The River Bann and Lough Neagh Association Compan), Trustees, Report Tlie trustees, who are directors for the purposes of company law, present the annual repurt together with the rinancial statements and auditors, report of the charitable coinpany for the year ended 31 October 2023. Objectives and activities Objecls aiid alms The Coinpany is established to proinote tlie River Bann and Lough Neagh (hereinafter referred lo as the 'area of benefit,) for the benefit of the iiihabitants of Northern Ii'eland (hereinafter refeed to as 'the beneficiaries,) without distinclion of agc gender disabilily, sexual orientation, nationality. eihnic idenlity, policitical or relegious opinion, by associatiiig the slatulory authorities, conimunity aiid voluntary organisatioiis and the inhabilanls in acoininon effort 10 advance education, and to provide facilities in th¢ interests ot. social welfare for recreation or olher leisure-lime occupation, wilh ihe object of iinproving the conditions of life for the said inhabitants and in particular: a) lo provide or assist in the provision of facilities in the interests of social welfare for appropriate recreation and leisure linie occupation coininensuraie wilh the aclivilies described above.. b) to advance public education in enviroiiiental and heritagye matters in the area of benefi¢ and the ways of sustaiiiiii&y, conserviiig,protecling and iinproviiig ihe same. For over 40 years the River Bann and Loug,h Neagh association has beeii involved in promolints the River and th elough and ensuring this important WateaY is used properly witlioui being spoilt. The association can Irace its roots back to 1962 and caine iiito exisience officially in 1964 because of the threat of closure of the River Bann navigation between Tooniebridgie and Coleraine. Its aims and objectives are to preserve and promote the amenities of the Bann and Lougjh Neagh, their Iribularies and associated iyalerways. Tlie facl tl)at navigjation is still possible between TooinebridgFe and Coleraine is due to the efforts ol. i)iany people. but wiihout Ihe work of the RBL.NA il is quite likely Ihal navigaiioi) would have Ceased to exist years ago. We have held many annual boat rallie5 over the years. The Association ha5 produced a pilot book, a gyuide book and helped with the production of a safety b7uide of Lough Neagh. RtJLNA also organises boat rallies, enviroiiienlal cleanups, canal walks, talks on a wide variet of topics, visits 10 places of interest to nienibers and hosts visits to the System. Iii 2005 the RBLNA fOrned a coinpany and sigiied a 30 year lease from Lord O Neill for Rams Island. In 2007 the coinpany was recogynised as a Charity by H M Revenue and Customs. At the moment and in the pasi we have had no paid staff and all iyork adiiiinistrative and liands on 15 done by volunteers. Rams Island Heritage Project volunteers l)ave fundraised in excess of £300,000.00 for Capital Projects on the island such a5 building? a new etty. providing an inierpretive centre aiid providing a ferry boat. The physical work for these individual ventures was undertaken by volunteers. I"he projecl has a small team of comjnitted individuals. The project focu5es on ei)viromenlal restoration of the island. enhancing habitant for wildlife and creating safe and free public access to the island. Page 3
The River Bann and Lough Neagh Association Company Trustees, Report Public. benefli Since 2005 groups of volunteers from the River Bann and Lough Neagh Association Compan), have been work.ing on Rains Island to make il accessible and attractive to the general public. The developinent on paths, walkways, a floatiiig Visitors, Centre, wild camping area, poultry aiid duck enclosures, an excellenl jetty aT]d a ferry service are the results of our endeavours. Nearly cvery weekend,volunteerts are working to maintain. repair and extend these facilities further. With miniinal publication and steadil), increasing we now welcoine around 8,000 visilors of all ages. abiliiiesldisabilities, crcLds (or noiie) annually. some come on the Ferry, many under their own steani.Soine coine for the Iiovelty of travelling 10 an island, others to explore its sizeable area and perhaps have agTuided tour and learn soineihing of its human and natural history. Refreshments are available to all and except for a noininal charge lo cover ferry costs everythingy id free. although a donation box is available lo anyone who wislies lo aid the prohject financially. No one benefits financially or recives any 'perks' for their labours apart from the satisfaction of seeing a voluntary job well done. The River Bann and Lough Neagli Association Conipany regularly Drganises volunteer liller lifts around the shores and invasive species removal these benefit thc wildlife and vi.sitors. The project is unique in Northern Ireland and the direclors and volunteers are enthusiastic in their committment ¢0 Inaintain and develop it further. Meiiibers of the public who care to avail Iheinselves of a visil to Ram's Island will i)01 be di55appointed - al least thai Is what tliousands ol- previous visitors have said! Sl)ould they go for a ferry ride, a walk around the island, a guided tour encoinpassing its hisiory, ialks oli eco&yical balance and conversaiioi) or just a cup of tea and a cha¢ in its ivell foound Visitors Centre (barge) they will tii)d il a refreshiiig and iiivigoratiiig experience. as a gel-away-from-il-all desiinatioii il is ui)ique. As a ivorld for ¢l)ildren(of all agies) 10 explore it is filled wilh mysiery. As a social venue it is unsurpa55ed. As a place for reflection il is liiniiless. the Directors believe that ¢1 vist to Rams island is agyreal tonic everyone is wwlcoine and it's freel A vist lo Rams Island may last a few houres or a few days. It Inay be done individually or a part of a group. It may be a fixed progranini¢ or laissez-faire ageiida. It Inay be part of a celebration or for a tiine of quiet reflection. Whatever your reason lo visil. Rams Islaiid will jol dissppoint. Thousands of visitors over Ihe past ten years will testify 10 thisl The trustees confirm Ihat they have complied wilh the requireiiienls of the Charities Act (Nortliern Ireland) 2008 to have due regard to the public benefit guidance published by the Charity Coiniiiission for Northern Ireland. Trustees And officers The trustees and ol¢erS serving during the year and since the year end were as follows.. Truslees.. Mr Andrew Nelson Mr Kevin Arthur Le Quesne Mr Michael Robert Stevenson Mr Robert Mc Connac (appointed 26 January 2023) Chairman: Mr Robert Mc Connar (appointed 26 January 2023) Mr Kevin ArthuT Le Quesne Secretary: Page 4
The River Bann and Lough Neagh Association Company Trustees, Report Strueture, governance and management Financial inslruments Objecllves andpollLie The charity's activities expose it to a number of financial risks iiicluding credit risk., cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's poliLies approved by tlie board of trustees, whiLlI provide WTitten principles on the use of financial derivatives to Tnanage these risks. The charity does not usc derivative finaiicial instruments for speculative purposes. Cash flow rlsk The Lharily's activities expose it priinarily lo the financial risks ot chan&ies in loreign currency exchange rates and iiileresl rates. The charity uses foreigFn exchange forward contracts and interest rate swap coiitracts lo hedgye Ihese exposures. Inleresi bearing assets and l labilities are held al fixed rate to ensure certainly of cash flows. Credli rl.sk The charity's principal financial asseis are bai)k balances aiid cash, trade ai)d olher receivables, and investinenls. Tl)e charity's ci'edit risk is primarily allriblilable 10 its trade receivables. The ainounts pi'esenled ii) lh¢ balai7ce sheet are nel of allowances for doubtful receivables. An allowance for iinpainnent 15 InadL where there is an identified loss event which, based on previous experience. is evidence of a reduction in ihe recoverability of Ihe cash flows. The crcdil risk on liquid funds and derivative financial instrumenls is limited because the counterparties are banks with high credit-ralingys assigned by inteniational credit-ratillg agencies. The Charity has no Si&Fnificai)I concentration of credii risk, with exposure spread over a large nuinber of counterparties and customers. Llquldlty> ri&k In order lo maintain liquidity lo ensure that sufficient funds are available for ongoing operations and future developnienis, Ihe charity uses a mixture of long-lerm and short-temi debt finance. Further details regarding liquidity risk Can be found in the Stateinent of accounting policies in the financial staleinenls. Slatement of trustees, re5ponsibililies The trustees (who are also the directors of The River Bann and Lougl) Neagh Association Company for ihe purposes of company law) are responsible for preparin&i the trusiees, report and the financial statements in accordance with applicable law and United Kingydorn Accouniing Standards (United Kingdom Generally Accepied Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the Irustees must not approve the financial statements unless ihey are satisfied thai they give a true and faiT view of ihe slate of affairs of the charitable company and of the incoining resources and application of resources including its income and expendiiure, of the charitable company for that period. In preparing these financial staieinenls, the irustees are required to- select suitable accounling policies and apply them consistently. observe the methods and principles in the Charities SORP- make judgements and ¢stiinates that are reasonable and prudent. Page 5
The River Bann and Lough Neagh Association Company Trustees, Report stale whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in 11)e financial statemeiits. and prepare th¢ financial Slalements 01) the going concern basis unless li is inappropriate lo presuine ihal the charitable compai)y will continue in busiiless. The trustees are responsible for keeping proper accounting records that can disLlose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial s101emeiils cornply with the Coinpanies Act 2006. They are also responsible for safeguarding the assets of the charitable coinpany and hence for iaking reasonable sleps for the preveiition and detection of fraud and other irregularities. The trustees are respoiisible for the maii)lenance and inlegi'ily of the corporate and financial intorniation included on the charitablc Loiiipany's website. l.egiislation govemin& the preparation and disseminaiioi) or rinancial statements may differ froin legislaiion in other jurisdictions. Disclosure of information to auditor Each trustee has takei) steps thai they ouglii to have taken as a truslee in order to make theinselves aware of any relevaiil audit inforinalioii and lo establish Ilial the Lharity's auditor is aware of (hai inforniation. The trustees onli that there is no relevant inforin41tion that they know of and of which tliey know the auditor is unaware. The In report was approved by the trustees of the charity on 12 March 2024 and signed on 115 behalf by.. rthur Le Qucsne secretary ai)d trustee iiip Mr Robert Mc Connac Chairman and trustee PaLFe 6