Company registration number.. N1053517 Charity registration number.. 102397 The River Bann and Lough Neagh Association Company (A company limitsd by share capital) Annual Report and Finan¢ial Statements for the Year Ended 31 October 2024
The River Bann Hnd Lough Neagh Association Company Contents Reference and Administrative Details Stratsgic Report Trustees, Report 3to6 Independent Bxaminor's Report Indepelldent EXamineS Report Statement of Financial Activities Balance Sheet 10 Statement of Cash Flows Notes to the Financial Statetnents 12to21
The River Bann And Lough Neagh Association Company Reference and Administrative Detaijs Chairman Mr Robert Mc Corrnac Trustees Mr Ilndrew Nelson Mr Kevin Arthur Le Quesne Mr Michael Robert Stevenson Mr Robert Mc Corniac Mr Icevin Arthur Lk Quesne Secretary Charlty Registratlon Number 102397 Company Registralion Number N10535J7 The charity is incorporated in Northern Ireland, 3 Hillview Antrim Co Antrim BT412BT Registered Offi¢¢ Independent Examiner J A Mc Clements & Co Independent Examiner 25B Ballymena Business Centre Galgorni Ballymena Co Antrim BT42 IFL Page I
The River Bann and Lough Neagh Association Company Strategic Report for the Year Ended 31 October 2024 The tnistees, who are directors for the purposes of ¢ompany law, present their strategic report for the year ended 31 October 2024, in compliance with $414C of th¢ Companies Act 2006. Thest by: report was approved by the tru8toes of the charity on I l November 2025 and signed on its behalf ev thur Le Quesne retary and trustee pan Mr Robert Mc Cormac Chairman and trustee Page 2
The River Bann and Lough NeAgh Association Company Trustees, Report The truslees, who are directoi3 for the purposes of Company law, present the annual report togetheT With the fll)¢1a1 statements and auditors, repoit of the charitable company for th¢ year ended 31 October 2024, Objeetives and activitles Objects dnd The Con]pany is established to promote the River Bann and Lough Neagh (herein2ther referred to as the 'area of ben¢fiV) for the benefit of the inhabitants of Northeill Ireland (hereinafter referred to as 'the benefi¢i&ries') without distinction of age , gender , disability, sexual orientation, nationality, ethnic identity, polAciti¢al or relegious opinion, by a¢tatIng the statutory authorities, conununity and voluntary organisations and the inhabitants in ac0tnOll effort to advance education, and to provide facilities in the interests of social welfare for recreation or other leisure-titne occupation, with the object of improving the conditions of life for the said inhabitants and in particular: a) t(J provide or assist ill th¢ provision of facilities in the interests of social welfare for appropriate recreation and leisure time occupation commensurate with the tiVitieS described above: b) to advance public education in enviromental and heritage matters in the area of benefit and the ways of sustaining, conserving,protecting and improving the same. For over 40 years the River B&nn and Lougli Neagh association has been involved in promoting the River and th elough and ensuring this import&nt watenvay is used properly without being spoilt. Th¢ association can trace its roots baok to 1962 and came into existence officially in 19fv1 because of the threat of closure of the River Bann navigation between Toomebridge and Coleraine. Its aims alld objectives are to preserve and promote the Mmenilies of the BAnn and Lough NeW, their tributaries and associated waterways. The fact that navigation is still possible between Toomebridge and Coleraine is due to the efforts of many people, but without the work of the RBLNA it is quite Ilkely that navigation would have ceased to exist years ago. We have held many annual boat rallies over the years. The Association has produced a pilot booK a guide book and helped with the production of 8 safety guide of IA)u] Neagh. RBLNA also organis&s boat rallies, enviromental cleanups, ianal wall(s, talks on a wide variet of topics, visits to places of interest to members and hosts visits to the System. In 2005 the RBLNA forned a company and signed a 30 year lease from Lord O Neill for Rall Island, h 2007 the company was reGognised as a Charity by H M Revenue and Customs. At tho moment and in the PY48t we have bad no paid staff and all work administrative and hands on is done by voluntsers. Rams Island H¢ritage Project volunteers baye fundTaised in excess of £300,000.00 for Capital Pr()jeets on the island such as building a new etty, providillg an interpretive centre and providing a fery boat. The physical work for these individual ventLire5 was undertakon by volunteers. The project has a Sn11 team of Con]itted individuals. The project focuses on enviromental restoration of the island, enhancing habitant for wildlife and croating safe and fre¢ public access to the islan(L Page 3
The River Bann and Lough Neagh Association Company Trustees, Report Publlc benefit Since 2005 groups of volunteers from the River Bami and Lough Neagh Association Company have been working on Rams Island to malc¢ it accessible and attractive to the general public. The d¢v¢lopm¢nt on paths, walkways, a floating Visitors, Centre, wild camping area, poultsy and duck enclosures, an excellent jetty and a ferry service are the results of our endeavours. Nearly every w¢elc¢nd,volunteerts are working to maintaill, repair and extend these facilities further. With minimal pubLi¢ation and steadily increasing we now welcome around 8,000 visitors of all ageg, abilitiesldisabilities, creeds (oi. non¢) annually. some com¢ on the Fery, many under their own steam.some come for the novelty of trav¢lling to an island, others to explore its 8izeable Area and perhaps have aguided tour and learn something of its human and natural history. Refresl]ments are available to all and except for a nominal charge to cover ferry costs ¢veiyhing id free, although a donation box is available to anyone who wishes to aid the prohject fllwicially, No one benefits financialty or reciYe8 any 'perks' for tbeir laboLirs apart from the satisfaction of seeing a voluntary job well done. The River B&nn and Lough Neagh Association Company regularly organises volutrteer litter lifts around the shores and tnvasive species removal , these benefit the wildlife and visitors. The project 18 unique in Northern Irelalld and the directors and volunteers are enthusiastio in their commitlment to ltaIn and develop it further. Members of the public who care to avail themselves of a visit to Ram's Istand will not be dissappointed - at least that is what thousands of previous visitors have saidl Should they go for a ferry ride, a wall( around the island, a guided tOUT encompassing its history, talks on ecogical batance and conversation or just a cup of tea and a chat in its well foound Visitors Centre {barge) they will fll it a refreshing and invigordting experience. as a get-away-from-it-all destination it is unique. As a world for Ghildren{of all ages) to explore it is filled with mystery. As a social venue it is unsuryassed. As a place for reflection it is limitless. the Directors believe that a vist to Rams island is agreat tonic . everyone is wwlcome - and it's freel A vist to Rams Island may last a few houres or a few days. It may be don¢ individually or a purt of a group. It may be a red progrdmme or laissez-fair¢ agend& It nmy be part of a celebrdtion or for a timo of quiet reflection. Whatever your reason to visit, Rams Island will jot dissppoint. Thousands of visitors over the past ten years will testify to d]isl The trustees conf that they have complied with the requirements of the Charities Act (Northern Ireland) 2008 to have due regard to the public benefit guidance published by the Charity Commission for Northern Ireland. Trustees and oificers The trustees and officers Serving during the year and since the year end were as follows: Trustees.. Mr Andrew Nelson Mr Icevin Arthur Le Quesne Mr Michael Robert Stevenson Mr Robert Mc Corniae Chairinan., Mr Robert Mc Cortnac Secretary., Mr Kevin Arthur Le Quesne Page 4
The River Balln and Lough Neagh Association Company Trustees, Report Slrueturey governance alld management Flnanelal Instruments Objec¢ives andpollcles The charitys activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. Th¢ 115¢ of financial derivatives is governed by the chIty'S policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The clwity does not use derivative financial instruments for speculative purposes. Cftsliflow ptsk Tho charity's activities expose it primarily to the fancial risks of changes in foreign currency exchange rates and interest rates, The charity uses for¢igrA exchange forward contrncts &nd interest rale swap contracts to hedge these exposures. Interwt bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credil rlsk The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments, The charity's credit risk is primarity attributable to its trade receivables. The &inounts presented in the balance sheet are net of allowances for doubthl receivables. An allowance for ilnpairment is made where there is an identified loss event which, based on previous experience, is evidenc6 of a reduction in the recoverdbility of the ash flows. The credit risk on liquid fullds and derivative financial instrumellt5 is limited because the counterparties are banks with high credit-ratings assigtted by international credit-rating &gencies. The charity has no significant concentration of credit risk, with exposure Spread over a laTge number of counterparties and customers. Llquldily risk In order to maintsin liquidity to ensure that Sufficient fimds are available for ongoing operations and future developments, the charity uses a mixtur¢ of long-terni and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting polici¢s in the fInancial statements. Statement of trustees, resp0115ibilities The trustees (who are al80 the directors of The River Bann and Lough Neagh Association Company for the purposes of compally law) are i'esponsible for preparing the trust¢es' report and the f[cIal st&tements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prdctice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of ]reland" Company law requires the truslees to prepare fmancial statements for each fancial year. Under company law the trustees must not approve the fInancial statements unless they are satisfied that they giv¢ a trLie and fair view of the state of affaij's of the charitable company and of the incoming resources and application of resour¢es, including its incolne and expenditure, of the charitable company for that period, In preparing these financial statements, the trustees are required to: 8¢1ect suitable accounting pobcies and apply them consistently: observe the methods and principles in the Charities SORP, malo judgements and estimatss tbat are reasonable and prudellt. Page 5
The River Bann and Lough Neagh Association Company Trustees, Report stats whether applicable accounting standards, comprising FRS 102 have be¢n followel subject to any material dep.tureS disclosed and explained in the financial statements. and preparo tho fmanciaI statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business, The tNBtses are responsible for keeping proper accoullting r¢cords that Can di8c108e with reasonable accuj'acy at any time the fanCIal position of the charitable company and enable them to ensuro that the financial statements omply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable on]pany and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporat¢ and financial infomation included on the rharitable ¢ornpany'8 website. LKgislation governing the prepation and dissemination of financial statementg may differ from legislation ID other jurisdictions. Disclosure of information to auditor Each trustee has taken steps that they oiight to have taken as a tntee in order to make themselves aware of any relevant audit infomation and to establisli that the charity's auditor is aware of that inforn]ation. The trustees confimi that ther¢ 18 no relevant inforAnation that they know of and of which they know the auditor is ullaware. The port was approved by the trustees of the charity on l 1-11-25 , and signed on its behalf by: vin rthur Le Quesn¢ pany secretary d tru8toe Co Mr Robert Mc Cornlac Chairnwi and trustee Page 6
The River Bann and Lougb Neagh Association Company Independent Examiner's Report to the trustees of The River Bann and Lough Neagh Association Company I report on the accounts of the charity for the year ended 31 October 2024 which are sel out on pages 9 to 21 Respective responsibilities of trustees 2nd examiner The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is noi required for this year under section 144(2) of the Charities Act 2011 (the 201 l Act) and that an independent examination 15 needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 145 of the 201 l Act- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5}(b) of Ihe 201 l Act. and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Cornmission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such rnatters. The procedure5 undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the Statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention.. ( l ) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006,. and to prepare accounts which accord with the accountino records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met. or (?) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. JAMCC Independ ments nt Examiner 25B Ballymena Business Centre Gal(rorn) Ballymena Co Antrim BT4? IFL Date:...... Page 7
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 my examination of the accounts of the Company for the year ended 31 October 2024. Responsibilities and basis of report As the charity's Iruslees of The Rtver Bann and Lough Neagh Association Company (and also ils directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Havin(r satisfied Inyself that the accounts of The River Bann and Lough Neagh Association Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my exaininalion of your charity's accounts as carried out under the Charities Act (Northern Ireland) 2008 ('Ihe 2008 A¢t').and the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. In carrying out my examination I have followed the Directions given by the Charity Commission under the 2008 Act. Independent examiner's statement I have completed my examination. I confirni that no rnatters have come lo my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of The River Bann and Louoh Neaiyh A550ciation Company as required by section 386 of the 2006 Act. or 2. the accounts do not accord with those records. or 3. the account5 do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a mattel. considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recominended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}]. I have no concerns and have corne 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. JAM Indep leinents ent Examiner 25B Ballymena Business Centre Galgom Ballynena Co Antrim BT42 1 FL Date.. Page 8
The River Banll and Lough Neagh Association Company Statement of Financial Activities for the Year Ended 31 October 2024 (Including Income aud xpeDditure Account and Statement of Total Reeognised Gains and Losses) Unrestrlcted fullds Total 2024 Note ncome and Endowrnents from: Donations and legaci¢s Other trading activrties Total inciym¢ 9,716 4,554 9,716 4,554 14270 Expellditure on.. Raising funds Charitable activities (2,778) (10,684) (2,778) 10,684) Total expenditure Net income (13,462) {13,462) 808 808 Net movement in fidS 808 808 ReconcAllation of funds Total fimds brought forward 8,147 8,147 Total funds carried forward 18 8,955 Unrestrieted funds 8,955 Total 2023 Not¢ Illcome and Endowmentg from: Donations and log1¢5 Other trading actLVitie8 Total income 3,856 25,876 3,856 25,876 29,732 Expendithre on: Raising funds Other expenditure Total expenditure Net expenditure Net movem¢nt in funds (31,116) 1,719) (31,116) 1,719) (32,835) 32,835) (3,103 (3,103) (3,103) {3,103) Re¢on¢iliation of funds Total fi]nds brought forward Total fLfftds ¢arried forward 5,465 5,465 18 2,362 2,362 All of the charity's activities derive frotll continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 18. The notes on pages 12 to 21 fom an inlegral part of these fmwcial statsments, Page 9
The RTver Bann and Lough Neagh Association Compally (Registration number: N1053517) Balance Sheet as at 31 October 2024 2024 2023 Note Flxed assets Tangible assets 12 1,159 2,039 Current aet8 Stocks Cash at bank and in hand 13 14 5,600 9,619 7,739 15,219 7,739 Creditors: Amounts falllng due TVitILin one year 15 (977) 7,416 Net current assets 14,242 323 Total a55et$ less current Ilabllltles 15,401 2,362 Creditors: Amounts falling due after more thall one year N¢t assets 16 6,446) 8,955 2,362 Funds of the Charity: Unrestricted income funds Unrestrictsd funds 8,955 2,362 Total funds 18 8,955 2,362 For the fmancial year onding 31 October 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relath to Smktll companies. Directors, responsibilities: The members have not required the charity to obtaiii an audit of its accounts for the year in question in cordance with section 476" and The directors acknowledge their responslbilities for complying with the requirements of th¢ Act with respect to accounting records and the preparation of accounts. The financial ements on pag¢s 9 to 21 were approved by the trLlStees, and authorised for issue on signed on their behalf by: MrKe Compa Arthu y secret e Quesne and trustee Mr Robert MG Corniac Chainnan and trnstse The note8 on pages 12 to 21 form an integtzl part of tELese financial statements, Page 10
The River Bann and Lough Neagh Association Company Statement of Cash Flows for the Yeor Ended 31 Oetober 2024 2024 2023 Iyote Cash nows from operating *¢tivities Net cash incom&l(eXpendire) 808 (3,103) Adjustments lo cash flows from non-cash items Depreciation 880 880 1,688 (2,223) Working capital adjustments Increase in stocks Increase in creditors 13 15 (5,600) 978 Net cash flows from operating activities (3,905) (1,245) Cash flows from inv&sting activities Purchase of tangile fixed assets 12 (279) Net decrease in cash and cash equivalents Cash and cash equivalents at l November (3,905) 7,739 (1,524) 3,648 Cash and oasli equivalents at 31 October 3,834 2,124 OLIt of balance to Ciish at bank and in hand category (5,785) (5,615) All of the cash flows are derived from continuing operations duiing tb¢ above two periods. The notes on pages 12 to 21 forni an integral part of these fmanci11 I statements. Pagell
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2024 I Cbarity status The charity is liniited by share capital, in¢oryorated in Northorn Irelan The address of its registered office is.. 3 Hillview Antrim Co Antrim BT412BT Authorised foi. issue date 2 Accounting pollcles Summary ol significant accounting policies and key aecountlng estlmat&s The PTinoipal accounting policies applied in the preparation of these flnancial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement ofcompliallce The financial statements have been prepared in accordance with 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 l January 2015) - (Charities SOiiP (FRS 102)}, the Fillan¢ial Reporting Standard applicable in the UK tmd Repiiblic of treland (FRS 102). They also cotnply with the Companies Act 2006 , the Charities Act (Northern Ireland) 2008 alld the Charities (Accounts and Reports) Regulations (Northern Ir¢Id ) 2015 Basis of preparation The River Bann and Lough Neagh Association Company meets the defmition of a public benefrt entity under FRS 102. A5s¢ts and liabilities are illitially recogni5ed at historical c05t or transaction value unles8 otherwise stated in the relevant accoulltillg policy notes Going eoncer The trustees consider that there no material uncertainties about the charitys ability to continue as a going OLwern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All incom¢ is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amoimt of the income receivable can b¢ measured reliably. Donallons andleRdcI Donations are recognised when the charity has been notified in writing of both the amount and gettlement date. In the event that a donation is subject to Conditions that trquire a level of perfomwice by the charity before the charity is entitled to the ftinds, th¢ income is defferd and not recognised until either those conditions are fully mel or the fulfilment of those conditions is wholly within the control of the charity alld it is probable that tbes¢ conditions will be fulfilled in the reporting period. Page 12
The River Bann and Lough Neagh Association Company Notes to the Fillancial Statements for the Year Ended 31 October 2024 Gronts recelvable Grants are recognÈsed whvn the charity has an entitlement to the funds and any conditions linked to the gYants have been met. Where perfornnCe conditions are attached to the grant and ar¢ y¢t to be m¢t, the income is recognised as a liability and included on the balance sheet as deferred infjome to be relea8¢d. Expendilure All expenditure is recogttised once there is a legal or constructive obligation to that expendlture, it is probable settlement is required and the amount can be measured reliably. All costy are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where rosts rarlnot be directly attributed to particular heading& they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on th¢ basis of time spent, and depreciation charges aIlocated on the portion of the asset's use. Other support costs are allocat¢d based on the spread of staff costs. Ruisingfunds These are cost8 incurred in attracting voluntary inrinn¢, the management of investments and those incurred in trading activities that raise fimds. Support costs Support costg include central fiCtionS and have beell allocated to activity cost catsgories on a basis consistent with the use of resoUes, for example, allocating property costs by floor &reas, or per capit4 staff costs by the tithe spellt and other costs by their usage. Governance costs These include tho costs attributable to the charity's complianoe with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reitnbursed expenses. Taxation The charity is considered to pass the tests set out in Paragrdph I Schedule 6 of the Finance Act 2010 and therefore it meets the defmition of a charitable company for UK Corpotion tax purposes. Accordingly, the charity is potentially exempt from taxation in r8sp¢ct of income or Capital gains received within c&legorie8 ¢ov¢red by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gain5 are applied exclusively to charitable purposes. Tangible fixed a59cts Individual fixed assets costing £0.00 or more a initially recorded at cost, le any subsequent accumulated depreciation and subsequent accurnuIatsd impaiment 108ses. Depreciation and amortisation Depr¢ciation is pr()vided on tangible fixed assets so as to MTite off the cost or valuation, less any estimated residual value, over their expected usefill economic life as follows: Cash and cash equivalellts Cash and cash equivalents comprise cash on hand and 1] deposits, and other short-term hi7]Y liquid investments that are readily ¢onv¢rtibl¢ to a known amount of cash and subject to an insignificant risk of change in value. Page 13
The River Bann and Lough Neagh Association Company Notcs to the Fillancial Statements for the Year Ended 31 October 2024 Borroivlngs Interest-bearing borrowings ar¢ initially recorded at fair value, net of transaction costs. Interest-beaTing boffowings are subsequently caled at amortised cost, with the difference between the proceed4 net of transaction costs, and th¢ amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable artd similar charge8. Borrowings are classifjed as current liabilities unless the charity has an unconditional right to defer gettlement of the liability for at least twelve months after the reporting date. Foreign exchange Trnnsactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary a8sets and liabilities denominated in foreign currencies at the balance sheet date are Teported at the t7tes of exchange prevailing at that date, The results of overseas operntions are tmslated at the aver&ge rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate). Other exchange differences are recognised in the Statement of Financial Activittes in the period in which they arise except for: l) exchallge differences on transactions entered into to hedge certain foreign currency risks (see above). 2) exchange diff¢r¢n¢¢s arising on gains or losses on non-monetary items which are recognised in other rnprohensive income" and 3) in the case of the consolidated financial statsments, exchange differenc¢s on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (theTefore forniing pai't of the net investmont in the foreign operation), which are recognised in other comprehen5iv¢ income and reported under equity. Fund structure Unrestricted income funds are general fund3 that are available for use at the trustee5 discretion in furtherance of tbe objectives of the charity. Page 14
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year EDded 31 October 2024 Financiol instruments Debl instrwnents Debt instruments which meet the following condition8 are subsequently measured at &mortised cost using the effective interest method., {a} Th¢ contractual return to the holder is (i) a fixed amount. (li) a positive red Tate or a positive variable rdts. or (iii) a combinatioll of a positive or a negative fed rat¢ ana a positive variable rdte. (b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt insLrument 18 denominated, provided such lint(s are not leverage(L (c) The contract may provide for a deterniinable variation of the return to the holder during the life of the inStrUent provided that (i) the new rate satisfie8 rondition (a) and the variation 15 not Gontingent on future events other than (l) a change of a contractLthI variable rate. (2) to protect the holder against credit deterioration of the issuer, (3) changes in levies applied by a central bank or arising from Changes in relevant taxation or law. or (li) th¢ new rate is a market rate of interest sati8fJes condition (a). (d) There is no contractual provision that could, by its t¢rm5, result In the holder losing the principal amount or any interest attributable to the current period or prior periods. (e) Contractual provisions that perlt the iuer to prepay a debt instrument or pennit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder ag&inst the credit detsrioration of the issuer or a change in control of th¢ issuer, or to pTh)te¢t the holder or issuer against changes in levies applied by a central bank or arising frotn changes in relevant taxation or law. (fj Cotrtractual provisions nwy p¢nnit the extension of the term of the debt instrument, provided that the retun) to the bolder and any other contrnctual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). Debt instruments that are Clalfied as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or otlier consideration expected to be paid or received, net of impairn]ent. With the exception of some hedging instru#Tht5, other debt irAstruments not meeting these conditions are mea%ured at fair value through profit or loss. Con)mitments to M(¢ and receive loans which meet the conditions mentioned &bove are m¢a5ur¢d at cost (which may be nil) less impairnieut. lttveslments Investtnents in noll-convertible prefer¢n¢¢ shares and non-puttable 0rditi or preference shares (where shares are publicly traded or their fair Yalue is reliably ineasurable) are measured at fair value through profit or Ios8. Where fair value canllot b¢ measured reliablyj investments Msured at cost less impairment. tnvesknnents in subsidiaries and associat¢s are measured at cost le53 impairnienL For investments in subsidiaries acquired for consideration including the issue of shar¢s qualifying for merger relief, cost is measured by referellCQ to the nominal value of the shares isSL1 plu5 fair value of other consideration. Any premium is ignored. Page 15
The River Banll and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 Oetober 2024 Derlvatlveflnanclal Inslruments The charity uses derivative fmallcial instruments to reduce exposure to foreign oxchange risk and interest rate mov¢ments. The Qhatity does not hold or issue derivative fmallcial InstrentS for s¢ll]tiVe purposes. Derivatives are initially recognised at fair value at the date a derivative contract is ent¢r¢d into and are subsequently rneasured to their fair value at each reporting date. The Tesulting gain or loss is recognised in statement of fmancial activities inm]ediately unless the derivative is designat¢d and effective as a hedging instnllnent, in which event the timing of the recognitioll in statement of financial aotivitles depends on the nature of the hedge relationship. Frtlr vAlue meosArement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent trans£lction for an identical asset provides evidence of fair value as long as tbere has not been a significant challge in economic cir¢um5tances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estinted by using a valuation technique. 3 Ineome from donations and legacles Unrestricted funds Gen¢ral Total funds Donations and legacies. Donatii)ns from individuals Grat, including capital grants. Grants from other charities 841 841 8,875 8,875 Total for 2024 9,716 9,716 Total for 2023 3,856 3,856 4 Incorne from other trading aetivities Unrestrieted funds General Totsl funds Trading income: Shop income from sale of donated goods services Events iticome. Other events income 213 213 4,341 4,554 4,341 Total for 2024 4,554 Total for 2023 25,876 25,876 Page 16
The River BAnn And Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2024 5 Ei xpenditure on rnising funds a) Costs of tradlng actlvltles Unrestricted funds General Total funds Note Costs of goods sold Allocated support costs 210 2,274 210 2,274 Total for 2024 2,484 2,484 Total for 2023 25,137 25,137 b) Investment management costs Unrestricted funds General Total funds Note Allocated support costs Total for 2024 94 94 94 94 Total costs 6 Expenditure on charitable activitles Unrestrlcted funds General Total funds Note Governance costs 10,684 10,684 Total expeiiditure In addition to the expenditure analysed above, there a also goVerntCe costs of £1 0,684 (2023 - £Nil) which relate directly to charitable aGtiviti¢s. S¢¢ note 8 for further details, Page 17
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2024 7 Other expenditure urtricted funds Ceneral Total funds Note Total for 2024 Total for 2023 1,719 1,719 8 Analysts of governanee and support costs Governance costs Unrestricted funds Generlll Total funds Legal fees Marketing and publicity Depreciation, amortisation and other similar costs Other governance costg 780 1,095 880 7,929 780 1,095 880 7,929 Total for 2024 10,684 10,684 Page 18
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for the Year Ended 31 October 2024 9 Net 5ncomJngloutgoing resources Net incomin(OutgO1g) resources for the year include: 2024 2023 Depreciation of fixed assets 880 1,760 10 Trustees remuneradon and expenses 11 TY4xation The charity is a registsred charity and is therefore exempt from taxation. 12 Tangible fixed assets Furniture and equipment Motor vehicles Total Cost At l November 2023 230,581 746 231,327 At 31 October 2024 230,581 746 231,327 Depreeiation At l November 2023 Charge for the year At 31 October 2024 228,542 880 746 229,288 880 229,422 746 230,168 Net book value At 3 l October 2024 1,159 1,159 At 31 October2023 2,039 2,039 13 Stoek 2024 Stocks 5,600 14 Cash and equivalents 2024 2023 Cash at bank 9,619 7.739 Page 19
The River Bann and Lough Neagh AssociAtion Company Notes to the Financial Statements for the Year E4 nded 31 October 2024 15 Creditors.. amounts falling due within one year 2024 2023 Banlc loans Other creditor5 Accruals 6.446 970 969 977 7,416 16 Creditors: amounts falling du¢ after one year 2024 Bank loans 6,446 17 Share capital 18 Funds Balance at I November 2023 Iiicomlng resources Resoui'ees expended Balance at 31 Oetober 2024 Unreslricted funds General 8,147 5,395 13,462 80 Balance at I November 2022 other recognised gains/(losses) alance at 31 October 2023 Ineomlng resources Regourees expended Unrestricted funds G¢neral 5,465 29,732 31,116 1,719 2,362 19 Analysis of net gssets between funds Unrestricted lunds General Totsl funds at 31 October 2024 Tangible fixed assets Cun'ent assets Clirrent liabilities Creditors over l year 1,159 15,219 (977) (6,446) 8,955 1,159 15,219 (977) 6,446 Total net assets 8,955 Page 20
The River Bann and Lough Neagh Association Company Notes to the Financial Statements for tbe Year Ended 31 October 2024 Unrestrl¢ted funds General Total funds at 31 O¢tober 2023 Tangible fixed assets cllent assets Current liabilities 2,039 7,739 (7,416) 2,039 7,739 7,416) 2,362 Total net assets 2,362 20 Related party transactions Page 21
The River Bann and Lough Ncagh Association Company Statement of Financial Activities by fund for the Year Ended 31 October 2024 Unrestricted Funds Total TotBI Unrestricted Unrestrictsd Funds Funds 2024 2023 Income and Endowments from: Don&tions and legacies Other trading activities 9,716 4,554 3,856 25,876 Total income 14,270 29.732 xpenditure on: Raising funds Charitable activities Other expenditure Total expenditure (2,778) (10,684) (31,116) 1,719 13,462 (32,835) Net incomel(expenditure) 808 3,103) Net movement in funds 808 (3,103) Rewn¢lliation of funds Total funds brought forward Total funds. carried fonvard 8,147 5,465 8,955 2,362 This page does not form part of the statutory fmancial statements. Page 22
Thc River Balln and Lough Neagh Association Company Detailed Statement of Fillancial Activities for the Year Ended 31 October 2024 Total 2024 Total 2023 Illcome and Endowments from: Donations and legacies {analysed below) Other trading activities (analysed below) Total incojne 9,716 4,554 3,856 25,876 14,270 29,732 Expendlture oll: Llaising thnds {&nalysed below) Charitable activities (analysed below) Other expenditure (allalysed below) Total expellditure (2,778) (10,684) (31,116) 1,719 {13,462) (32,835) Net income/(expenditure) Net movement in funds 808 808 (3,103) Reconeillatlon of tunds Total funds brought forward 8,147 5,465 Total funds carried forward 8,955 2,362 This page does not fom] part of the statutory financial staten]ents. Page 23
The River Bann and Lough Neagh Association Company Detailed Statement of Financial Activities for the Year Ended 31 October 2024 Total 2024 Total 2023 DonaÉlons rtndlegacles Donations Donations Glft Aid t reclaimed GIt8 and subsidies 841 3,683 173 8,875 9,716 Ollier tradlng acllvltia UK Government grants Book Sales Book Sales Boat chterS Boat Charters Camping Camping Charity Event Charity Event 15,875 213 701 370 1,995 2,840 6,727 1,131 578 25,876 RatslngJunits Opening merchandise Opening meT¢hanclise Book Production Closing merchandise Cleaning Web Sites Web Sites Batge Bxpenses Barge Expenses Biodiversity Jety Expenses Boat Runtling Expenses Berth Fee Printing, postage delivery and stationery Event Expenses Volunteer Expenses Accountancy fees Legal and professional fees Office Costs Sundry & Otyice Costs (5,800) (5,800) (210) 5,600 (179) {313) (341) (1,780) (4,489) (390) (4,957) (5,829) (1,025) (69) (364) (2,970) (1,560) (26) (181) (113) This page does not fonn part of the 8tattrtory ftnancial statements. Page 24
The River Bann and Lough Neagh Assoclation Company Detailed Statement of Financial Activities for the Year Ended 31 October 2024 Total 2024 Total 2023 Bank charges Depreciation of plant and machinery Depreciation of fixtures and fittings Insurance Computer software and maintenance cost8 Printing, postag¢ and stationery Printing, postage and stationery (44) (780) (ioo) (1,709) (262) (94) 109) 31,116 2,778 Chdril(thlÉ nellvities Insuranc¢ Cleaning Biodiversity Jetty Expenses Boat Running Expenses Berth Fee Event Expenses Volunteer Expenses LKgal and professional fees Bank c]]arges Depreciation of plant and machinery Depreciation of fixtures and fittings {1.853) (319) (437) (2,414) (1,849) (1,025) (309) (786) (780) (32) (780) (loo 10,684 Other e-¥pendilure Insurance 1,719 (1,719) This page does not form part of the statutory financial statements. Page 25