments from: Donations and legacies (analysed below) Other trading activities (analysed below) 2,631 13,193 8,480 16,349 Total income 15,824 24,829 Expenditure on: Raising funds (analysed below) (20,073) (20,357) Total expenditure Net (expenditure)/income (20,073) (20,357) (4,249) 4,472 Net movement in funds (4.249) 4,472 Reconciliation of funds Total funds brought forward 5.465 993 Total funds carried forward 1,216 5,465 This page does not fonn part of the statutory financial statements. Page 21
The River Bann and Lough Neagh Association Company Detailed Statement of Financial Activities for the Year Ended 31 October 2022 Total 2022 Total 2021 Donalions and legacies Donations Gift Aid Eligible Donations Gifi Aid lax reclaimed 2,458 6,209 490 1,781 173 2,631 8,480 Orlier Iradlng actlvllles UK Goveriii)ieni grants Book Sales Boat Charters Camping Charity Event 9,500 423 325 2,790 155 9,830 320 1,908 4,291 13,193 16,349 Ral.flnKfunds Opening Inerchandise Closin&y Inerchandise Cleaning Barge Expenses Biodiversity Jelly Expenses Boat Running Expenses Berth Fee Event Expenses Volunteer Expenses Accounlancy fees Legal and professional fees Sundry & Office Costs Bank charges Depreciation of plant and machinery Depreciation of fixtures and fittings Insurance (5.800) (6,050) 5.800 (16} {1,420) (210) (3,736) (2,980) (1,025) (36) (952) (780) (13) (113) {32) (780) (100) (1,709) (262) (109) (20,073} (3,122) (467) (4,608) {5.509) ( 1,000) (967) (650) (13) (32) (780) (100) (1,661) (591) (607) Computer software and maintenance costs Printing, postage and stationery (20,357) This page does not forni part of the statutory financial statements. Page 22