COMPANY REGISTRATION NUMBER: N1063910 CHARITY REGISTRATION NUMBER: XT1572 Lagan Valley Regional Park Limited Company Limited by Guarantee Unaudited Financial Statements 31 March 2024 AUBREY CAMPBELL & COMPANY Chartered Accountants & Registered Auditors 631 Lisburn Road Belfast BT9 7GT Lagan Valley Regional Park Limited Company Limited by Guarantee Financial Slatements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure accounl) Statement of financial position Notes to the financial statements Lagan Valley Regional Park Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the PLJrposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name Lagan Valley Regional Park Limited Charity registration number XT1572 Company reglsiratlon number N1063910 Principal office and regislered 3 Lock Keeper's Lane olf ice Milltown Road Belfast BT8 7XT The trustees Mr A Martin Mr M Murray Mr D Hughes Mr C Somerville Mr S Pollock Councillor G McAteer Chi Ting Yip Councillor J Palmer Councillor A Swan Councillor U Mackin Councillor G Spratt Ms G Daly Mr T Duffy Dr B Simon Councillor K Nicholl Mr C Kinney Ms S Mcclintock (Appointed 20 January 20241 (Retired 20 November 20231 (Retired 20 November 20231 (Retired 20 November 20231 (Retired 20 November 20231 (Retired 16 April 2023) Company secretary Dr Andy Bridge Independent examiner John Magee Aubrey Campbell & Company 631 Lisburn Road Belfast BT9 7GT Lagan Valley Regional Park Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Structure, governance and management The Board is made up of public representatives from Belfast City Council IBCC), and Lisburn and Castlereagh City Council (LCCC), and individuals with a particular interest in the environment and conservation. Under the guidance of a Chairman and Vice Chairman, each Director is charged with governance over the operation of the Regional Park, maintenance of its assets and welfare of its staff. There are four Board Subcommittees.. Audit and Risk., Finance and Strategy,. Selection and Planning and a Biodiversity working group. A Company Secretary is responsible administering company matters. The Board meet regularly throughout the year. An effective structure runs the Park on a day to day basis. The Management Committee {including related stakeholder representatives) and Park Manager are supported by the relevant functional heads in LCCC and BCC. The Park Manager in turn manages the operaiional and administrative staff. Objectives and activities All of the Park's objectives and activities are underpinned by the Board and staff's desire to promoie the Park to visitors, thus ensuring its long term future. Their strategy document and management plan outline the long term sustainability of the Regional Park and AONB. The key long term strategic focus areas are Biodiversity, Heritage, Visitors, Community, Landscape, and Health and Recreation. These themes are reflected in the five year management plan, covering 2023 to 2028. The plan focuses on tasks such as biodiversily monitoring, enhancement and proteciion Ihrough practical conservation of woodland, weiiand, wildflower meadow and hedgerow, io extensive survey work of key fauna including bees, bulterflies, wildfowl and small mammals. The Park actively promoies and protects the built and cultural heritage of the area and is exploring the potential to uncovering the archaeological aspects of the area with a proposed audit of archaeological features in the park from which a a larger project may develop. The team also cover aspects of recreational planning and support for a range of diverse park users and visitors. In built planning, the regional park ensures that planning policy plays its part in preserving the Park's character, landscapes and biodiversity and this year responded to 13 planning consultations, as well as contributing to several strategic consultations affecting the Park and the wider countryside. The Park continues to mainlain over 47km of palhs to make the Park accessible to the general public, to investigate the possibility of physical links to other conservation areas, and to further enhance the existing towpath. Park management are also working on ongoing practical works, aimed at the conservation of rare species and habitats, whilst sympathetically improving the aesthetics of the Park. This includes developing biodiversily by way of promoting and prolecting priority species, through lackling invasive species via a separate initiative, and by protecting and creating existing and new habilats. Achlevements and performance The Regional Park continues to welcome large numbers of visilor with 1.8 million visitors recorded 3 years running. This makes it the mosl visited outdoor visilor attraclion in Northern Ireland and continues to present challenges bolh in terms of pressure on resources and user needs. Lagan Valley Regional Park Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Flnanclal revlew Core costs are lightly controlled with the majority of the budget associaled with staff and volunteers. Core funding for Ihe Regional Park comes from Lisburn and Casllereagh Cily Council and Belfast City Council with a small additional amounl from BCC and Department for Communilies (HED) for services provided. Funding from Department for Infrastructure was cut and that coupled with fixed funding not being index linked, has meant serious challenges for the Regional Park this year. In relation to the 2023-24 financial year, core funding for the Flegional Park was provided by Belfast City Council and Lisburn and Castlereagh City Council, wilh addilional amounts from Ihe Department for Communities, the Heritage Lottery Fund and Keep Nl Beautiful. Regrelfully, funding received in previous years from the Department for Infrastructure and the Northern Ireland Environmental Agency was not available. This, in conjunction with a substantial increase in the cost of direct charitable activities and support costs, led to the return of significant losses. The Trustees and management are cognisant of the eff ect that the outcome of the 2023-24 financial year has had on reserves held by the Regional Park, and they are actively seeking alternative and additional sources of funding. Accordingly, they await updates regarding a number of applications, following the successful award of £21 ,000 of addilional funding from Belfast City Council for the 2024-25 financial year, The welfare of park staff remains the primary concern of the Trustees who are aware of the financial challenges that the 2025 financial year brings. Their pledge is to continue to monitor the financial situation and relentlessly seek additional funding, whilst liaising with Lisburn and Castlereagh City Council who have provided verbal assurances regarding their support for the Park and its staff. Despite this, the Trustees feel that it is appropriate to record their concern that a material uncertainty exists with regard to the ongoing viability of the Park in its current guise. Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entilled 10 Ihe small companies exemption. Lagan Valley Regional Park Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 The trustees, annual report was approved on 16 December 2024 and signed on behalf of the board of Irustees by.. Mr A Martin Trustee Mr M Murray Trustee Mr D Hughes Trustee Mr C Somerville Trustee Chi Ting Yip Trustee Councillor U Mackin Truslee Ms G Daly Trustee Mr T Duffy Trustee Mr C Kinney Trustee Ms S Mcclinlock Truslee Dr Andy Bridge Charity Secretary Lagan Valley Regional Park Limited Company Limited by Guarantee Independent Examiner's Report to the Trustees of Lagan Valley Reglonal Park Limlted Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of Lagan Valley Regional Park Limited ('the charity,) for the year ended 31 March 2024. Responslbllltles and basls of report As the trustees of the company {and also its directors for the purposes of company lawl you are responsible for the preparation ol the financial siatements in accordance with the requirements of Charities Act {Northern Ireland) 2008 (the '2008 Act'} and the Companies Act 2006 {'the 2006 Act'l. You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself thal the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible lor independent examination, I report in respect of my examination of the charity's financial staiements as carried out under section 65 ot the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under seciion 6519}Ib) of the 2008 Act. Independent examlner's statement I have completed my examination. I confirm Ihat no matters have come to my attention in connection with my examination giving me cause to believe that in any maierial respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act. or the financial statements do not accord with those records. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihat the accounis give a 'irue and fair. view which is not a matter consider8d as part of an independent examination. or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Jo nma rey Cam ell & Company Independent Examiner 631 Lisburn Road Belfast BT9 7GT 16 December 2024 Lagan Valley Regional Park Limited Company Limited by Guarantee Statement of Financial Aclivities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowmenls Income 160,794 160,794 160,794 220,191 Total income 160,794 220,191 Expenditure Expenditure on charitable activities Total expendlture 252,378 252,378 211,602 252,378 252,378 211,602 Net (expendlture)Ilncome and nei movemenl In funds 191,5841 (91,584) 8,589 Reconciliation of funds Total funds brought forward Total funds carrled forward 189,905 189,905 181,316 98,321 98,321 189,905 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The noles on pages 9 10 16 lorm part of these Ilnanclal stalements. Lagan Valley Regional Park Limited Company Limited by Guarantee Statement of Financial Posilion 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 13 16,185 14,876 Current assets Debtors Cash at bank and in hand 14 77,595 7,541 167,908 10,121 85.136 178,029 Creditors: amounts falling due within one year Net current assets 15 3,000 3,000 82,136 175,029 Total assets less currenl Ilabllltles 98,321 98,321 189,905 Net assets 189,905 Funds of the charlly Unrestricted funds 98,321 189,905 Total charlly funds 16 98,321 189,905 For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial slatements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. The statement of financial position continues on the following page. The noles on pages 9 10 16 lorm part of these financial stalements. Lagan Valley Regional Park Limited Company Limited by Guarantee Statement of Financial Position (contlnued) 31 March 2024 These financial statements were approved by the board of trustees and authorised for issue on 16 December 2024, and are signed on behalf of the board by.. Mr A Martin Trustee Mr M Murray Trustee Mr D Hughes Trustee Mr C Somerville Trustee Chi Ting Yip Trustee Councillor U Mackin Truslee Ms G Daly Trustee Mr T Duffy Trustee Mr C Kinney Trustee Ms S Mcclinlock Truslee The noles on pages 9 10 16 lorm part of these Ilnanclal stalements. Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General Inlormatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 3 Lock Keeper's Lane, Milltown Road, Belfast, BT8 7XT. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Stalement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) (Charilies SORP IFRS 10211 and the Companies Act 2006. Accountlng pollcles Basis of preparation The financial stalements have been prepared on the historical cost basis, as modified by the revalualion of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of Ihe entity. Golng concern The Trustees acknowledge the impact Ihat the excess of expenditure over income has had on reserves held by the Regional Park as at 31 March 2024, specifically its short lo medium lerm viabilily. They are of one accord, Ihat it is imperative that additional funding is secured to cover rising costs in all areas of Ihe park's operation. The welfare of park staff remains the primary concern of the Trustees. They acknowledge in particular that April 2025 will bring with it further significant increases in staff costs, as a result of the impact ol changes lo the Nalional Living Wage and the National Insurance regime. Accordingly, they will continue to monitor the siluation and liaise with Lisburn and Castlereagh City Council who have overall responsibility for employment matters. Based solely on verbal assurances provided by LCCC prior to approval of these financial statements, the Trustees consider Ihal the preparation of financial statements on a going concern basis is currently appropriate. However, the Trustees wish to make clear, given the current and near-lerm economic climate as described above, along with a lack of certainty regarding funding, that Ihere remains a material uncertainly with regard lo the long term viability of Ihe Park in its current legal and operational form. Judgemenls and key sources ol estimation uncertainty The preparation of the financial statements requires management to make judgemenls, eslimates and assumpiions thal affect the amounls reported. These estimales and judgements are continually reviewed and are based on experience and olher faclors, including expectations of future events that are believed lo be reasonable under the circumstances. It is understood Ihat management were not required to make any significant judgements or estimations when applying the entity's accounting policies during the year. Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accountlng pollcles (contlnued) Fund accounting Unrestricted funds are available for use at the discretion of Ihe truslees to further any of the charily's purposes. Designaled funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 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. Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed 10 the charily; it is probable that the economic benefits associated with Ihe 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 entillement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is esiablished. 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 cosl 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. 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 a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case il may be regarded as restricted. 10 Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accountlng pollcles (contlnued) Resources expended Expendilure 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 stalement 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. other expenditure includes all expenditure that is neither related to raising funds for the charity nor parl 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. Tanglble 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 accumulaled 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 Ihe slatemenl of financial activilies. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Motor vehicles Equipment Fully depreciated 20 % reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceeds the recoverable amounl, the assel is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 11 Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accountlng pollcles (contlnued) Impairment of f ixed assets (continued) For the purposes of impairment lesling, when it is not possible to estimate the recoverable amount of an individual asset, an eslimale is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocaled to each of the cash-generaling unils that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Insiruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any relaled transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or r8ceived and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can olherwise be measured reliably, the inveslment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are inilially recognised at fair value, unless payment for an assel is deferred beyond normal business terms or financed al a rale of interest Ihat is not a markel rate, in which case the assel is measured at the present value of the future paymenis discounted at a market rate of interesi for a similar debl instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, wilh the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cosl are reviewed for objeclive evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equily instruments regardless of significance, and olher financial assets thal are individually significanl, Ihese are assessed individually for impairment. Olher financial assels are either assessed individually or grouped on Ihe basis of similar credil risk characleristics. Any reversals of impairmenl are recognised immediately, to the exlent that the reversal does not result in a carrying amount of the financial asset thal exceeds what the carrying amount would have been had the impairmenl not previously been recognised. 12 Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Llmlted by guarantee The company is limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. Income 'Income' includes donations and grant income from various entities as listed below, and is non-trading in nature unless otherwise stated. Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donaiions Northern Ireland Environmental Agency Beltast City Council - Core funding Bellast City Council Addilional funding Lisburn & Castlereagh City Council Keep Nl Beautiful Grant Department for Infrastructure (Cycling & Waterways Unit) Heritage Lottery Fund Department for communities - DFC 10,684 67,000 10,684 67,000 67,000 67,000 15,104 66,060 2,195 15,104 66,060 2,195 15,104 66,061 8,778 15,104 66,061 8,778 42,000 4,582 5,982 42,000 4,582 5,982 4,453 5,982 4,453 5,982 160,794 160,794 220,191 220,191 Expendllure on charltable aciivllles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Lagan Valley Regional Park Support costs 194,326 58,052 194,326 58,052 252,378 171,250 40,352 171,250 40,352 252,378 211,602 211,602 Expenditure on charitable activities by activity type Activities undertaken direclly Support Total funds costs 2024 Total fund 2023 Lagan Valley Regional Park Governance costs 194,326 50,816 7,236 245,142 7,236 252,378 204,659 6,943 194,326 58,052 211,602 13 Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Analysls of support costs Analysis of support costs activity l Total 2024 Total 2023 Communications and IT General office Finance costs 1,163 45,490 3,000 1,163 45,490 3,000 4,247 26,162 3,000 49,653 49,653 33,409 Net (expendlture)Ilncome Net {expenditurellincome is stated after charging/{crediting): 2024 2023 Depreciaiion of tangible fixed assets Operating lease rentals 4,046 1,705 3,718 7,025 10. Independent examlnatlon fees 2024 2023 Fees payable to the independent examiner for.. Independent examinalion of the financial siatements Other assurance services Tax advisory services 3,925 1,225 550 1,875 575 250 5,700 2,700 11. Slaff costs The total staff cosls and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries 187,209 158,771 The average head count of employees during the year was 512023.. 51. The average number of full-time equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Number of administrative staff Number of management staff Number of other staff No employee received employee benefits of more than £60.000 during the year12023'. Nill. 14 Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 12. Trustee remuneratlon and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 13. Tangible fixed assets Motor vehicles Equipment Toial Cost At 1 April 2023 Additions 10,239 26,888 5,355 37,127 5,355 Al 31 March 2024 10,239 32,243 42,482 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 10,239 12,012 4,046 22,251 4,046 10,239 16,058 26,297 Carrying amount At 31 March 2024 16,185 16,185 At 31 March 2023 14,876 14,876 14. Debtors 2024 2023 Prepayments and accrued income 77,595 167,908 "Other debtors" refers to LVRP'S accumulated reserve of underspend, held by Lisburn and Castlereagh City Council. 15. Crediiors: amounts falllng due wllhln one year 2024 2023 Accruals and deferred income 3,000 3,000 15 Lagan Valley Regional Park Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 16. Analysls of charltable funds Unreslricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure General funds 189,905 160,794 1252,378) 98,321 At 31 March 20 23 At 1 April 2022 Income Expenditure General funds 181,316 220,191 1211 ,602) 189,905 17. Analysls of nei assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 16,185 85,136 13,000) 98,321 16,185 85,136 (3,000) 98,321 Unrestricted Total Funds Funds 2023 Tangible fixed asseis Current assets Creditors less than 1 year Net assets 14,876 178,029 13,000) 189,905 14,876 178,029 13,0001 189,905 16