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