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 EXamine￿S 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 ac0tn￿Oll 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 Sn￿11 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 ￿￿l￿taIn 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 r￿ed 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 ch￿Ity'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 f￿ancial 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 f￿ancial 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 f￿anCIal 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 prepa￿tion 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 tn￿tee 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 fi￿dS
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 log￿1¢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 a￿et8
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(eXpendi￿re)
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 tangi￿le 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¢I￿d ) 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 deffer￿d 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 perforn￿nCe 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 fi￿CtionS and have beell allocated to activity cost catsgories on a basis consistent
with the use of resoU￿es, 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 Corpo￿tion 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 hi￿7]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 ca￿led 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 r￿ed Tate or a positive variable rdts.
or (iii) a combinatioll of a positive or a negative f￿ed 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
inStrU￿ent 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 per￿lt the i￿uer 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 Cla￿lfied 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 M￿sured 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 isSL￿1 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 Instr￿entS 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 estin￿ted 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 goVernt￿Ce 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
u￿r￿tricted
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￿(OutgO1￿g) 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
cll￿ent 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
GI￿t8 and subsidies
841
3,683
173
8,875
9,716
Ollier tradlng acllvltia
UK Government grants
Book Sales
Book Sales
Boat ch￿terS
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