Company registration number: NI038105 Charity registration number: XR 32792
## Outdoor Recreation (N. Ireland)
(A company limited by guarantee)
Annual Report and Audited Consolidated Financial Statements
for the Year Ended 31 March 2024
## **Outdoor Recreation (N. Ireland)**
## **Contents**
|**Contents**||
|---|---|
|Reference and Administrative Details|1|
|Trustees Report|2 to 8|
|Independent Auditors' Report|9 to 12|
|Consolidated Statement of Financial Activities|13|
|Statement of Financial Activities for the Charity Alone|14|
|Consolidated Balance Sheet|15|
|Charity Balance Sheet|16|
|Consolidated Statement of Cash Flows|17|
|Notes to the Financial Statements|18 to 27|
|Non-statutory financial information|28 to 29|
## **Outdoor Recreation (N. Ireland)**
## **Reference and Administrative Details**
## **Chairman**
Mr D Stelfox **Secretary**
Dr C Ferris
**Treasurer**
Mr R Millar
**Trustees**
Ms F Kane
Mr D Stelfox Ms E Trainor Dr C Ferris Dr D Hughes Mr R Magowan Mr J Hewitt Mr J Porter
Mr R Millar
**Charity Registration Number**
XR 32792
**Company Registration Number**
NI038105
**Principal office and registered office**
The Stableyard Barnett's Demesne Belfast BT9 5PB
**Auditor**
RBCA Limited Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG
Page 1
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
The trustees, who are directors for the purposes of company law, present the annual report together with the consolidated financial statements and auditors' report of the charitable company for the year ended 31 March 2024.
## **Structure, governance and management**
The organisation is a charitable company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
## **Recruitment and appointment of management committee**
The directors of the company are also charity trustees. The directors are elected to serve for an initial three year period. The directors give their time voluntarily and receive only out of pocket expenses from the company with the exception of Caro-Lynne Ferris whose post as Company Secretary of Outdoor Recreation (N. Ireland) is paid.
## **Risk management**
The directors have conducted a review of the major risks to which the charity is exposed. Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff volunteers, clients and visitors to the centre. These procedures are reviewed to ensure that they continue to meet the needs of the charity.
## **Organisational structure**
A scheme of delegation is in place and the day-to-day responsibility for the provision of services rests with the Company Secretary / Executive Director. This is delegated via a Senior Management Team with responsibility for four key units - Place Shaping, Strategic Projects, Communication & Training and Business Support.
This structure has been in place since September 2022. Outdoor Recreation NI has committed to carry out a structure review every three years to ensure its structures, and people processes are not only fit for purpose today, but more importantly are ready and prepared for the organisations ongoing success and growth. It is therefore envisaged the next review will be completed by September 2025.
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees:
Ms F Kane Mr D Stelfox Ms E Trainor Dr C Ferris Dr D Hughes Mr R Magowan Mr J Hewitt Mr J Porter Mr R Millar
Page 2
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
Chairman:
Mr D Stelfox
Secretary:
Dr C Ferris
Treasurer:
Mr R Millar
## **Objectives and activities**
## **1. CHAMPIONING THE OUTDOORS**
**Strategic aim:**
There is increased awareness of the benefits that outdoor recreation brings to individuals, communities and Northern Ireland as a whole and increased focus on the importance of outdoor recreation within policy and practice at both national and local levels.
## **Achievements**
Key achievements for the year are summarised as follows:
- Engaged in regular meetings with EMFG, NIEA, eNGO Sector.
- Attended All Party Working Group on Cycling, DoH Obesity Group, Outdoor Tourism Partnership and Sport and Physical Activity Outcomes Based Accountability Workshops
- Two formal partnership agreements in place - UK Trails Project led by Developing Mountain Biking in Scotland and SLA with URFC to deliver outputs of Sports System Investment - Governing Bodies 2023/24.
- Acted in an advisory role, provided support and offered advice to numerous organisations on a wide ride range of subjects e.g access, trail signage, trail infrastructure, MTB signage etc;
- One formal partnership agreement imminent - SLA with the Outdoor Partnership relating to the provision of financial administration services for the Opening Doors to the Outdoors UK Programme in the Sperrins.
- Acted in an advisory role, provided support and offered advice to numerous organisations on a wide ride range of subjects e.g access, trail signage, trail infrastructure, MTB signage etc.
- Responded to the following consultation documents - DoH - Obesity Strategic Framework - ‘Healthy Futures’ and DfE - Tourism Strategy for Northern Ireland.
- Acted as Secretariat to the National Outdoor Recreation Forum (NORF). Met twice during the year.
- POMI Strategic Stakeholder Event at Stormont hosted by Minister for Health, Robin Swann.
- Animated video created with POMNI data on outdoor recreation benefits.
- Tutorial webinar delivered on accessing and using POMNI data and deep-dive analyses. Deep Dive Reports and Council Factsheets available on Outscape website.
- Greenspace NI map officially launched at Armagh Planetarium with on-going refinements.
- Two training events held on how to use the Greenspace NI map.
- 3 Social Return on Investment Studies (SROI) complete for Tobar Mhuire, Gosford and Seaforde Plantations.
Page 3
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
## **2. DELIVERING TRAINING AND SHARING BEST PRACTICE**
## **Strategic aim:**
The outdoor recreation sector is better equipped to plan, deliver, manage and promote outdoor recreation initiatives to a high standard. There is an increasing focus on innovative, sustainable and participant-led approaches to outdoor recreation.
## **Achievements**
Key achievements for the year are summarised as follows:
- Acted as the Secretariat to the UK and Ireland Outdoor Recreation Network (ORN).
- Acted as the Secretariat to the UK and Ireland Visitor Safety Group (VSG).
- Outdoor Recreation HUB http://www.outdoorrecreationni.com/hub/blogs/; 15 news/blogs published, 22 e-zines distributed. Regular LinkedIn and Twitter Updates
- Delivered 4 webinars and 1 conference: Visitor Management Through Signage’ - 65 attended, Marketing the Outdoors’- 35 attended, Community Engagement: A Fireside Chat with the Experts - 38 attended, Applying Accessibility Guidance to Northern Ireland” - 73 attended, Inspiring Exceptional Outdoor Places conference - 101 attended including speakers and staff
- Review on-going of Principles and Standards for Trail Development
- Ecological Annex to Trail Document - complete.
- Community Trail Development Toolkit - complete
## **3. PLANNING AND DEVELOPING QUALITY EXPERIENCES**
## **Strategic aim:**
A wide range of high quality, sustainable and participant focused outdoor recreation experiences allowing people to connect and engage with nature are in place across Northern Ireland.
## _**Scoping Studies / Feasibility Studies/ Masterplans:**_
## **Completed**
- Feasibility study for the development of a pilot of multi-use horse trails suitable for off road horse riding in NMDDC - DAERA.
- Silent Valley Masterplan - NI Water.
- Ring of Gullion Access Plan - NMDDC.
- Masterplans for Woodburn Forest, Portglenone Forest and Glenarm Forests - MEABC.
- Strangford Lough Blueway Feasibility Study - ANDBC.
- Cycle Trail Criteria for Ireland - Sport Ireland.
- Tourism NI EAGS Walks - Tourism NI.
- Slieve Beagh Feasibility Study - FODC, Cavan CC Monaghan CC.
- Columban Way Feasbility Study - Carlow CoCo + 8 partner councils.
- Four Points Feasbility Study - Kerry CoCo, Donegal CoCo & ANDBC.
Page 4
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
- Slí Cholmcille Feasibility Study - Donegal CoCo & DCSDC.
- Bord na Móna Recreation Strategy - Bord na Mona.
- County Outdoor Recreation Plans - Guidelines - DRCD.
- Quality Framework for outdoor recreation amenities -Roscommon CoCo.
- Recreation Masterplan for Donamon - Roscommon CoCo.
- Blueway Brand Signage Guidlelines - SI & Waterways Ireland.
- High Level Spatial Masterplan for Convent Lands, Monaghan - Monghan CoCo.
- Regenerative Tourism Cross Border Project - Donegal CoCo & FODC.
- Traad Point Masterplan - MUDC.
- Tullaghoge Fort Access and interpretation Study- MUDC.
- Bohernabreena Reservoir and Waterworks Spatial Masterplan - Uisce Éireann - Irish Water.
- Ballyhoura - Outdoor Recreation Trails Masterplan - Ballyhoura Development CLG.
- Boorin Nature Reserve - Path Specification Survey - Ulster Wildlife Trust.
## **On-going**
- Camlough Mountain Masterplan -NMDDC
- Minerstown Visitor Management Plan - NMDDC
- Fathom Forest Scoping Study (NMDDC)
- Mote Park Development Project - Roscommon CoCo
## **Community Trails**
- 3 trail scoping studies completed (Lough Rea, Sheeptown and Mayobridge) - NMDDC
- 2 trail feasibility studies completed - Tullyhogue Community (MUDC) and Hilltown (NMDDC)
- 2 trail feasibility studies underway - Inch Abbey and Forkhill River Walk -NMDDC.
- 3 trails progressing to planning - Saul to Lough Money, Tievcrom and Glendesha Phase 2 - Slievbrack - NMDDC.
- planning applications submitted - Janes Shore, Jackson Folly, Tipperary Wood -NMDDC.
## **Other**
- Faughan Valley Sculpture Trail -complete
## **Research**
- Participation figures gathered on a quarterly basis for Castleward, Divis, Gosford and the Community Trails in; Cloghey, Tobar Mhuire, Bunkers Hill, Saul GAC, Ballynahinch Rugby Club, Drumkeeragh Forest, Tievenadarragh Forest, Corry Wood, Seaforde Plantations, Carnagh Forest, Slan’s Graveyard, Darkley Forest, Glendesha Forest, Daisy Hill, Aughrim Hill, Glaswater Wood,
Page 5
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
## **4. INCREASING AWARENESS**
## **Strategic aim:**
A consistently high level of accurate information on outdoor recreation is widely available, leading to an increase awareness of outdoor recreation opportunities by both the local population and visitors to Northern Ireland.
## **Achievements**
Key achievements for the year are summarised as follows:
- On-going refinement of OutmoreNI.com.
- Work on-going to make keep WalkNI, CanoeNI, MountainbikeNI, OutdoorNI up to date and consumer friendly.
- C.320,000 unique visitors to the websites WalkNI - a 35% increase on 22/23.
- 10,000 annual web visitors to Ulster Way website - a 35% increase on 2022/23.
- WalkNI Awards received over 700 votes.
- New MountainbikeNI website developed and launched.
- C. 37,000k followers of WalkNI through social media channels of Facebook, Instagram and twitter.
- C.32,000k followers of MountainbikeNI through social media channels of Facebook, Instagram and twitter.
- C.11,000k followers of OutmoreNI through social media channels of Facebook, Instagram and twitter.
- Right Side of Outside Campaign - Phase 3 delivered to reiterate key messages to encourage responsible use of the outdoors.
- Get Wet campaign- delivered 31 events. 5,000 followers on social media
- Get Wet Stay Safe - 1,130 people attended courses. SUP and sit on kayaking the most popular activity.
## **5. WIDENING, INCREASING AND SUSTAINING PARTICIPATION**
## **Strategic aim:**
The number of people participating in outdoor recreation in NI continues to rise
## **Achievements**
Key achievements for the year are summarised as follows:
- Peace + funding programme opened in March 24 - work on-going to prepare an application for submission. Project involves 19 partners - 11 from NI and 8 from the Republic of Ireland. Project estimated at c. £7.5million - three-year participation programme. Covers all of NI except area within Beflast City Council area and the 6 border counties - Lough, Cavan, Monaghan, Leitrum, Donegal and Sligo.
Page 6
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
## **Financial review**
The Charity has had a slight decrease in funds of £54,271 (2023: increase of £99,553) as a result of total income for the year of £1,689,473 (2023: £1,876,210) and total expenditure for the year of £1,743,744 (2023: £1,776,657).
## **Contingencies**
The company is not registered for VAT and provides a range of services. The company’s subsidiary is registered for both UK and Irish VAT. The company is currently reviewing its position in relation to its income and depending on the outcome of this review and decisions made by the group there may be a company VAT liability and/or changes to the service provision. This is complex matter involving specialist advisors and at the date of the approval of the accounts this review has not been completed and its outcome is unknown.
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Outdoor Recreation (N. Ireland) for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Disclosure of information to auditor**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Page 7
## **Outdoor Recreation (N. Ireland)**
## **Trustees Report for the Year Ended 31 March 2024**
## **Reappointment of auditor**
The auditors RBCA Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
09 Jan 2025
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
Caro-lynne Ferris ......................................... Dr C Ferris Company Secretary and Trustee
......................................... Mr D Stelfox Chairman and Trustee
Page 8
## **Outdoor Recreation (N. Ireland)**
## **Independent Auditor's Report to the Members of Outdoor Recreation (N. Ireland) for the Year Ended 31 March 2024**
## **Opinion**
We have audited the financial statements of Outdoor Recreation (N. Ireland) (the 'charity') for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, Statement of Financial Activities for the Charity Alone, Consolidated Balance Sheet, Charity Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Emphasis of Matter**
We draw attention to note 16 of the financial statements, and to disclosure within the Trustees Report, which describes an uncertainty relating to the future outcome of a review of the company’s income. Depending on the outcome of this review and decisions made by the group there may be a company VAT liability and/or changes to the service provision. This is complex matter involving specialist advisors and at the date of the approval of the accounts this review has not been completed and its outcome is unknown.
Page 9
## **Outdoor Recreation (N. Ireland)**
## **Independent Auditor's Report to the Members of Outdoor Recreation (N. Ireland) for the Year Ended 31 March 2024**
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matter prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of trustees' responsibilities (set out on page 8), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 10
## **Outdoor Recreation (N. Ireland)**
## **Independent Auditor's Report to the Members of Outdoor Recreation (N. Ireland) for the Year Ended 31 March 2024**
## **Auditor responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Trustees and other management (as required by auditing standards).
• We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade union legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.
• With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Trustees.
• We communicated applicable laws and regulations throughout our audit team and remained alert to any indications of non-compliance throughout the audit.
• We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential basis; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
• Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Page 11
## **Outdoor Recreation (N. Ireland)**
## **Independent Auditor's Report to the Members of Outdoor Recreation (N. Ireland) for the Year Ended 31 March 2024**
Ross Boyd ...................................... Ross Boyd (Senior Statutory Auditor) For and on behalf of RBCA Limited, Statutory Auditor
Linenhall Exchange 26 Linenhall Street Belfast BT2 8BG 10 Jan 2025 Date:.............................
Page 12
## **Outdoor Recreation (N. Ireland)**
## **Consolidated Statement of Financial Activities for the Year Ended 31 March 2024**
## **(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**2024**
**£**
**Total**
**2023**
**£**|**Note**
**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**2024**
**£**
**Total**
**2023**
**£**|
|---|---|
|**Income and Endowments from:**||
|Donations and legacies
3|97,338
29,615
126,953
33,000|
|Charitable activities
5|-
460,378
460,378
749,144|
|Other trading activities
4|1,101,818
-
1,101,818
1,093,924|
|Investment income
6|324
-
324
142|
|Total income|1,199,480
489,993
1,689,473
1,876,210|
|**Expenditure on:**||
|Charitable activities
7|(656,989)
(273,438)
(930,427)
(1,261,142)|
|Other expenditure
8|(813,317)
-
(813,317)
(515,515)|
|Total expenditure|(1,470,306)
(273,438)
(1,743,744)
(1,776,657)|
|Net(expenditure)/income|(270,826)
216,555
(54,271)
99,553|
|Net movement in funds|(270,826)
216,555
(54,271)
99,553|
|**Reconciliation of funds**||
|Total funds brought forward|1,138,613
48,506
1,187,119
1,087,566|
|Total funds carried forward
15|867,787
265,061
1,132,848
1,187,119|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 18 to 27 form an integral part of these financial statements. Page 13
## **Outdoor Recreation (N. Ireland)**
## **Statement of Financial Activities for the Charity Alone for the Year Ended 31 March 2024**
## **(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**2024**
**£**
**Total**
**2023**
**£**|**Unrestricted**
**funds**
**£**
**Restricted**
**funds**
**£**
**Total**
**2024**
**£**
**Total**
**2023**
**£**|
|---|---|
|**Income and Endowments from:**||
|Donations and legacies|97,338
29,615
126,953
33,000|
|Charitable activities|-
460,378
460,378
749,144|
|Other trading activities|420,079
-
420,079
751,563|
|Investment income|324
-
324
142|
|Total income|517,741
489,993
1,007,734
1,533,849|
|**Expenditure on:**||
|Charitable activities|(656,989)
(273,438)
(930,427)
(1,261,142)|
|Other expenditure|(131,578)
-
(131,578)
(173,154)|
|Total expenditure|(788,567)
(273,438)
(1,062,005)
(1,434,296)|
|Net(expenditure)/income|(270,826)
216,555
(54,271)
99,553|
|Net movement in funds|(270,826)
216,555
(54,271)
99,553|
|**Reconciliation of funds**||
|Total funds brought forward|1,138,613
48,506
1,187,119
1,087,566|
|Total funds carried forward|867,787
265,061
1,132,848
1,187,119|
The notes on pages 18 to 27 form an integral part of these financial statements. Page 14
## **Outdoor Recreation (N. Ireland)**
## **(Registration number: NI038105) Consolidated Balance Sheet as at 31 March 2024**
||**2024**
**2023**|
|---|---|
|**Note**|**£**
**£**|
|**Fixed assets**||
|||
|Tangible assets
10|62,996
15,260|
|**Current assets**||
|||
|Debtors
12|621,435
826,402|
|Cash at bank and in hand
13|749,343
647,710|
||1,370,779
1,474,112|
|**Creditors: Amounts falling due within oneyear**
14||
||(300,927)
(302,253)|
|**Net current**assets||
||1,069,852
1,171,859|
|**Net**assets||
||1,132,848
1,187,119|
|**Funds of the charity:**||
|**Restricted income funds**||
|||
|Restricted funds|265,061
273,525|
|**Unrestricted income funds**||
|||
|Unrestricted funds|867,787
913,594|
|**Total funds**
15||
||1,132,848
1,187,119|
The financial statements on pages 13 to 27 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:09 Jan 2025
## Caro-lynne Ferris
......................................... Dr C Ferris Company Secretary and Trustee
......................................... Mr D Stelfox Chairman and Trustee
The notes on pages 19 to 28 form an integral part of these financial statements. Page 15
## **Outdoor Recreation (N. Ireland)**
## **(Registration number: NI038105) Charity Balance Sheet as at 31 March 2024**
||**2024**
**2023**|
|---|---|
||**£**
**£**|
|**Fixed assets**||
|Tangible assets|45,622
2,617|
|**Current assets**||
|Investments|3
3|
|Debtors|872,524
1,118,337|
|Cash at bank and in hand|438,840
207,317|
||1,311,367
1,325,657|
|**Creditors: Amounts falling due within oneyear**|(224,141)
(141,155)|
|**Net current**assets|1,087,226
1,184,502|
|**Net**assets|1,132,848
1,187,119|
|**Funds of the charity:**||
|**Restricted income funds**||
|Restricted funds|265,061
48,506|
|**Unrestricted income funds**||
|Unrestricted funds|867,787
1,138,613|
|**Total funds**|1,132,848
1,187,119|
The notes on pages 18 to 27 form an integral part of these financial statements. Page 16
## **Outdoor Recreation (N. Ireland)**
## **Consolidated Statement of Cash Flows for the Year Ended 31 March 2024**
|**Note**|**2024**
**2023**|
|---|---|
||**£**
**£**|
|**Cash flows from operating activities**||
|Net cash (expenditure)/income|(54,271)
99,553|
|**Adjustments to cash flows from non-cash items**||
|Depreciation|7,625
5,216|
|Investment income|(324)
(142)|
||(46,970)
104,627|
|**Working capital adjustments**||
|Decrease in stocks|-
1,500|
|Decrease/(increase) in debtors
12|204,968
(208,013)|
|(Decrease)/increase in creditors
14|(1,326)
172,908|
|Net cash flows from operatingactivities|156,671
71,021|
|**Cash flows from investing activities**||
|Interest received|324
142|
|Acquisitions of tangible assets|(55,362)
(4,555)|
|Net cash flows from investingactivities|(55,038)
(4,413)|
|Net increase in cash and cash equivalents|101,634
66,608|
|Cash and cash equivalents at 1 April|647,710
581,102|
|Cash and cash equivalents at 31 March|749,343
647,710|
All of the cash flows are derived from continuing operations during the above two periods.
The notes on pages 18 to 27 form an integral part of these financial statements. Page 17
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **1 Charity status**
The charity is limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The charity is registered as a charity with the Charity Commission of Northern Ireland.
The Charity number is XR 32792. The Company number is NI038105.
The address of its registered office is: The Stableyard Barnett's Demesne Belfast BT9 5PB
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Page 18
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **Basis of preparation**
Outdoor Recreation (N Ireland) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The consolidated financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March 2024.
A subsidiary is an entity controlled by the charity. Control is achieved where the charity has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the period are included in the statement of financial activities from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the charity and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
## **Presentational currency and level of rounding**
The presentational currency is £ sterling and the level of rounding is to the nearest £.
## **Going Concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Page 19
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably;
- legacy income is recognised when receipt is probable and entitlement is established;
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers; and
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods;
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities; and
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Page 20
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **Tangible fixed assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Freehold property|10% straight line|
|Equipment|20% straight line|
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 21
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Foreign exchange**
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.
The results of overseas operations are translated at the average 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).
## **Pensions**
The Charity participates in the Local Government Pension Scheme for Northern Ireland which is administered by the N I Local Government Officers' Superannuation Committee. The scheme is an unfunded multi-employer defined benefit pension scheme. As the Charity is unable to identify its share of the underlying assets and liabilities, contributions are recognised as an expense in the period in which the related service is provided.
The Local Government Pension Scheme Regulations (Northern Ireland) 2014 provides the legal framework for regular actuarial valuations of the pension scheme to measure the costs of the benefits being provided. These valuations inform the future contribution rates to be paid into the schemes by employers every three years following the scheme valuation. The scheme actuary is responsible for carrying out scheme valuations and reviews contributions every three years following the scheme valuation. The 31 March 2022 scheme valuation was completed by Aon in March 2023. The outcome of this valuation was used to set the level of contributions for employers from 1 April 2023 to 31 March 2026.
The pension cost charge for the period by the Charity to the scheme amounted to £198,400 (2023: £205,562) based on a rate of 23.2% of pensionable pay.
Page 22
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **3 Income from donations and legacies**
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**
**Total 2023**|
|---|---|---|---|
||**£**|**£**|**£**
**£**|
|Grants from companies|97,338|29,615|126,953
33,000|
||97,338|29,615|126,953
33,000|
|**4**
**Income from other trading activities**||||
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**
**Total 2023**|
||**£**|**£**|**£**
**£**|
|Non-charitable trading|65,403|-|65,403
398,861|
|Income from subsidiary|1,036,415|-|1,036,415
695,063|
||1,101,818|-|1,101,818
1,093,924|
|**5**
**Income from charitable activities**||||
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**
**Total 2023**|
||**£**|**£**|**£**
**£**|
|Communication & Training|-|323,460|323,460
352,317|
|Feasibility, Planning & Development|-|67,425|67,425
112,422|
|Marketing|-|47,146|47,146
190,726|
|Participation|-|22,643|22,643
93,679|
||-|
460,378|460,378
749,144|
## **6 Investment income**
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**
**Total 2023**|
|---|---|---|---|
||**£**|**£**|**£**
**£**|
|Bank interest receivable|324|-|324
142|
||324|-|324
142|
Page 23
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **7 Expenditure on charitable activities**
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**
**Total 2023**|
|---|---|---|---|
||**£**|**£**|**£**
**£**|
|Communication & Training|**-**|159,473|159,473
319,293|
|Feasibility, Planning & Development|5,100|45,056|50,156
91,303|
|Marketing|34,686|53,007|87,693
174,488|
|Participation|**-**|15,902|15,902
19,901|
|Support Costs|617,203||656,157|
||656,989|273,438|930,427
1,261,142|
## **8 Other expenditure**
|**8**
**Other expenditure**||||
|---|---|---|---|
||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total 2024**
**Total 2023**|
||**£**|**£**|**£**
**£**|
|Administrative salaries|98,667|-|98,667
71,417|
|Administrative travel|5,616|-|5,616
8,158|
|Office costs|16,659|-|16,659
-|
|Sundry|**-**|-|-
-|
|Audit fees|7,000|-|7,000
5,000|
|Legal and professional fees|-||-
82,150|
|Bank charges|198|-|198
849|
|Depreciation|3,440|-|3,440
2,530|
|Expenditure by subsidiary|681,738|-|681,738
342,361|
||813,317||813,317
515,515|
Page 24
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **9 Staff costs**
The aggregate payroll costs were as follows:
||**2024**
**2023**|
|---|---|
||**£**
**£**|
|Salaries and wages|983,075
976,354|
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
||**2024**
**2023**|
|---|---|
||**No**
**No**|
|Average number of staff during year|22
22|
Three employees received employee benefits of more than £60,000 during the year (2023: one).
The Charity trustees were not paid or received any other benefits from employment with the Charity or its subsidiary in the year. Neither were they reimbursed expenses during the year, with the exception of Caro-Lynne Ferris who, as Company Secretary of Outdoor Recreation (N. Ireland), was paid. No Charity trustee received payment for professional or other services supplied to the Charity. The key management personnel of the parent Charity comprise the Executive Director and Operations Director. The total employee benefits of the key management personnel of the Charity were £163,700 (2023: £156,453).
## **10 Tangible fixed assets**
|**10**
**Tangible fixed assets**||
|---|---|
||**Land and**
**buildings**
**Furniture and**
**equipment**
**Total**|
||
**£**
**£**
**£**|
|**Cost**||
|At 1 April 2023|156,349
103,061
259,410|
|Additions|40,914
14,448
55,362|
|At 31 March 2024|197,263
117,509
314,772|
|**Depreciation**||
|At 1 April 2023|156,349
87,801
244,150|
|Charge for theyear|1,029
6,597
7,626|
|At 31 March 2024|157,378
94,398
251,776|
|**Net book value**||
|At 31 March 2024|39,885
23,111
62,996|
|At 31 March 2023|-
15,260
15,260|
Page 25
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **11 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **12 Debtors**
|**12**
**Debtors**||
|---|---|
||**2024**
**2023**|
||**£**
**£**|
|Trade debtors|168,835
355,675|
|Prepayments and accrued income|452,600
462,712|
|Other debtors|-
8,015|
||621,435
826,402|
|**13**
**Cash and cash equivalents**||
||**2024**
**2023**|
||**£**
**£**|
|Cash at bank|749,344
647,710|
|**14**
**Creditors: amounts falling due within one year**||
||**2024**
**2023**|
||**£**
**£**|
|Trade creditors|80,923
71,579|
|Other creditors|82,773
127,230|
|Accruals and deferred income|137,231
103,444|
||300,927
302,253|
Page 26
## **Outdoor Recreation (N. Ireland)**
## **Notes to the Financial Statements for the Year Ended 31 March 2024**
## **15 Funds**
|**15**
**Funds**||
|---|---|
||**Balance at 1**
**Incoming**
**Balance at 31**|
||**April 2023**
**resources**
**March 2024**|
||
**£**
**£**
**£**|
|**Unrestricted funds**||
|General|1,138,613
(270,826)
867,787|
|**Restricted funds**|48,506
216,555
265,061|
|**Total funds**|1,187,119
(54,271)
1,132,848|
|||
||**Balance at 1**
**Incoming**
**Balance at 31**|
||**April 2022**
**resources**
**March 2023**|
||
**£**
**£**
**£**|
|**Unrestricted funds**||
|General|1,050,726
87,887
1,138,613|
|**Restricted funds**|36,840
11,666
48,506|
|**Total funds**|1,087,566
99,553
1,187,119|
## **16 Contingencies**
The company is not registered for VAT and provides a range of services. The company’s subsidiary is registered for both UK and Irish VAT. The company is currently reviewing its position in relation to its income and depending on the outcome of this review and decisions made by the group there may be a company VAT liability and/or changes to the service provision. This is complex matter involving specialist advisors and at the date of the approval of the accounts this review has not been completed and its outcome is unknown.
## **17 Related party transactions**
In 2023 the following transactions took place between Outdoor Recreation (N. Ireland) and its wholly owned subsidiary Outdoor Recreation (N. Ireland) Trading Ltd:
The transfer under gift aid of the trading profits of Outdoor Recreation (N. Ireland) Trading Ltd to Outdoor Recreation (N. Ireland) of £354,677 (2023: £352,702) of which £354,677 was outstanding as at 31 March 2024 (2023: £352,702).
Page 27
## **Outdoor Recreation (N. Ireland)**
## **Detailed Statement of Consolidated Financial Activities for the Year Ended 31 March 2024**
||**Total**
**Total**|
|---|---|
||**2024**
**2023**|
||**£**
**£**|
|**Income and Endowments from:**||
|Donations and legacies (analysed below)|126,953
33,000|
|Charitable activities (analysed below)|460,378
749,144|
|Other trading activities (analysed below)|1,101,818
1,093,924|
|Investment income(analysed below)|324
142|
|Total income|1,689,473
1,876,210|
|**Expenditure on:**||
|Charitable activities (analysed below)|(930,427)
(1,261,142)|
|Other expenditure(analysed below)|(813,317)
(515,515)|
|Total expenditure|(1,743,744)
(1,776,657)|
|Net(expenditure)/income|(54,271)
99,553|
|Net movement in funds|(54,271)
99,553|
|**Reconciliation of funds**||
|Total funds brought forward|1,187,119
1,087,566|
|Total funds carried forward|1,137,848
1,187,119|
This page does not form part of the statutory financial statements. Page 28
## **Outdoor Recreation (N. Ireland)**
## **Detailed Statement of Consolidated Financial Activities for the Year Ended 31 March 2024**
||**Total**
**Total**|
|---|---|
||**2024**
**2023**|
||**£**
**£**|
|**_Donations and legacies_**||
|Grants,includingcapitalgrants|126,953
33,000|
||126,953
33,000|
|**_Charitable activities_**||
|Marketing|47,146
190,726|
|Participation|22,347
93,679|
|Feasibility, Planning & Development|67,425
112,422|
|Communication & Training|323,460
352,317|
||460,378
749,144|
|**_Other trading activities_**||
|Income from subsidiary|1,036,415
695,063|
|Non-charitable trading|65,403
398,861|
||1,101,818
1,093,924|
|**_Investment income_**||
|Bank interest receivable|324
142|
||324
142|
|**_Charitable activities_**||
|Communications & Training|(159,473)
(319,293)|
|Participation|(15,902)
(19,900)|
|Feasibility, Planning & Development|(50,156)
(91,304)|
|Marketing|(87,693)
(174,488)|
|Support costs|(617,203)
(656,157)|
||(930,427)
(1,261,142)|
|**_Other expenditure_**||
|Expenditure by subsidiary|(681,738)
(342,361)|
|Administrative salaries|(98,667)
(71,417)|
|Administrative travel|(5,616)
(8,158)|
|Office costs|(16,658)
-|
|Audit and accountancy fees|(7,000)
(8,050)|
|Legal and professional fees|-
(82,150)|
|Bank charges|(198)
(849)|
|Depreciation|(3,440)
(2,530)|
||(813,317)
(515,515)|
This page does not form part of the statutory financial statements. Page 29