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2023-03-31-accounts

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Company registration number: NI041855 Charity registration number: 106275

Lough Neagh Partnership Limited

Company limited by guarantee

Financial statements

31 March 2023

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Contents

Page
Trustees/ Directors and other information 1
Trustees report (incorporating Directors Report) 2 - 12
Independent auditor's report to the members 13 - 15
Statement of financial activity 16
Statement of financial position 17
Statement of cash flows 18
Notes to the financial statements 19 - 28

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Directors and other information

Trustees/ Directors Mrs Mary Veronica Devlin
The Honourable Shane Sebastian Clanaboy O'Neill
Mr Conor Jordan
Ald Arnold Hatch
Cllr Derek McKinney
Mr Conor Corr
Cllr Henry Cushinan
Ms Una Johnston
Mrs Elizabeth Meharg
Mr Drew Nelson
Mr Rory O’Kane (Resigned 10/5/23)
Mr Brian Wiley (Resigned 9/12/22)
Cllr Ian Milne
Cllr Donal McPeake
Cllr Paul McLean
Ck Martin Kearney
Cllr Thomas Gordon
Cllr Paul Dunlop
Ald Jim Montgomery
Cllr Roisin Lynch
Mr Paul Quinn
Cllr Andrew McAuley (Appointed 1/6/22) (Resigned 1/6/23)
Mr Joe Nelson
Mr Gary McErlain (Appointed 15/11/22)
Mr Leo Cassidy (Appointed 10/5/23)
Mr Pat Close (Resigned 27/10/22)
Secretary Mary Veronica Devlin
Company number NI041855
Registered office 135a Shore Road
Ballyronan
Magherafelt
Business address Unit 3 The Marina Centre
135a Shore Road
Ballyronan
Magherafelt
BT45 6JA
Auditor Phelan & Prescott
River House, Home Avenue
Newry
BT34 2DL
Accountants JSR
44 Blackisland Road
Portadown
BT62 1NE
Bankers Bank of Ireland
Market Street
Magherafelt
BT45 6EE

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023.

Trustees/ Directors

The trustees/ directors who served the company during the year were as follows:

Mrs Mary Veronica Devlin The Honourable Shane Sebastian Clanaboy O'Neill Mr Conor Jordan Ald Arnold Hatch Cllr Derek McKinney Mr Conor Corr Cllr Henry Cushinan Ms Una Johnston Mrs Elizabeth Meharg Mr Drew Nelson Mr Rory O’Kane (resigned 10/5/23) Mr Brian Wiley (resigned 9/12/22) Cllr Ian Milne Cllr Donal McPeake Cllr Paul McLean Ck Martin Kearney (resigned 1/6/23) Cllr Thomas Gordon Cllr Paul Dunlop Ald Jim Montgomery (resigned 1/6/23) Cllr Roisin Lynch Mr Paul Quinn (resigned 14/9/23) Cllr Andrew McAuley (appointed 1/6/22) (resigned 1/6/23) Mr Joe Nelson Mr Gary McErlain (appointed 15/11/22) Mr Leo Cassidy (appointed 10/5/23) Mr Pat Close (resigned 27/10/22)

Structure, governance and management

Lough Neagh Partnership Limited, which is a registered charity with Charity Commission for Northern Ireland under registration number 106275, was incorporated as a company limited by guarantee in Northern Ireland on 2[nd] November 2001 under registration number NI041855.

The company is registered with Charity Commission for Northern Ireland under the name Lough Neagh Partnership Limited, it does not operate under any other names. The charity’s principal office address is also the registered office address of the company.

Structure of Organisation: The Board of Directors meets every 2 months and is responsible for the development of Policy and Strategy and management of strategic outcomes and achievements. Four directors are also part of a Financial sub-committee which meets before the Board meetings to ensure the financial management of the body.

Governance

The governing document is the Articles of Association of Lough Neagh Partnership Ltd and Lough Neagh Partnership is governed by the Board and the terms of its membership are set out as per the Articles of Association

Recruitment of Trustees

Trustees are proposed and elected at an annual AGM and nominations are confirmed at the first Board meeting after the AGM.

The company is registered with Charity Commission for Northern Ireland under the name Lough Neagh Partnership Limited, it does not operate under any other names. The charity’s principal office address is also the registered office address of the company.

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

Objectives and Activities

The company was formed with the objective of bringing together the local community, businesses, schools, residents etc. to work in partnership to ensure that this area of natural beauty and important ecological environmental and social benefit to Northern Ireland as a whole will be safeguarded, protected and managed in a sustainable way. The specific charitable objectives of the organisation are detailed in the LNP articles of Association are below

The Charity’s objects (“Objects”) are:

(1) The promotion of rural regeneration and community development for the benefit of the inhabitants of the Lough Neagh Wetlands region (the “area of benefit”), users of Lough Neagh and its environs and visitors to the area in the interests of social and economic welfare by all or any of the following means:

(a) the provision or assistance in the provision of recreational facilities in the interests of social welfare for the public at large and those who, by reasons of their youth, age, disability, or social or economic circumstances have need of such facilities.

(b) advancing sustainable development for the public benefit by the promotion of sustainable means of achieving economic growth and regeneration, in particular by promoting tourism and opportunities for cultural and recreational activities for all age groups;

(c) fostering a sense of community by encouraging and celebrating a sense of place, civic pride and an appreciation of the scenic beauty and heritage of the area;

(d) the maintenance, improvement, or provision of amenities for the benefit of the public and visitors to the area.

(2) The conservation, protection, restoration and improvement of the physical and natural environment of the area of benefit by all or any of the following means:

(a) managing land, the bed and soil of parts of the Lough, and facilitating the availability and safeguarding assets for the benefit of the community;

(b) carrying out a co-ordination and networking role with other agencies and interested parties within the community, public and private sectors that are involved in rural regeneration, the protection of the environment, cultural and heritage activities, tourism and scientific research;

(c) promoting awareness, understanding and appreciation among the public of the natural, built and cultural heritage of the area of benefit and the ecosystem value of nature and the Wetlands region to humanity;

(d) promoting sustainable development, developing and implementing conservation management plans and advising on, applying and extending good practice.

Activities, meeting objectives public benefit

Beneficiaries of the activities are:

Local communities and people who live by the shores of the Lough and enjoy its natural heritage and recreational facilities

Visitors to the Lough and the surrounding area.

People who work on the Lough or around its shoreline.

Local businesses who provide local investment and economic development opportunities. Local Councils and government departments who work in partnership with the Lough Neagh Partnership to protect the heritage of Lough Neagh

Local schools who link with the work of the Partnership and improve awareness and knowledge of local children of the issues associated with the Lough.

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

Summary of Charitable Activities for the purposes of Public Benefit

The board members have had regard to the Public Benefit requirement as stipulated by Charity Commission for Northern Ireland. The activities entered into, and achievements attained during the year ended 31st March 2023 have been wide and varied and have provided huge public benefit, as can been seen in the information noted below:

Projects for Further
Development		 Progress since last year Progress since last year
Charitable Objective: The promotion of rural regeneration and community development for the benefit of
the inhabitants of the Lough Neagh Wetlands region
Marketing and
promotion of Lough
Distribution of Lough
Neagh newsletter for
stakeholders and
consumers online,
social media
promotion and attend
and promote at trade
fairs and exhibitions.		 Lough Neagh Partnership regularly
share content across Facebook,
Instagram and on their website and
email marketing for the businesses from
the Lough area. These include profiles
with reference to the Artisan Market
pages and campaigns, events they are
involved with and news stories as well
as PR photographs used to advertise
the markets. These members have also
been supplied with digital marketing
toolkits to help support their marketing
efforts in relation to the markets. The
market also featured boat trips with
River Bann Tours and Lough Neagh’s
Stories from Toome to Lough Beg.
Lough Neagh Tours attended Meet the
Buyer and followed up by sending a tour
portfolio of key experiences from the
area along with a list of hotels
Newletters issued to monthly April –
September.		 LNP attended the consultation for the
ten-year Tourism Strategy for NI and
provided feedback. Newsletters
issued in Halloween and Christmas.
LNP Participated in World Travel
Market and ITOA, following up with a
Portfolio of key experiences including
River Bann Tours, Tyrone Crafted
Glass, Rosehill House, Coyle’s
Cottage Lough Neagh’s Stories,
Glenshane Country Farm, Seamus
Heaney Homeplace, Bakehouse NI,
Ballyscullion Park, Katies Cottage
and the Lough Neagh Fisheries
Exhibition.
Further to a fam visit conducted last
year, bookings have now been
secured with an international tour
operator. LNP has developed a
bespoke bird tour itinerary to include
River Bann Tours trip from
Ballyronan to Lough Beg – this
itinerary was developed at the
request of the operator. Two
bookings with forty-six guests have
now been secure for May/June 2024
with a view to more after successful
completion of these trips.
Lough Neagh Tours
Facebook 9,600 followers
Instagram 1,073 followers
X 311
Lough Neagh Artisans
Facebook 2,500 followers
Instagram 2,431 followers
X 121 followers
Lough Neagh Partnership
Facebook 5,100followers
Twitter 1,083 followers
LinkedIn399followers

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

Mailchimp
Stakeholder list 833 subscribers
Artisan traders 176 subscribers
Tourism list 476 subscribers
Mailing list
Tour operator contacts – 325
Charitable Objective : The promotion of rural regeneration and community development for the benefit of
the inhabitants of the Lough Neagh Wetlands region
Develop a Lough
Neagh Artisan Food
Programme,
identifying artisan
event opportunities
and promotion of
them.		 Held two successful Artisan Food
Markets on 21stMay & 30thJuly 2023 at
the Lock Keepers Cottage in Toome
including several traders from MUDC
area.		 The market scheduled for 10th
September had to be cancelled due
to the blue-green algae in the Lower
Bann River.
The group offers members
networking and collaboration
opportunities and mentoring, as well
as the regular markets at the Lock
Keepers Cottage in Toome. As part
of the market activities, boat trips are
provided by River Bann Tours &
Lough Neagh’s Stories from Toome
to Lough Beg.
The Lough Neagh Artisans are
hoping to avail of further funding to
develop the group and are consulting
with DAERA to shape phase two of
the project, this is anticipated to be
open from mid-2025.
Charitable Objective : The promotion of rural regeneration and community development for the benefit of
the inhabitants of the Lough Neagh Wetlands region
Joint development of
tourism and
economic
programmes with
Councils and
Partners and, assist
with access and
recreational plans for
school lands
Derrytresk, and
Traad
Point/Ballyronan and
Lough Promotion.		 Lobbied both ABC AND MUDC to
examine development of the Blackwater
and dredging of Canal mouth of
Blackwater.
Met with ABC regarding tourism
development of Blackwater River
Prepared major proposal for School
lands		 Meet with Senior staff regarding the
development of Tradd Point
Also met with Outscape and attended
consultation event regarding Tradd
Point.
Met with John Mc Grillen TNI CEO to
discuss wider Lough neagh
promotion in light if Blue Green
Algae.
Charitable Objective : The promotion of rural regeneration and community development for the benefit of
the inhabitants of the Lough Neagh Wetlands region
Development of
Blackwater River,
providing technical
advice associated
with dredging, and		 Met with DFI on two occasions.
Met with Blackwater group
Lobbied all parties regarding a new
interdepartmental structure and		 Met with DFI staff to discuss Lough
and Blackwater navigation needs.
Focus for LNP is dredging the
opening of Canal mouth

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

development of the
whole of the Lough
and ownership
models		 investment for Lough Neagh Followed up letter to Minister O
Dowd regarding setting up of an
interdepartmental body
Met with all party leaders to promote
new structures and investment for
Lough neagh in 2024
Applied for and gained 240,000 of
grant assistance from m the National
Lottery Heritage Fund for new
resilience plan and ownership
analysis, need 6666 match funding
from three main Councils including
MUDC.
Charitable Objective :The conservation, protection, restoration and improvement of the physical and
natural environment of the area of benefit by all.
Continue to develop
NIEA Shoreline Plan
and securing funding
for a management
plan for Killycolpy
and Killywoolaghan,
community bird hides
as per
2021/22, develop wet
woodland and
climate change
strategy for Western
Shores taking into
consideration
Councils and
Partners’s climate
change and
biodiversity plans.
Implement
recommendations for
Lough Neagh islands
and ASSI plan.		 Management Plan for Killycolpy
complete
Wet woodland study and
Climate Change and Carbon study now
completed
Transfer of Kilycolpy nature reserve and
School lands signed for and completed
SEUPB nature peatlands restoration
project prepared with RSPB
Islands conservation work and all bird
monitoring continuing via new boat.
Dealt with media response to Blue
Green Algae.
Major PR engagement regarding blue
green algae
Public meetings with NIEA held
including presentation at public
meetings		 All work in Kilykoly complete and
cattle to be placed there this year to
improve land
Approx £70,000 of funding gained
from NIEA for consultation on new
SPA and ASSI plan for Lough Neagh
New major Catchment Pollution
proposal being developed along with
a new communications plan working
in partnership with NIEA and DAERA
Charitable Objective :The conservation, protection, restoration and improvement of the physical and
natural environment of the area of benefit by all.
Continue to develop
and deliver an
Environmental Farm
Scheme on western
shores of Lough
Neagh by attracting
new funding and
through engagement
with farmers,
landowners, and
relevant stakeholders		 Environmental Farm Scheme Project
has been extended from 1 April – 31
December 2026. This focuses on lands
along the western shore of lough
Neagh.
A major Nature Recovery Network has
been developed at School Lands and at
Killycolpy/Killywoolihan. Focusing on
managing biodiversity and water quality
improvements.
143 Group Scheme members continue		 New pilot project pitched to DAERA
to replicate outcomes approach like
what DAERAs new Farm Nature
Policy 2026. DAERA still considering
outcomes payments for
environmental programme for
farmers along the shores of Lough.
Main beneficiary will be in Mid Ulster
area Lough Neagh EFS Group
Scheme Members 150+ receiving
support and mentoring on Group

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

to improve
conditions. Assist
Councils and
Partners in
development of an
Agricultural Strategy.		 to receive mentoring and support.
£17500 average investment per farm
over last 6 years.
New policy engagement with DAERA
Countryside Management helping co-
design for new Farming with Nature
Policy.
Offer open for help with the
development of new agricultural
biodiversity and climate change
strategies in new 5-year SLA from Mar
2024– Mar 2029		 Scheme management. Total
Investment brought into Lough via
EFS Scheme £4,800,00+ over 6
years, out of £7.6 million offered.
New entrants
Offer open for help with the
development of new agricultural
biodiversity and climate change
strategies in new 5-year SLA from
Mar 2024– Mar 2029 entering again
in 2024 Covid underspend
reallocated to project providing
Climate Resilience Plans for farmers
plus a series of information leaflets
covering a wide range of
environmental projects approx.
Extension to EFS Group Scheme
awarded providing additional
£255,000 from April 2023 – Dec
2026.
Charitable Objective :The conservation, protection, restoration and improvement of the physical and
natural environment of the area of benefit by all.
Develop funding
applications and
attract investment
from SEUPB NIEA
DAERA for new
environmental
programmes		 Discussions held with RSPB regarding
SEUPB peatland and Nature recovery
proposals for Lough Neagh continued.
Met with NIEA regarding water quality
issues and blue green algae and
workable solutions for 2024		 £1.2 million submitted to RSPB and
SEUPB for restoration for peatlands
at School Lands
Approx £500,000 Solutions to
Pollution pilot proposal submitted to
NIEA to monitor pollution throughout
whole catchment of Lough neagh
working in partnership with Rivers
Trust and Ballinderry River
Enhancement Group.
Approx £80,000 communications
plan for dealing with Blue Green
Algae fall out in 2024/25 submitted to
NIEA
Charitable Objective : The promotion of rural regeneration and community development for the benefit of
the inhabitants of the Lough Neagh Wetlands region
Develop an
Interdepartmental
Committee for Lough
Neagh and examine
funding opportunities
for technical
developments of
Lough Neagh
ownership bid.		 Meeting and presentation made to all
party leaders and group
Lobbied all groups and MLAs to set up
new interdepartmental structure for
Lough throughout 6-month period
£240,000 grant achieved for new
heritage resilience plan and ownership
of Lough Neagh examination		 Met with HLF to sign of proposal
Meeting with Shaftesbury Estates
again
Did presentation to all relevant MLAs
in Stormont in Dec 2023
Attended Stormont Lough Neagh
debate and lobbied MLAs
Met Minister Muir and senior NIEA
staff to discuss new structures and
investment for the Lough

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

How have these activities provided a benefit and what difference have they made since March 2022)

Strategic Goal Achievement and strategic benefits from the LNP Plan

The following section describes the achievement of strategic goals of the Partnership over the last year with reference to its specific action plan and differences that were achieved

Goal 1 : Lough Management: To establish a new model for the navigation, management and ownership of the Lough that can deliver on shared goals.

Projects

• Lobbied to set up new Interdepartmental/Council working group (Lough Neagh Management Group) and Stormont Government Lough Neagh motion on new structures agreed. New political will of Stormont to tackle problems

Goal 2 : Resilience: To become a resilient and financially sustainable organisation; well governed with skilled staff who are secure in their posts and reserves to spend on our important work. Projects

Goal 3 : Support farming sector to adapt to new environmental, water quality and climate requirements Projects

Goal 4 : Conservation management: Protect this special place and it’s cultural, built, and natural heritage and create new green economy business opportunities

Projects

Goal 5 : Visitors: To establish Lough Neagh and Navigable rivers as a common brand and work with private sector on food development and food experience branding Projects

Goal 6 : Innovative approaches to land management, climate change and carbon capture Projects

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

Mitigation of any harm

There has been no economic displacement of conservation damage as a result of the work we carried out during the year.

Have we provided information on any private benefit

Some individual farmers may have benefited from our encouragement to help them become more environmentally friendly. The details of the number of farmers is identified in the data above but the public benefits in terms of species protected land managed better areas under new nature conservation have been hugely significant. Staff of LNP have not had any personal benefit from the work except through staff wages.

Commissions Guidance

The drawing up of this report statement and the activities of the Lough Neagh Partnership have made strong reference to the charity Commissions public benefit toolkit and guidance notes.

The trustees have had regard to the Public Benefit requirement as stipulated by Charity Commission for Northern Ireland.

Future Vision and goals

The Partnership should review and improve its governance, remit, and staffing structures to take on board future economic and political challenges and become more financially resilient in the long term.

LNP and main Councils should request to sit on the new Water Quality Task Force to deal with green algae bloom and work to develop a long term river Catchment solution

The Partnership should take lead with other partners and govt departments and lobby and agree to set up a new management structure known as the Lough Neagh Management Body (LNMB) made up of senior director staff from the three main Councils, DFI, DAERA DFC and DFF to meet twice a year to work to this strategic review and plan and monitor progress, integrating common goals and funding applications associated with this document. This strategic review and plan 2023 – 2028 should be used as a working tool for the LNMB.

The three main Councils should increase the core funding levels to the Lough Neagh Partnership for the next five years. (2023 – 2028) to retain effective staff members, provide financial stability to the body and allow the Partnership to lever in increased value and investment.

The Lough Neagh Partnership should set up a formal linkage and partnership with cross border body Waterways Ireland and Border Council to allow it to apply for shared Island and SEUPB funding. This should be supported by the main Councils. Also recommend that LNP rep sits on ICBAN and EBR bodies to make sure more integrated approach to cross border development.

The three main Councils should endorse the nomination of political representatives to sit on the Lough Neagh Partnership Board to ensure political support and public transparency for the development of the Lough.

The three main Councils should enter into a new five-year service level agreement with the Partnership from April 2023 – March 2028 based on the attraction of additional investment and addressing agreed strategic needs and outcomes. The SLA should be outcomes and not outputs/actions focussed, and the Partnership should provide an annual report to feed into new Lough Neagh Management Body structure.

9

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

Common Lough Neagh Marketing Destination Pot developed from three main Councils from existing City Deal, Tourism NI and Levelling Up Fund.

BSP, City Deal , SEUPB, Shared Island and Landfill Tax funds prioritised to Lough Neagh Area for match funding of joint conservation projects.

Three main Councils and three main Departments in the new Lough Neagh Management Body should bid, budget, and provisionally allocate revenue and matching capital funds for the next 5 years specific for joint Lough Neagh Projects and funding applications.

Specific Plans for the future

The plans for the forthcoming 12-18 months have been summarised below:

Volunteers

All Board members are volunteers and put their own time and effort into the board and financial committee activities. The Partnership also contribute to in kind contributions of expertise for some small projects also. A variety of volunteer litter lift events were also held throughout the year.

Environmental Crisis - Blue Green Algae

This summer of 2023 witnessed a major Algae Bloom occurring on Lough Neagh. This was a result of four main factors including Nutrient overload from farms and sewage plants, climate change impact of temperature increase in the Lough and more wetter summers, together with the impact of an invasive called the Zebra Mussel. The Partnership has a number of short term, medium term and long term reactions to the environmental crisis.

Short Term

  1. Raised awareness of the crisis and the reasons for it on major news broadcasters

  2. Attended public meetings at Bellaghy, Ardboe and Craigavon

  3. Met with all of the Political leaders and groups and provided potential solutions

  4. Met and set up a cross party MLA Lough Neagh Group

  5. Met Office of Environmental Protection and gave evidence

  6. Met with Labour NIO Shadow Minister

  7. Gave evidence to Water Quality Task Force

Medium Term Solutions

  1. Increase positive message of Lough and educate on reasons for Blue Green Algae

  2. Lobby for setting up of new structures for the Lough

  3. LNP to sit on Lough Neagh Scientific group

  4. Develop major programme with Woodlands Trust regarding afforestation of river catchments in Lough Neagh to create major buffer zones for Nutrient take

  5. Apply for DAERA Pilot Programme

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

  1. Extend EFS scheme

Long Term Solutions

  1. Roll out and improve soil management to help reduce P fertiliser use

  2. Reduce P content of animal feed and examine manure P export from NI.

  3. Reprioritise and redesignate Lough Neagh and its Catchments and increase assistance to Environmental Farm Scheme for nutrient reduction

  4. Reprioritise NI Water investment to catchments of Lough and reassess nutrient regulations for Sewage treatment output loads

  5. Introduce Septic Tank education officers around Lough and Catchments

  6. Reassess real deterrent effect of Agriculture and NI Water Pollution Fines

  7. Increase resources to NIEA Water Catchments Basement Plans

  8. Provide a new Bio Digester Plant for Lough Neagh Catchments

  9. Ensure better data collection and research via AFBI

Financial Review

Income for the company from all sources amounted to £ 693,964 (2022 - £1,124,867) and Outgoing resources amounted to £ 686,222 (2022 - £1,063,183), giving a surplus for the year of £ 7,742 (2022 - £61,684).

Policy on holding reserves

The Trustees/ directors regularly review the financial standing of the company at each board meeting. During each meeting they monitor the spending of each project against budget as these are all ‘restricted’ income streams. They also monitor the income and expenditure of ‘unallocated’ funding. The company does not have a specific policy on carrying a pre-defined level of reserves as this in not feasible given the nature of project funding.

Directors responsibilities statement

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Trustees Report (Incorporating the Directors report) Year ended 31 March 2023

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 25[th] March 2024 and signed on behalf of the board by:

Mrs Mary Veronica Devlin Director

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Independent auditor's report to the members of

Year ended 31 March 2023

Opinion

We have audited the financial statements of Lough Neagh Partnership Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, statement of financial position 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 applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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’s responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

13

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Independent auditor's report to the members of Year ended 31 March 2023

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors 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 directors 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 directors are responsible for assessing the company’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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statement

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

14

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Independent auditor's report to the members of Lough Neagh Partnership Limited (continued) Year ended 31 March 2023

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Jeffery Rogers FCA (Senior Statutory Auditor)

For and on behalf of Phelan & Prescott River House Home Avenue Newry BT34 2DL

Date:25[th] March 2024

15

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Statement of financial activity Year ended 31 March 2023

Incoming Resources
Notes
Voluntary income
5
Total Incoming Resources
Resources Expended
Charitable activities
6
Governance Costs
7
Support Costs
8
Other resources expended
Total Resources Expended
Net movement in funds
Reconciliation of funds
Total funds brought forward
15
Total funds carried forward
15		 Current year Current year Total
Funds
£
693,964
693,964
279,743
7,000
399,479
-
686,222
7,742
162,684
170,426		 Prior year
£
1,124,867
Unrestricted
Funds
£
170,652
 Restricted
Funds
£
523,312
170,652 523,312 1,124,867
78
-
81,260
-		 279,665
7,000
318,219
-		 692,046
2,900
368,237
-
81,338 604,884 1,063,183
89,314 (81,572) 61,684
41,782 120,902 101,000
131,096 39,330 162,684

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 19 to 28 form part of these financial statements.

16

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Statement of financial position 31 March 2023

Note
Fixed assets
Intangible assets
11
Tangible assets
10
Current assets
Debtors
Cash at bank and in hand
12
Creditors: amounts falling due
within one year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
14
Net assets
Funds of the Charity
Unrestricted Fund
Restricted Fund
Total charity funds
15		 2023
£
£
7,886
96,350
_
104,236
94,227
245,711
_
339,938
(191,924)
_
148,014
_
252,250
(81,824)
_
170,426
_
131,096
39,330
_
170,426
_		 2022
£
£
9,858
83,844
_
93,702
331,654
330,230
_
661,884
(407,414)
_
254,470
_
348,172
(185,489)
_
162,684
_
41,782
120,902
_
162,684
_

These financial statements were approved by the board of trustees and authorised for issue on 25[th] March 2024, and are signed on behalf of the board by:

Mrs Mary Veronica Devlin Director

Mr Conor Jordan Director

Company registration number: NI041855

The notes on pages 19 to 28 form part of these financial statements.

17

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Statement of cash flows Year ended 31 March 2023

Note
Cash flows from operating activities
Profit for the financial year
Adjustments for:
Depreciation of tangible assets
Amortisation of intangible assets
Interest payable and similar expenses
Accrued expenses/(income)
Changes in:
Trade and other debtors
Trade and other creditors
Cash generated from operations
Interest paid
Net cash (used in)/from operating activities
Cash flows from investing activities
Purchase of tangible assets
Purchase of intangible assets
Net cash used in investing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
12
Cash and cash equivalents at end of year
12		 2023
£
7,742
24,088
1,972
166
(202,879)
237,427
(106,776)
_
(38,260)
(166)
_
(38,426)
_
(36,594)
-
_
(36,594)
_
(75,020)
320,636
_
245,616
_		 2022
£
61,684
20,961
2,464
369
75,848
8,807
233,593
_
403,726
(369)
_
403,357
_
(50,920)
(1,235)
_
(52,155)
_
351,202
(30,566)
_
320,636
_

The notes on pages 19 to 28 form part of these financial statements.

18

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements Year ended 31 March 2023

1. General information

The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Unit 3 The Marina Centre, 135a Shore Road, Ballyronan, Magherafelt.

2. Statement of compliance/ Basis of preparation

Statement of Compliance

The financial statements have been prepared in accordance with the Accounting and Reporting 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 1A) (effective January 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation 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 the entity.

Going Concern

There are no material uncertainties about the charities ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Foreign currency

Foreign currency transactions are initially recorded in the functional currency, by applying the spot rate of exchange as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the balance sheet date, with any gains or losses being taken to the SOFA (Statement of Financial Activities).

3. Accounting policies

Turnover/ Income recognition

The company has two main sources of income – project funding and core funding.

Project funding is awarded to the company for the completion of a specific project. Income for project funding is released in line with the level of completion of the project or in accordance with the term of the projects’ Letter of Offer.

Core funding is provided to the company to cover any costs as deemed to be necessary by the directors.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

19

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and are 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 comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

20

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Intangible assets

Tangible assets

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate 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 are largely independent of the cash inflows from other assets or groups of assets.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

21

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Limited by guarantee

Lough Neagh Partnership Limited is a company limited by guarantee and accordingly does not have any share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £5.00 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

22

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

5. Voluntary Income
Grants Rec'd - Councils
Grants Rec'd - Water Pro
Lottery Fund
Grants Rec'd - Env Group Farm Scheme
Grants Rec'd - HLF - Coalisland
Project
Grants Rec'd - DAERA - LN Artisan
Grants Rec'd - NIEA EF
Grants Rec'd - Tourism NI
Dormant Accounts Fund
Challenge Fund
Grants Rec'd - Community Renewal
Fund
LP Match Funding
Grants Rec'd - River to Lough
Other Income
6. Charitable Activities
Promotional Activities, workshops &
leaflets
Project costs
Mgt fee - Landscape
Partnership
Mgt fee - Coalisland Project
Mgt fee - NIEA Project
Mgt fee - EFS Project
Mgt fee - Community Renewal Fund
Mgt fee - LP Legacy
7. Governance Costs
Legal & professional
Accountancy & Audit		 Unrestricted
£
73,000
-
69,198
15,627
-
9,000
-
-
-
-
3,576
-
-
251
170,652
Unrestricted
£
-
78
-
-
-
-
-
-
78
Unrestricted
£
-
-
-		 Restricted
£
-
-
114,966
(33,473)
-
20,964
130,840
-
37,500
143,083
101,009
-
-
8,423
523,312
Restricted
£
29,905
152,359
69,198
-
9,000
15,627
3,576
-
279,665
Restricted
£
2,300
4,700
7,000		 Total
Funds
£
73,000
-
184,164
(17,846)
-
29,964
130,840
-
37,500
143,083
104,585
-
-
8,674
693,964
Total
Funds
£
29,905
152,437
69,198
-
9,000
15,627
3,576
-
279,743
Total
Funds
£
2,300
4,700
7,000		 Prior year
£
73,000
-
426,491
172,913
100,240
12,186
63,439
-
-
182,030
62,982
1,500
-
30,086
1,124,867
Prior year
£
33,766
573,080
4,045
4,550
9,000
22,671
7,812
37,122
692,046
Prior year
£
-
2,900
2,900

23

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

8. Support Costs

Wages and salaries
Furlough
Staff pension costs
Staff Training
Rent payable
Insurance
Computer Bureau Costs
Light & Heat
Repairs & Maintenance
Printing, postage & stationery
Telephone
Hire of Equipment
Travelling
Consultancy costs
Bank Charges
Loss on exchange
General Expenses
Subscriptions
Amortisation of intangible
assets
Depreciation of tangible assets
Bank interest paid
9. Staff Costs (breakdown)
Wages & Salaries
Social Security Costs
Employer contribution to
pensions		 Unrestricted
£
66,607
-
2,756
-
2,365
-
-
-
-
-
-
-
9,470
-
-
-
-
-
-
-
63
81,260
Unrestricted
£
59,795
6,812
2,756
69,363		 Restricted
£
242,579
-
5,182
7,810
-
7,898
6,957
670
697
3,695
3,937
936
7,538
-
638
24
2,096
1,398
1,972
24,088
103
318,219
Restricted
£
218,720
23,859
5,182
247,761		 Total
Funds
£
309,186
-
7,938
7,810
2,365
7,898
6,957
670
697
3,695
3,937
936
17,008
-
638
24
2,096
1,398
1,972
24,088
166
399,479
Total
Funds
£
278,515
30,671
7,938
317,124		 Prior year
£
361,631
(74,859)
8,176
1,822
5,098
5,513
3,284
971
470
2,947
5,778
936
18,026
-
380
5
1,587
2,678
2,464
20,961
369
368,237
Prior year
£
329,238
32,393
8,176
369,807

During the year the average number of employees was 8 (2022; 10 employees)

No employee during the year received employee benefits of more than £60,000.

24

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

10. Tangible assets

Long
Plant &
Fixtures,
Leasehold
Machinery
Fittings &
equipment
£
£
£
Cost at
1st April 2022140 7,781 153,894
Additions
-
-
36,594
_
_
_
At 31 March 2023
140
7,781
190,488
_
_
_
Depreciation
At 1 April 2022
140
7,781
70,050
Charge for the year
-
-
24,088
_
_
_
At 31 March 2023
140
7,781
94,138
_
_
_
Carrying amount
At 31 March 2023
-
-
96,349
_
_
_
At 31 March 2022
-
-
83,844
_
_
_
11.
Intangible assets
Other intangible assets
£
Cost
At 1 April 2022
57,379
Additions
-
_
At 31 March 2023
57,379
_
Amortisation
At 1 April 2022
47,521
Charge for the year
1,972
_
At 31 March 2023
49,493
_
Carrying amount
At 31 March 2023
7,886
_
At 31 March 2022
9,859
_		 Total
£
161,815
36,594
_
198,409
_
77,972
24,088
_
102,060
_
96,349
_
83,844
_
Total
£
57,379
-
_
57,379
_
47,521
1,972
_
49,493
_
7,886
_
9,859
____
_
_
_
_
_
_

25

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023


12. Cash & cash equivalents
Cash at Bank
Bank overdrafts & Credit cards
13. Creditors less than 1 year
Overdraft
Trade Creditors
FT Credit Card
PAYE
Pension contributions
Accruals
14. Deferred Grants and deferred income
At 1 April
Received in year
Released in year
At 31 March
15. Reconciliation of Reserves
Reserves B/ fwd - 1 April 22
Surplus/ (Deficit) in year
Reserves C/ fwd - 31 March 23		 Unrestricted
£
41,782
89,314
131,096		 2023
£
245,711
(93)
245,618
2023
£
-
89,187
93
6,443
673
95,528
191,924
2023
£
185,487
98,719
(202,382)
81,824
Restricted
£
120,902
(81,572)
39,330		 2022
£
330,230
(9,594)
320,636
2022
£
9,559
86,762
35
10,974
1,679
298,405
407,414
2022
£
6,429
206,623
(27,565)
185,487
Total
Funds
Prior year
£
£
162,684
101,000
7,742
61,684
170,426
162,684		 2022
£
330,230
(9,594)
320,636
2022
£
9,559
86,762
35
10,974
1,679
298,405
407,414
2022
£
6,429
206,623
(27,565)
185,487
Total
Funds
Prior year
£
£
162,684
101,000
7,742
61,684
170,426
162,684
162,684

26

DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

16. Events after the end of the reporting period

FRS102, Section 32 relates to Post Balance Sheet Events. It defines Post Balance Sheet Events as “… those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue.” In accordance with Section 32 of FRS102, the company is required to disclose information about events that occur after the end of the reporting period but before the accounts are authorised.

Section 32 then classifies two types of events:

“(a) those that provide evidence of conditions that existed at the end of the reporting period (adjusting events after the end of the reporting period); and

(b) those that are indicative of conditions that arose after the end of the reporting period (nonadjusting events after the end of the reporting period).”

As defined under Section 32 of FRS102, one such event occurred. This particular event has been deemed to fall under the classification of a non-adjusting event, as such the accounts have not been adjusted in any way in relation to this Post Balance Sheet Event.

“…an entity must disclose the following for each category of non-adjusting event(s) after the end of the reporting period:

In June 2023 LNP appears to have been a victim of external cyber fraud. The cyber fraud is currently under investigation. Details of the fraud should therefore not be disclosed until the investigation is completed so that the investigation is not compromised.

17. Trustees remuneration

The Trustees/ Directors all fulfil their duties in a voluntary capacity, as such no Trustee/ director received any remuneration or other benefits for their duties undertaken in this capacity.

18. Trustees expenses

No Trustees expenses have been incurred during the year.

19. Related Party Transactions

There were no related party transactions during the year.

20. Controlling party

The board of trustees/ directors is the ultimate controlling party.

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DocuSign Envelope ID: 590D44B6-FFF0-4BAD-8C05-99B55AEF3D78

Lough Neagh Partnership Limited Company limited by guarantee

Notes to the financial statements (continued) Year ended 31 March 2023

21. Going Concern

The directors consider the use of the going concern basis of accounting is appropriate because there are no material uncertainties relating to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

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