Lough Neagh Partnershlp Llmlted Company Ilmlted by guarantee Statement of Flnanclal Actlvltles Year ended 31 March 202S Current Restricted Funds ear Unrestricted Funds Total Funds Prior year Incomlng Resources Note8 Volunt8ry income 718 811 482 994 Total Incomlng Resources 718611 Resources Expended Charitable activilies Governance Costs Support Costs Other resources expended Total Resources Expended 281,696 7,039 355.722 261,696 19,368 440,684 123,975 10,080 367,037 12,329 84,962 97,291 624,457 721,748 501,092 Not Incomlngl outgolng rasources before transfers (10,303) 94,154 83,851 (18,098) Gross transfers beeen funds Not Ineoffllng re8ourc•• b•forn other recogn19ed gain8 and 10s8e• (10,303) 94,154 83,851 (18,098) Other rècognlsed galns and 1088e8 Gainsl (losses) on investment assets Exceptional Income - costs recovered Net movement In funds 5,198 5,198 39,299 138 651 39,299 Reconclllation of funds Total funds brought forward Total funds carrled fonmard 15 15 123,045 112 742 152,328 280 676 101,000 167934 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 27 form part of these financial statements. 16
Lough Neagh Partnership Limited Company limited by guarantee Statement of flnancial posltlon 31 March 2025 2025 2024 Note Fixed assets Intangible assets Tangible assets 11 10 5,047 70,999 6,310 84,094 76,046 90,404 Currnnt assets Debtors Cash at bank and in hand 275,586 12 231,808 85,107 173,081 507,394 258,188 Credltors: amounts falllng due wlthin one year 13 (252,207> (110,333) Net curront 48•8ts 255,187 147,855 Total assets less current liabilitieg 331,233 238,259 Creditors: amounts falllng due after more than one year Net asset8 14 (50.557) (85,931) 280,676 152,328 Funds of the Charlty Unrestricted Fund Restricted Fund 112.742 167,934 123.045 29,283 Total charlty funds 15 280,676 152.328 These financial statements were approved by the board of trustees and authorised for issue on 20th November 2025. and are slgned on behalf of the board by.. ej O£a Mrs Mary Ver Director Ica Devlin Mr Conor Director Company registration number: N1041855 The notes on pages 19 to 27 fomi part of these flnanclal statemen 17
Lough Neagh Partnershlp Llmlted Company limited by guarantee Statement of cash flows Year ended 31 March 2025 2025 2024 Not• Cash flows from operating activities Profitl(loss) for the fin8ncial year 128,348 (18,099) Adjustmants for Depreciation of tangible assets Amortisation of intangible 288PtA Interest payable and similar expenses Accrued expensesl(income) 17,749 1,2b2 (4,834) 188,729 21,024 1,577 22 (27,577) Changas in.. Trade and olher deblor8 Trad8 and other creditors (190.479) (82,229) 9,120 (49.813) Cash generated Irom operations 58,746 (63,748) Interest paid 4,634 (22) (63,768) Net cash froml(used in) operating activities 63,380 Cash flows from Investing activltle8 Purchase of tangible assets Net cash used in investing activities N•t Increaselldecreas•) In cash and cash equlvalents Cash and cash equivalonts at beginning of year Ca8h and Cash equlvalents al end of year (4,656) (8,768) (4,656) (8,768) 58,724 173,082 (72,536) 245,618 231,806 173,082 The notes on pages 19 to 27 fomi part of these financial statements. 18
Lough Neagh Partnership Llmlted Company limited by guarantee Notes to the financial statements Year ended 31 March 2025 General Information The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Unrt 3 The Marina Centre, 135a Shore Road, Balronan. Magherafelt. Statement of compllancel Basls of preparatlon Statement of Compllance 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 Republlc of Ireland (FRS1021 and the Companies Act 2006. Basls of Preparatlon The financial statements have been prepared on the historical cost basis, as modified by the valUation of certain linancial assets and liabilrties and investment prop8rties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency ol the entty. Going Concern There are no material uncertainties about the charities abilty to continue. Judgements and key sources of estlmallon uncertainty The preparation of financial statements requires managemenl 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 inrtially recorded in the functional Curncy, by applying the spot rate of exchange as at the date of the transaction. Monetary a888ts 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). Accountlng policles Tumoverl Incorn• recognitlon The company has bNo main sources of income- project funding 8nd 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 projecl 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 wognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the exlent 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. respectivety. Current tsx is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of lax expected to pay or recover using the tax rates and laws that have bean enacted or Substantive enacted at the reporting date. 19
Lough Neagh Partnership Limited Company limited by guarante• Notes to the financlal statements (contlnued) Year ended 31 March 2025 Defèrred tax 18 ognised in respect of all timing difference8 at the reporting date. Unrelieved tsx 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 profrts. Def8rred 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 impaimient losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at Ihe 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 buslness combination are recorded at the fair value at the acquisition date. Amortlsatlon Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value. over the useful lrfe of thal ass8t as follows.. If there is an indication that there has been a significant change in amortisation rate, useful lrfe or residual value of an intangible asset, the amortisation 18 revi8ed prospectively to reflect tho new estimates. Tangible assets Tangible assets are initially recorded at cost. and are subsequently stated at cost less any accumulated depreciation and impaimient losses. Any tangible assets carried at revalued amounts are recorded at the falr value at the date of revaluation less any subsequent accumulated depreciation and subsequenl accumulated impairment losses. An increase in the carrying amount of an asset as a r8suft of a revaluation, is recognised in other comprehensive income and accumulated in capital and reseN6s, 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 ol revaluation is recognised in other comprehensive income to the extent of any previously recognise(J 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 profrt or loss. 20
Lough Neagh Partnershlp Llmlled Company limited by guarantee Notes to the financlal statements (contlnued) Year ended 31 March 2025 Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful 8conomic 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 Website., straight line method of depreciation over 5 years, with no rnsidual value Tangible assets Plant & Machinery and Fixtures, Fittings & Equipment,. reduclng balance method of depreciation, with a depreciation rate of 200h. Impalmient A review for indicators of impairmenl is carried out at each reporting date, with the recoverable amount being estimated whera 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-g8nerating 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 reco9nised at the fair value of the asset received or receivable. Grants ara not recognised until there is reasonable assurance that the company will comply with the ¢ondrtion8 attaching to them and the grants will be received. Under the accrual model, govèmment grants relaling 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 wrth 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 basi8 over the expected useful life of the asset. Vlthere part of a grant relating to an asset is deferred, it is rgwnised 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 perfomiance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. lthere the grant does impose specified future perfomiance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. INhere grants received are prior to salisfying the revenue recognition criteria, they are recognised as 21
Lough Neagh Partnership Llmlted Company limited by guarantee Notes lo the financial statements (continued) Year ended 31 March 2025 Financial instrnments A financial asset or a financial liability 18 recognised only when the company become8 a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction prica, unless the arrangement constrtutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a 8imilar debt instrument. Debt instrurnenls are subsequently measured at amortised cost. 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 credrt risk Gharacteristi¢s. Any r8versals of impaimient 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 th8 impairment not previously been recognised. Deflned contrlbution plans Contribulions to defined contribution plans are recognised 88 an expense In the period in which the related service is provided. Prepaid contributions are recognised as an asset to the exient 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 th8 reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discounl 15 recognised in finance cost8 in profit or loss in the period in which it arises. LlmSted by guarantee Lough Neagh Partnership Limited is a company limrted by guarantee and accordingly does not have any share capilal. Every member of the company undertakes to contribute such amount as may be required not exceeding £5.00 to the assels 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 sha ceases to be a member. 22
Lough Neagh Partnershlp Llmited Company limited by guarantee Notes to the financial statements (contlnued) Year ended 31 March 2025 Total Funds Voluntary Income Unrestricted Restricted Prior year Grants Rec'd - Councils (Core) Grants Rec'd - Councils (Projects) Lottery Fund Grants Rec'd - Env Group Farm Scheme Grants Rec'd - DAERA - LN Artisan Grant8 Rec'd- NIEA EF Dormant Accounts Fund other Income 78.100 8.888 78,100 8,888 27,317 188,557 (2,528) 337,603 12.500 155 162 805.599 73,000 15,177 72,453 104,638 27,317 188,557 (2,528) 337,603 12,500 155 162 718611 125,163 50.000 42,563 482.994 Total Funds Ch•rltsbla Actlvft108 Unrestricted Restricted Prior year Promotional Activities, workshops & leaflet8 Project costs Contribution lo LN Rescue 52,281 195,415 52,281 195,415 28,779 95,196 261.698 123 975 Governance Costs Total Funds Unrestricted Restricted Prlor year Legal & professional Accounlancy & Audrt 12,329 1,889 14,218 7,600 23
Lough Neagh Partnership Limited Company limited by guarantee Notes to the financial statements (continued) Year ended 31 March 2025 Support Costs Total Funds Unrestricted Re8tricted Prior year Wages and salaries staff pension costs Staff Training Rent payable Insurance Computer Bureau Costs Light & Heat Repairs & Maintenance Printing, postage & stationery Telephone Hire of Equipment Travelling Bank Charges Loss on exchange General Expenses Subscriptions Amortisation of intangibl8 assets Depreciation of langible assets Bank interest paid 82,240 2,722 257.184 6,139 978 8,030 4,109 9,862 1,809 1,363 2,679 6,791 936 21.689 589 16 1,026 1.016 1,262 17,749 564 355 722 339,424 8,861 978 8,030 4,109 9,882 1,809 1,383 2,679 8,791 936 21,689 569 16 1,028 1,016 1,262 17,749 564 294,933 6,723 2.234 4.408 3.927 6,756 1,257 691 3,573 4,278 936 7,728 559 10 3.708 2,693 1,577 21,024 22 Tolal Funds Unreslricted Restricted Prior year Staff Costs (breakdown) Wages & Salaries Social Security Costs Employer contribution to pensions 76,286 5,954 230,654 26,530 306,940 32.484 266,743 28,190 6,723 263 323 348 285 During the year the average number of employe8s was 8 (2024,. 8 employees). No employee during the y8ar received employee beneffts of more than £60,000. 24
Lough Neagh Partnership Limited Company limited by guarantee Notes to the financial statements (continued Year ended 31 March 2025 10. Tanglble assets Long Plant & Leasehold Machinery equipment Fixtures, Frtling8 & Total Cost at 191 Aprll 2024 Additions 140 7.781 199,254 4,656 207,175 4.656 At 31 March 2025 140 7.781 203,910 211,831 Depreclatlon At 1 April 2024 Charge for the yèar At 31 March 2025 140 7.781 115,162 17,749 123,084 17,749 140 7,781 132,911 140,833 Carrylng amount At 31 March 2026 70,999 70,999 At 31 March 2024 84,094 84,094 11. Intanglble a8sets Other intangible a88et$ Total Cost At 1 April 2024 Addrtions 57,379 57,379 At 31 March 2025 57,379 57,379 Amortlsatlon At 1 April 2024 Charge for Ihe year At 31 March 2025 51,070 1,262 51,070 1,262 52,332 52,332 Carrylng amount At 31 March 2025 5,047 5,047 At 31 March 2024 6,310 6,310 12. Cash & cash equivalents 2025 2024 Cash at Bank Bank overdrafts & Credit cards 231,825 17 175,157 2,075 231,808 173,082 25
Lough Neagh Partnernhlp Limited Company limited by guarantee Notes to the financial statements {contbnued) Year ended 31 March 2026 13. Credltors less than 1 year 2025 2024 Overdraft Trade Creditors FT Credit Card PAYE Pension contributions Accruals 73,475 33.417 2.075 7,909 1.058 65,949 110.408 7,984 170 748 252 207 14. Deferred Grants and deforred Income 2025 2024 At 1 April Received In year Rel8888d in year At 31 March 85,929 81,824 72,840 35,373 15. Reconclliation of Reserv•s Total Funds Unrestricted Restricted Prioryear Reserves Bl fvld - 1 April 2024 Surplusl (Deficit) in year Reserves Cl frwd - 31 March 2025 123,045 29,283 138651 152.328 170,426 18 098 152 328 112742 280,676 26
Lough N•agh Partnership Limited Company Ilmited by guarantee Notes to the financial statements (contlnued) Year ended 31 March 2025 16. Prejudlclal Dlsclosuras In June 2023 LNP was thè victim of external cyber fraud. The directors are happy to report that the invesligalion has been concluded and LNP has been reimbursed in full for the losses incurred. LNP has r8C8ived a full reimbursement of £39.299 for the Cyber fraud incident that occurred. In addition to this reimbursement. LNP also received £5, 198 interest which arose on this amount. Each of these items have been separately disclosed within Ihe SOFA within the 'Other Recoqnised Gain8 and losses. section (see page 16), in order to give each of them the necessary prominence required for exceptional items. 17. Trustees ramunaratlon The Trustéesl Directors all fu11 their duties in a voluntary capacity. as such no Trust881 direclor received any remuneration OT Other benefits for their duties undertaken in this capacty. 18. Trustees expenses No Trustees expenses have been incurred durlng the year. 27
Lough Neagh Partner8hip Limited Company Ilmlted by guarantee Notes to the financial statements (continued) Year ended 31 March 2025 19. Related Party Transactions There were no related party transactions during the year. 20. Controlling party The board of trusteesl directorn is the ultimate controlling p8ty. 21. Golng Concern The directors consider the use of th8 going concern basls of accounting Is appropriate because there are no material uncertainlies relating to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. 28