Company registration number.. N1053517 Charity registration number.. 102397 The River Bann and Lough Neagh Association Company (A company limited by share capital) ATht)ual Report and Financial Statements for the Year Ended 31 October 2023 The River Bann and Lough Neagh Association Company Contents Reference and Administralive Delails Strategic Report Trustees, Report Independenl Exaniiner's Repon 3to6 Independent Fxaminer's Report Statement of Financial Activities Balance Sheet Statemeiil of Cash Flows 10 Notes to the Financial Statements 12to20 The River Bann and Lough Neagh Association Company Reference and Administrative Details Chairman Mr Robert Mc Connac Truste¢s Mr Andrew Nelson Mr Kevin Arthur Le Quesne Mr Michael Robert Stevenson Mr Robert ML Cormac Secretary Mr Kevin Arthur Le Quesne Charity Registration Number 102397 Company Registration Number N1053517 The charity is incorporaled in Northern Ireland. 3 14illview Anirim Co Aiitrim BT412BT Registered Offiee Independent Exaniiner J A Mc Clements & Co ndependei)i Examii)er 25B Ballyinena Busine55 Centre GalgForiii Ballyinena Co Antrim BT42 1 FL Page I The River Bann and Lough Neagh Assoeiation Company Trustees, Report The trnstees, who are dir¢clors for the purposes of coinpany law, present the annual report together with the financial stateInents and audiiors, report of the charitable company for the year ended 31 October 2023. Objectives and activities Objects und aim.s The Company is estsblished to promote the River Bann and Lough Neagh (hereinafier referred to as the 'area of benefit,) for the b¢nefii of the inhabitants of Northern Ireland {hereinafter referred to as 'lhe beneficiaries,) wilhoul disiinction of agye gender disability. sexual orientation, nationality, ethnic idenlily, policitical or relL'gFious opinioi). by associaling the statutory authorities, community and voluntary organisations and the inhabitanls in acommon effort to advance education, and to provide facilities in the interests of social welfare for recreation or oiher leisure-tiine occupation, with the object of iinproving the coiidilions of life for Ihe said inhabilanls and in particular.. a) lo provide or assisl in the provision of tacilities in the interests ofsocial welfare for appropriate recreation and leisure lime occupation coininensurate with the activities described above.. b) lo advance public education in cnviromenlal and heritage matiers in the area of benefit and the ways of suslainin&F, ¢onserving,protectii)g and improvii)g the same. For over 40 years the River Bann and Lough Neagh as.sociation has been involved in promoling the River and th elough and ensuring> tliis importai)t waterway 18 used properly witlioul being 5poiII. The a5sociaiion can trace its roots back to 1962 and caine into existencc officially in 1964 beLause of the tlireal of L105ure of the River Bann navigation between Toomebridge and Coleraine. Ils aiins and objectives are to preserve and promote tlie an)enities of Ilie Bai)n and l.ou¥h Neagh. their tributaries and associated waierways. Tl)e tacl that navigation is slill possible between Tooi))ebridgye and Coleraiiie is due lo the efforts of niany people, but without the work of Ihe RBLNA il is quite likely Ihal naviLJation would have ceased to exisl year5 ago. We have held Inany aniiual boat rallies over the years. The Association lias produced a pilot book. a guide book and helped with the production of a safety guide of Lougli Neagh. RBLNA also organises boat rallies, enviromeiital cleanups, canal walks, talks oi) a wide variei of topics, visits to places of interest lo members and hosts visits to the System. In 2005 ihe RBLNA fonned a coit)pan)' and si&yned a 30 year lease from Lord O Neil I for Rain8 Island. In 2007 the company was re¢ogyi)ised as a Charity by H M Revenue and Customs. At the Inoinent and ii) the past we have had no paid staff and all work admiiiistrative and liÉinds oli is done by volunteers. Rains Island Heritage Proj¢¢t volunteers have fundraised ii) excess of £300.000.00 for Capilal Projects on Ihe island such as building a neH' etty, providing an inlerprelive ceiiire and providing a ferry boat. The physical work for tllese individual ventures was iindertaken by voluntecrs. I"he projecl has a sinall team of coininilted individua15. The project focuses on enviromental restoration of the island, enhancing habitant for wildlife and creating safe and free public access lo the island. Page 3 The River Bann and Lough Neagh Association Company Trustees, Report Publlc beiiefit Since 2005 groups of volunteers froin the River Bann and Lough Neagh Association Company have been working on Rams Jsland to Inak¢ it accessible and attractive to the general public. The developmLnl on paths, walkways, a floating Visitors, Centre, wild caniping area, poultry and duck enclosures, an excellent jetty and a feny service are Ihe results of our endeavours. Nearly every weekend,volunleerts are workiiig to maintain, repair and extend these facilities ￿rther. With Ininimal publication and steadily increasing we now welcoine around 8,000 visitors of all ages. abililiesldisabilities, creeds {or iione) annually. some coine oli ihe Fery, Inany under their own steam.Soine come for the novelty of travelling lo an island, others to explore its $17eable area and perhaps have aguided tour and learn soinething of ils huinan and nalural history. Retreshineiits are available to all and excepi for a nomiiial charge to cover ferry costs everything id free, although a donation box is available to anyone who wishes to aid the prohjeLI financially. No one benefits financially or recives any 'perks' for their labours apan from ihe satistaclion of seeingi a voluntary job well doiie. The River Bann and Lougyl) Neagh Association Coinpany regularly organises volunteer litter lifts around the shores and invasive species removal Ihese benefit the wildlife aiid visitors. The projecl is unique iii Northern Ireland and tl)e directors and volunt¢ers are enthusiastic in their committment to Inaintain and develop il funl)er. Menibers of the public who care to avail Iheinselves of a visit to Ram's Island will not be dissappoinled - al least that is ivhat Iliousands of previous visitors have said! Shoiild they g)0 for a ferry ride. a walk around Ihe island. a guided tour encoinpassing its history. talks on ecogical balance and conversalion or just a clip of lea and a chat in ils well foound Visitors Centre (bargje) they H'ill find it a refresliingJ and invigorating experieiice. as a get-away-froin-it-all destination it is unique. As a world for children(ol' all a&Tes) to explore il is filled wilh Iny5tery. As a soLial venue it is unsurp¢issed. As a place for reflection it is liinitless. the Directors believe Ihat a vist to Rains island 15 ag)reai tonic everyone is wwlcome and it's freel A vist to Rains Island Inay lasl a few l)oure5 or a few days. 11 Inay be done individually or a part of a gyroup. li may be a fixed prograinine or laissez-faire agenda. It may be part of a celebration or for a lime of quiet reflection. Whatever your reason lo visit. Rams Island will jot dissppoint. Thousands of visitor5 over the past len years will testify to this! The iruslees confimi that they have complied with the requireinenls of tl)e Charities Act (Northern Ireland) 2008 lo have due regard lo the public benefil g)uidanLe published by ihe Charity Coininission lor Northern Ireland. Trustees and offieers The tnistees and o￿l¢erS serving during the year and since the year end were a5 follows.. Trustees.. Mr Andrew Nelson Mr Kevin Arthur Le Quesne Mr Michael Robert Stevenson Mr Robert Mc Corniac (appoinied 26 January 2023) Chainnan: Mr Robert Mc Corniac (appointed 26 January 2023) Mr Kevin Arthur Le Quesne Secretary- Page 4 The River Bann and Lough Ne2gh Association Company Independent Examiner's Report to the trustees of The River Bann and Lough Neagh Association Company ('the Company,) I report lo the charity trustees on my examination of the accounts of Ihe Coinpany for Ihe year ended 31 October 2023. Responsibillties and basis of report As the charily's truslees of The River Bann and Lough Neagh Association Company (and also its directors for the purposes of conipany law) you are responsible for the preparation of the (ILcounls in accordance witl) the requireinents of the Cojnpanies Act 2006 ('the 2006 Act,). Having satisfied myself Ihal the accounts of The River Bann and Lough Neagh Association Coinpany are not required to be audited under Part 16 of the 2006 Aci and are eligible for independent exainination, I report in respect ol. Iny examination of your charity's accounis as carried out under the Charities Act (Northern Ii'eland) 2008 ('Ihe 2008 Act').aiid the Charities (Accouiits and Reports) Regulaiions (Northerrt Ireland) 2015. In carrying oul my exaininaiion I have followed ihe Directions given by the Charity Coinii)ission uiider the 2008 Act. ndependent examiner's statement have coinpleted niy examiiiation. I confirm Ihal no Inatters have come to my attention in connection with the exaiiiinalion givin&? rne cause to believe.. accounting records were not kL'pi in respecl of The River Banii aiid Lough Neagh Associalion Coinpany as required by section 386 of the 2006 Acl,. or 2. the accounts do not accord willi Ihose records; or 3. the accounis do not coinply with the accounting) requireinent5 of seLlion 396 of the 2006 Acl other tl)aii any requiremeiii that Ihe accounts give a 'true and fair view, which is not a iiiatter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance wilh the Inethods and principles of the Stateinent of RecoTnmended Praclice tor accounting and reporting by charities lapplicable to charities preparing their accounts in accordance wilh th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)1. I have no concerns and hav¢ coine across no other matters in coimeciion with the exaininalion to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. J A Mc Cleinents Independent Examin¢r 25B Ballymena Business Centre Galgorni Ballymena Co Antrim BT42 1 FL 12 March 2024 Page 8 The River Bann and Lough Neagh Association Company Statement of Financial Activities for the Year Ended 31 October 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2023 Income and Endowment5 from.. Donations and legacies Other trading aclivities Total income Expenditure on: Raising funds Other expenditure Total expendilure Nel expenditure Net Inovemeni in funds Reconciliation or runijs Total funds brought forward Total fvnds carried fonvard Note 3,856 25.876 3.8.56 25.876 29,732 29,732 (31 116) (31 116) (1,719) (32,835) (32,835) 3,103} (3,103) (3.103) (3,103) 5,465 5,465 14 2,362 Unrestricted (unds 2.362 Total 2022 Income and Endowments from: Donations aiid legacies Other trading activities Total income Expenditure on: Raising funds Total expenditure Nel expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward Note 2.631 13,193 2,631 13,193 15,824 15.824 (20.073) (20,073) (20.073) (20,073) (4,249) (4,249) (4,249) {4,249) 5,465 5,465 14 1,216 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in iiote 14. 1,216 The notes on pages 12 to 20 forn) an integral part of these financial statements. Page 9 The River Bann and Lough Neagh Association Company (Regi.stration number: N1053517) Balance Sheet as at 31 October 2023 2023 2022 Note Fixed assets Tangible assets Current assets Cash ai bank and in hand 10 2,039 2,039 Creditors: Amounts falling due within one year Net current assets/{liabilities) Net assets 7.739 5.615 12 (7,416) (6,4)8) 323 (823) 1.216 Funds of the eharity.. Unrestricted Income funds Unr¢slricted fui)ds Total funds 2.362 2,362 1,216 14 2,362 1,216 For the finaiicial year eliding 31 October 2023 tlie charity was entitled to exeinpiion from audit under section 477 ofthe Coiiipaiiies Acl 2006 relating to sinall coinpanies. Directors, responsibilities.. The meinbers have not required the charity to obtain an audit of its accounis for the year in questioi) in accordaiice with section 476; and The directors acknowledgye their responsibilities for complying with the requtremeiits of the Act wilh respect to accounting records and the preparation of accoui)Is. The fi 2024 Slalemenls on page5 9 10 20 were approved by the trustees, and authorised for issue on 12 March ned on their behalf by.. evi hur Le Quesne y secretary and trustee Mr Robert Mc Corniac Chairn)an and trnstee The notes on pages 12 to 20 fomi an inlegral pan of these financial statements. Page 10 The River Bann and Lough Neagh Association Company Statement of Cash Flows for the Year Ended 31 October 2023 2023 2022 Cash (lows from operating activities Net cash expenditure Note Adjustments to cash flows from noD-cash items Depreciation (3,103) (4,249) 880 880 Working capitgl adjustmenls Decrease in stocks Increase/(decrease) in creditors Net cash flow5 from operating activities Cash flows from investing activities Purchase of langiible fixed assets (2.223) (3,369) 5,800 (1.600) 12 978 (1,245) 831 Nel Idecrease)lincrease in cash and cash equivalents Cash and cash equivalents at l November Cash and cash equivalents at 31 October 10 (279) (279) (1,524) 552 9,263 5.063 7.739 All of the cash flows are derived froin continuing operations during the above two periods. 5,615 The notes on pages 12 to 20 forni an integral part of these financial statements. Page 11 The River Bann and Lough Neagh Association Company Statement of Cash Flows for the Year Ended 31 October 2023 2023 Note 2022 Cash flows from operating aclivities Net cash expenditure Adjustmenls to cash nows from non-cash items Depreciation (3.103) (4,249) 880 880 Working capital adjustments Decrease in slocks Increase/(decrease) in creditors Nel cash flows from operating activities Cash flows from investing activities Purchase of tangible fixed assets (2.223) (3,369) 5,800 (1,600) 12 978 (1,245) 831 10 Nel (decrease)lincrease in cash and cash equivalents Cash and cash equivalents al l Noveillber Cash and cash equivalents at 31 October {279) (279) (1,524) 5,615 552 5.063 4,091 Oui of halance lu L asli al btii)k and iii Ii&tiid Laieuiory -5,615 13,6481 All of the cash flows are derived trom continuing operations during the above two periods. The notes on pages 12 10 20 forni an integral part of these financial statements. Page 11 The River Bann and Lough Neagh Association Company Notes to the Financial statements for the Year Ended 31 October 2023 Charity status The charity is liinited by share capital, incorporated in Nortliem Ireland. The address of ils registered office Is.. 3 Hillvtew Co Anirim BT412BT These finaiicial Slaleinents were authorised for issue by the IrLlStees on 12 March 2024. 2 Accounting policie5 Summary of signifjcant aecountiiig pollcies and k'ey Accounting estimates Tl)e principal accounting policies applied in the preparation of tliese financial staiemenls are s¢t out below. These policies have been consistently appi led to all the years presenied, unless otherwise stated. Statement of compli#nee Tlje finaiicial staieinents have been prepared in accordance with Accounting and Reporting by Chariiies.. Stateineni of Reconiii)ended Practlce app i icable to charities preparingy their accounls in accordaiice wilh the rinancial Reporting, Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Irelai)d (fRS 102). They also coinply with the Companies Act 2006 , the Charities Act (Northeni Ireland) 2008 and the Charities {Accounis and Reports) Regulations (Northem Ireland ) 2015 Basis of preparation The River Bann and Lough Neagh Assoeiatlon Coinpany meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are Rniiial Iy recogiiised at historical cost or transaction value unles5 Otherwise slated in the relevant accounting policy n￿teS Going concern The trustees consider that there are no material uncertainties aboui ihe charity's ability to continue as a going concern nor any significant areas of Uncerta i nty that affect the carrying value of assets held by the charity. Ineome and endowments All income is recognised once the charity s enlltlement to the income, li is probable that the income will be received and the amount of the income rece able can be measured reliably. Donoilons and legacie Donation5 are recogntsed when the charity as been notified in writingF of both the amount and settlement date. In the event that a donation is subject to ition5 that require a level of perfonnance by the charity before the charity is entitled to the funds, the income met, or the fulfilment of those conditlons is eferred and not recognised until either those conditions are fully liolly within the conirol of the charity and it l5 probable thai these conditions will be fulfilled in the reponing F￿￿￿70d. Page 12 The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2023 Expenditure All expendilure is recognised once there is a legal or co11st￿CliVe obli4yation lo that expenditure, it is probabl¢ seniemenl is required and the amount can be measured reliably. All cosls are allocated lo ihe applicable expenditure heading thal aggregale similar costs to Ihat category. Where costs cannot be directly attributed to particular headii)gs they have been allocated on a basis consislent with the use of resources, wilh ceiitral staff costs allocated on the basis of liine spenl, and depreciaiion charg?es allocated on the portion of the asset's use, Other support costs are allocated based on the 8pread of Staff costs. Ralsingfiinds These are costs inciirred in attracling voluntary income, the Inanagement of investinenls and those incurred in trading activities Ili A ￿. Investments in subsidiaries and associates investments are tt]easured at cost less impainnent. acquired for consideratton including th reference to the nominal value of the SF imeasured at C05t less iinpaimient. For investments in subsidiaries ignored. Ssue of shares qualifying for merger relief, cost is measured by es issued plus fair value of other consideration. Any premium i< Which Ineet the conditions mentioned above are measured at cost Page 15 The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2023 Derlvativefinanc'lal in.slrMmenlJ The charity uses derivative financial instruinenis to reduce exposure lo foreign exchange risk and inleresl rate moveTnents. The charity does not hold or issue derivative financial instruments for speculaiive purposes. Derivatives are initially recognised al fair valuc at the date a derivative contract is ¢nler¢d into and are subsequently remeasured to their fair value at each reporting date. The resulling g7ain or loss is recognised in stalement of financial activilies iinmediately unless tlie derivative is designated and etyective as a hedging instrumenl, in H'hich event the timing of the recognition in slateinent of tinancial activities depends on the nalurc of the liedge relationship. Falr value mea.sureiNenl The best evidence of fair value is a quoted price for an identical asset in an active markel. When quoled prices are unavailable, the price of. a receni iransaction for an idenlical asset provides evidence of fair value as lon&F as there htis not been a significant change in econoimic circiiiiislances or a significant lapse of liille since the transaction look place. If the markei is not active and recent transactions of an ideniic