Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
Company Registration Number: NI035735 Charity Registration Number: 100381
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Annual Report and Audited Consolidated Financial Statements
For the year ended 31 March 2024
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Contents
For the year ended 31 March 2024
| Page | |
|---|---|
| General Information | 2 |
| Directors' Report | 3 - 7 |
| Independent Auditor's Report to the Directors of South Tyrone Empowerment Programme |
8 - 11 |
| Statement of Financial Activities | 12 - 13 |
| Statement of Financial Position | 14 - 15 |
| Consolidated Statement of Cashflows | 16 |
| Notes to the Financial Statements | 17 - 31 |
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
GENERAL INFORMATION
Board of Directors
John McNeill Peter Donnelly Paul Crowe Edel Fox Andrew Trotter Clare Cavanagh Conor Mallon (appointed 12/10/2023) Michael McLoughlin (appointed 12/10/23) Teresa Pearson (appointed 12/10/2023)
Company Secretary Registered office
Peter Donnelly
The Junction 12 Beechvalley Way Dungannon Co. Tyrone BT70 1BS
Company registration number NI035735
Charity registration number 100381 Independent examiners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co Tyrone BT71 6AP
Bankers
First Trust Bank 18-20 Scotch Street Dungannon Co Tyrone BT70 1AZ
Solicitors
Logan and Corry 24 Dublin Road Co.Tyrone BT78 1HE
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
DIRECTORS' REPORT For the year ended 31 March 2024
The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the consolidated financial statements of the charitable company and its subsidiary for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102), United Kingdom Generally Accepted Accounting Practice, Charities Act (Northern Ireland) 2008 and the Companies Act 2006.
Reference and Administration Details
The reference and administration details of the charitable company are as shown on page 2.
Bernadette McAliskey in her role as charity coordinator was responsible for the supervision of the day to day operations of the group throughout the year. She retired during the year and her responsibilities have transferred to Fintan McAliskey.
Objectives and Activities
The objective of the charitable group and its subsidiary is to contribute to building a peaceful, just, equitable and shared society which protects rights, shares responsibility, respects difference and embraces diversity, through:
•Advancement of citizenship and community development; and
•The advancement of human rights; conflict resolution or reconciliation or the promotion of religious or racial harmony or equality and diversity.
South Tyrone Empowerment Programme (STEP) exists to assist the most socially and economically marginalised, excluded and vulnerable persons and groups in the community to be aware of their rights; develop their confidence and competence, social and organisational skills, and access the resources necessary to afford them more equitable participation in the formulation, development decision-making and actions which would enable them to improve the quality of their daily lives.
In order to meet its objectives, the Charity provides many services to the local community. Such services include:
•Information, Advice and Guidance - this department provides quality assured information, advice and guidance with the key aim being the advancement of citizenship, community development, and human rights.
•Community Development – this programme provides individual and collective capacity building, ideas generation, group development, project development, partnership building, resource sharing, conflict resolution, marketing, management and administrative support.
•Learning, Training and Development – this programme provides members of the community with access to training and learning opportunities to enhance their own empowerment and active citizenship.
0
These departments currently support the delivery of three main programmes: Migrant Worker/ Immigrant Support Programme; Family Support Programme; Homeless Support Programme.
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
DIRECTORS' REPORT
For the year ended 31 March 2024
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
DIRECTORS’ REPORT for the year ended 31 March 2024 (Continued)
The organisation also developed a social enterprise named STL (STEP Training and Learning Ltd), to help sustain its charitable activities. STL trades as a separate company in which STEP, is the sole shareholder. STL activity includes the provision of interpreting and translation services; consultancy services; adult education and training opportunities, and business management services, which includes management of workspace for micro-enterprise.
STEP strategic business plan sets out the specific aims and objectives of the organisation over the year. The organisation places a high value on active meaningful participation of its staff, volunteers, service users and external shareholders in its processes, and works consistently within the organisation to develop a shared understanding of the purpose and value base of the organisation. The strategic plan will inform the activities over the next five years and is reviewed throughout the period of implementation.
Public Benefit Statement
The Directors of South Tyrone Empowerment Programme confirm that they have complied with their duty under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland’s guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2024.
The results for the year are set out in detail on pages 12 to 31. The group had net incoming resources for the year of £595,376 (2023 – £47,542).
At 31 March 2024, the total funds of the group amounted to £8,853,065 (2023: £8,257,689) comprising restricted funds of £3,741,880 (2023: £3,626,692), unrestricted funds of £4,511,185 (2023: £4,030,997) and a designated fund of £600,000 (2023: £600,000). Principal sources of funding and how this has supported the key objectives of the charity are disclosed in the notes to the financial statements.
Risk Management
The Board of Directors have reviewed the key risks facing the charity and have established procedures to manage those risks. Significant external risks to funding have led to the development of a strategic plan which allows for the diversification of funding and activities.
Reserves Policy
To avoid closure if funding difficulties were to occur, the board has agreed to keep a certain level of financial reserves to ensure that main operations can continue until funds are secured. Such funds have been allocated to the designated reserve of the charity, with an amount of £600,000 held at the year-end (2023: £600,000).
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
DIRECTORS' REPORT For the year ended 31 March 2024
Plans for future periods
The management committee have identified the following opportunities which they will aim to achieve within the 5 years subject to adequate funding arrangements:
-
a) To develop a multi-cultural childcare facility to address the continuing childcare deficit;
-
b) To develop a sustainable community Human Rights and Law Centre within Mid-Ulster;
-
c) To implement the Community Sponsorship Programme for Refugees and Asylum Seekers; and
d) Improve STEP physical space in Cookstown and Magherafelt.
We will continue to build our unrestricted reserves towards investing in the realisation of these objectives.
Structure, Governance and Management
Organisational Structure
South Tyrone Empowerment Programme, by virtue of common directors and power to govern operations, controls the activities of STEP Training and Learning Limited and Dungannon West Renewal Limited. These companies have the objective of raising funds for the South Tyrone Empowerment Programme.
South Tyrone Empowerment Programme is a company limited by guarantee, not having a share capital.
South Tyrone Empowerment Programme was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election.
Any person wishing to become a director must apply in writing prior to the Annual General Meeting. A vote is then taken at the Annual General Meeting as to whether that person is appointed.
Directors
The Directors during the year are the same as the Directors as listed on page 2.
Taxation Status
South Tyrone Empowerment Programme is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992.
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
DIRECTORS' REPORT For the year ended 31 March 2024
Directors' Responsibilities
The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable group and its subsidiary and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to:
-
Select suitable accounting policies and apply them consistently;
-
Observe the methods and principles in the Charities SORP (FRS 102);
-
Make judgements and estimates that are reasonable and prudent;
-
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information to Auditor
In so far as the Directors, who held office at the date of approval of these financial statements, are aware:
-
there is no relevant audit information of which the charitable company’s auditor is unaware; and
-
the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
DIRECTORS' REPORT For the year ended 31 March 2024
Small Company Exemption
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
This report was approved by the Board of Directors on 16 December 2024 and signed on its behalf by:
Registered office:
The Junction 12 Beechvalley Way Dungannon Co. Tyrone John McNeill BT70 1BS Director
Company Registration Number: NI035735 Charity Registration Number: 100381
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024
We report on the accounts of the group and parent charitable company for the year ended 31 March 2024 which are set out on pages 12 to 31.
Opinion
We have audited the group and parent charitable company financial statements of South Tyrone Empowerment Programme ('the charitable company') for the year ended 31 March 2024 which comprises the consolidated Statement of Financial Activities, the consolidated and charity Statement of Financial Positions, the consolidated Statement of Cash Flows and the related 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).
This report is made solely to the charitable group and parent company’s Directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable group and parent company’s Directors those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the charitable group and parent company and the charitable group and parent company’s Directors as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable group and parent company's financial affairs as at year ended 31 March 2024 and of the charitable group and parent company’s total incoming resources and expenditure of resources, including their income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with 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
We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024 (Continued)
Other Information
The directors are responsible for the other information. The other information comprises the information included in the Directors’ Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Directors’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and parent charitable 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
As explained more fully in the Directors’ Responsibilities Statement, the directors (who are also the trustees of the charitable company for the purpose of charity law), 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 intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024 (Continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the charitable company.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
-
We obtained understanding of the legal and regulatory requirements applicable to the charitable company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102), Grant funding bodies regulation and UK taxation legislation;
-
We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
-
We enquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations;
-
Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and
-
Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition, recognition of grant income and management override.
The audit response to risks identified included:
-
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
-
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
-
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024
INDEPENDENT AUDITOR’S REPORT to the Directors of South Tyrone Empowerment Programme for the year ended 31 March 2024 (Continued)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Mr Ryan Falls FCA (Senior Statutory Auditor)
For and on behalf of
CAVANAGHKELLY
Chartered Accountants & Statutory Auditors 36 – 38 Northland Row Dungannon Co. Tyrone BT71 6AP
Date: 16 December 2024
11
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Statement of Financial Activities for the Group For the year ended 31 March 2024
| aemen o nanca cves or For the year ended 31 March 2024 |
e roup |
|---|---|
| Notes INCOME AND ENDOWMENTS Income from Charitable Activities 3 Donations and Legacies Other Trading Activities 3 Income from Other Trading Activities Commercial Trading Operations 4 TOTAL INCOME AND ENDOWMENTS Resources Expended Charitable activities 5 Commercial Trading Operations 4 Total Resources Expended Tax Charge on Commercial Trading Operations 8 Net income / (outgoing) resources for the year Transfers between funds Balance brought forward Balance carried forward |
Designated Funds Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2024 2023 £ £ £ £ £ - - 1,091,245 1,091,245 980,361 - 16,723 - 16,723 10,370 - 673,997 - 673,997 396,314 - 382,486 - 382,486 372,972 |
| - 1,073,206 1,091,245 2,164,4511,760,017 |
|
| - (298,603) (930,088) (1,228,691) (1,358,048) - (340,384) - (340,384) (354,154) |
|
| - (638,987) (930,088) (1,569,075) (1,712,202) |
|
| - - - - (273) - 434,219 161,157 595,376 47,542 - 45,969 (45,969) - - 600,000 4,030,997 3,626,692 8,257,689 8,210,147 |
|
| 600,000 4,511,185 3,741,880 8,853,065 8,257,689 |
The above Statement of Financial Activities includes all information as required to be disclosed by the Companies Act 2006.
All of the activities of the charitable company are classed as continuing.
The Statement of Financial Activities includes all gains and losses recognised during the year.
The notes on pages 17 to 31 form an integral part of the financial statements.
12
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Statement of Financial Activities - Charity For the year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS Income from Charitable Activities 3 Donations and Legacies Other Trading Activities 3 TOTAL INCOME AND ENDOWMENT Resources Expended Charitable activities 5 Total Resources Expended Net income / (outgoing) resources for the year Transfers between funds Balance brought forward Balance carried forward |
Designated Funds Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2024 2023 £ £ £ £ £ - - 1,091,245 1,091,245 980,361 - 61,823 - 61,823 10,370 - 673,997 - 673,997 396,314 |
|---|---|
| - 735,820 1,091,245 1,827,065 1,387,045 |
|
| - (298,603) (930,088) (1,228,691) (1,358,048) |
|
| - (298,603) (930,088) (1,228,691) (1,358,048) |
|
| - 437,217 161,157 598,374 28,997 - 45,969 (45,969) - - 600,000 2,088,225 3,626,692 6,314,917 6,285,920 |
|
| 600,000 2,571,411 3,741,880 6,913,291 6,314,917 |
The above Statement of Financial Activities includes all information as required to be disclosed by the Companies Act 2006.
All of the activities of the charitable company are classed as continuing.
The Statement of Financial Activities includes all gains and losses recognised during the year.
The notes on pages 17 to 31 form an integral part of the financial statements.
13
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Consolidated Statement of Financial Position As at 31 March 2024
| onsoae aemen o nanca oso As at 31 March 2024 |
||
|---|---|---|
| Notes Non-Current Assets Property, plant and equipment 9 Investment Property 10 Current assets Receivables 11 Cash and cash equivalents Payables: Amounts falling due within one year 12 Net current assets Total assets less current liabilities Payables: Amounts falling due in more than one year 13 Provision for Liabilities 14 Net Assets REPRESENTED BY: Designated Funds 15 Unrestricted Funds 15 Restricted funds 15 Total Funds |
2024 £ 4,790,630 2,283,139 7,073,769 528,223 1,405,366 1,933,589 (123,222) 1,810,367 8,884,136 (8,748) (22,323) 8,853,065 600,000 4,511,185 3,741,880 8,853,065 |
2023 £ 4,451,335 2,283,139 |
| 6,734,474 313,094 1,390,937 |
||
| 1,704,031 (143,414) |
||
| 1,560,617 | ||
| 8,295,091 (15,079) (22,323) |
||
| 8,257,689 | ||
| 600,000 4,030,997 3,626,692 |
||
| 8,257,689 |
These financial statements have been prepared in accordance with the special provisions of the Companies Act relating to small companies.
The notes on pages 17 to 31 form an integral part of these financial statements.
These financial statements were approved and authorised by the Directors on 16 December 2024 and signed on their behalf by
John McNeill DIRECTOR
Company Registration Number: NI035735 Charity Registration Number: 100381
14
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Company Statement of Financial Position As at 31 March 2024
| South Tyrone Empowerment Programme Charitable Company Limited by Guarantee Company Statement of Financial Position As at 31 March 2024 |
||
|---|---|---|
| Notes Non-Current Assets Property, plant and equipment 9 Investments 10 Current assets Receivables 11 Cash and cash equivalents Payables: Amounts falling due within one year 12 Net current assets Net Assets REPRESENTED BY: Designated Funds 14 Unrestricted Funds 14 Restricted funds 14 Total Funds |
2024 £ 4,543,563 1 4,543,564 1,305,075 1,108,924 2,413,999 (44,272) 2,369,727 6,913,291 600,000 2,571,411 3,741,880 6,913,291 |
2023 £ 4,199,504 1 |
| 4,199,505 1,031,428 1,148,639 |
||
| 2,180,067 (64,655) |
||
| 2,115,412 | ||
| 6,314,917 | ||
| 600,000 2,088,225 3,626,692 |
||
| 6,314,917 |
These financial statements have been prepared in accordance with the special provisions of the Companies Act relating to small companies.
The notes on pages 17 to 31 form an integral part of these financial statements.
These financial statements were approved and authorised by the Directors on 16 December 2024 and signed on their behalf by
John McNeill DIRECTOR
Company Registration Number: NI035735 Charity Registration Number: 100381
15
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Consolidated Statement of Cash flows As at 31 March 2024
| South Tyrone Empowerment Programme Charitable Company Limited by Guarantee Consolidated Statement of Cash flows As at 31 March 2024 |
||
|---|---|---|
| Cash flows from operating activities Surplus for the year Adjustments for: Depreciation Loss on Disposal of Fixed Assets Movements in working capital: Movement in receivables Movement in payables Net cash (used in)/ generated from operating activities Cash flows from investing activities Payments to acquire investment property Payments to acquire property, plant and equipment Receipts from sale of property, plant and equipment Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of financial year Cash and cash equivalents at end of financial year Cash and cash equivalents consists of: Cash at bank and in hand Bank overdrafts |
2024 £ 595,376 117,587 - 712,963 (215,129) (26,523) (241,652) 471,311 - (461,882) 5,000 (456,882) 14,429 1,390,937 1,405,366 2024 £ 1,405,366 - 1,405,366 |
2023 £ 47,542 120,629 1,809 |
| 169,980 (51,702) (43,663) |
||
| (95,365) | ||
| 74,615 | ||
| - (264,838) - |
||
| (264,838) (190,223) 1,580,882 |
||
| 1,390,659 | ||
| 2023 £ 1,390,937 (278) |
||
| 1,390,659 |
16
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
1. GENERAL INFORMATION
South Tyrone Empowerment Programme is a charitable company limited by guarantee incorporated in Northern Ireland within the United Kingdom. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address of the registered office is as shown on page 2.
The charitable company constitutes a public benefit entity as defined by FRS 102.
2. ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items in relation to the charitable company's financial statements.
2.1 Statement of Compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charites: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Charities Act (Northern Ireland) 2008 and the Companies Act 2006.
2.2 Basis of Preparation
The financial statements are prepared on a going concern basis under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently throughout the year.
2.3 Group Financial Statements
The financial statements consolidate the results of the charity and its subsidiary STEP Training and Learning Limited.
2.4 Income and Endowments
Income is recognised when the group has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably. The specific basis used is as follows:
Voluntary income includes incoming resources from gifts, donations and grants and is recognised in full in the Statement of Financial Activities when receivable. Activities for generating funds are commercial activities which are recognised as earned when the related goods and services are provided.
17
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
(ii) Charitable Activities
Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income is recognised in the Statement of Financial Activities when receivable. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Other income is recognised in the Statement of Financial Activities where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
(iv) Other trading activity
Income from other trading activity represents income earned by the charity for services provided. The income is recognised upon delivery of the service.
2.5 Resources Expended
Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Where costs cannot be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.
(i) Charitable Activities
This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charitable company.
(ii) Governance costs
Governance costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements.
2.6 Fund Accounting
The charitable company has two types of funds for which it is responsible at the year-end:
Designated Funds – Funds held in reserve to cover any future reductions in funding and allow the charity to continue to meet it obligations to staff and creditors.
Unrestricted Funds - Funds which are expendable at the discretion of the Board of Directors in furtherance of the objectives of the charitable company. In additions, funds may be held in order to finance capital investment and working capital.
Restricted Funds – Income received for specific purposes. Such purposes are within the overall aims of the charitable company.
18
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
2. ACCOUNTING POLICIES (continued)
2.7 Property, Plant and Equipment and Depreciation
All property, plant and equipment are initially recorded at cost. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Land & Buildings 2% Straight Line Fixtures & fittings 15% Straight Line Commercial vehicles 25% reducing balance Computer equipment 25% reducing balance
2.8 Trade and Other Receivables
Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts.
2.9 Trade and Other Payables
Trade and other payables are initially recognised at fair value and thereafter stated at cost.
2.10 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.11 Foreign Currency
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Activities.
Foreign exchange gains and losses that relate to borrowing and cash and cash equivalents are presented in the Statement of Financial Activities
19
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
2. ACCOUNTING POLICIES (continued)
2.12 Taxation
As a charity, the charitable company is not liable to Corporation Tax. The trading subsidiary is however liable to corporation tax.
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
2.13 Financial instruments
(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
20
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
2. ACCOUNTING POLICIES (continued)
(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.14 Critical Accounting Judgements and Estimation Uncertainty
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements in applying the entity’s accounting policies
There are no critical judgements in applying the group’s accounting policies. Critical accounting estimates and assumptions
There are no accounting estimates in applying the group’s accounting policies.
21
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
2. ACCOUNTING POLICIES (continued)
2.15 Pension and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment.
2.16 Investment Property
Investment property is carried at fair value, derived from current market prices. The valuations use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in the Income Statement.
22
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
3. INCOME AND ENDOWMENTS
| 3. INCOME AND ENDOWMENTS | |
|---|---|
| Unrestricted Funds Restricted Funds Total Funds 2024 2024 2024 £ £ £ Charitable Activities Grant Income: Advice NI - - - An Tearmann - 71,597 71,597 Big Lottery - 50,000 50,000 Cash for Kids - 5,000 5,000 Community Ownership Fund - 250,000 250,000 DFC - Community Investment Fund - 64,650 64,650 DFC - Ukraine - 30,648 30,648 DFC - Welfare Reform & Tribunal Representation- 125,173 125,173 EA - Literacy for Youth - 5,918 5,918 Home Office EU settlement Scheme - 17,500 17,500 Justice Together - - - Lithuanian Embassy - 17,245 17,245 Mid Ulster Council Asylum - - - Mid Ulster Council Good Relations - 6,300 6,300 Mid Ulster Council Festival - - - NIHE Supporting People - 112,755 112,755 NIHE Sustaining Tenancies - 26,388 26,388 Public Health Agency Mental Health - 93,959 93,959 Public Health Agency Stronger Together - 35,280 35,280 Rank Programme - 29,613 29,613 Red Cross Crisis Fund - 6,000 6,000 Rural Economic Accelerator Programme - 44,366 44,366 SHSCT - Family Support - 23,853 23,853 TEO STEP - 75,000 75,000 Total Income from Charitable Activities - 1,091,2451,091,245 Income from Other Trading Activities Other Income 35,513 - 35,513 Justice Together 183,333 - 183,333 Mid Ulster Council Advice Scheme (MIDAS) 229,732 - 229,732 Mid Ulster Council Asylum 143,175 - 143,175 NHSCT - Support Services 50,676 - 50,676 Rental Income 29,068 - 29,068 VSB Crisis Fund 2,500 - 2,500 673,997 - 673,997 |
Total Funds 2023 £ 53,296 66,751 50,000 - - 67,130 16,313 126,673 5,919 126,001 50,000 919 - 10,000 7,000 109,782 23,612 94,860 34,074 34,000 6,397 - 22,634 75,000 |
| 980,361 | |
| 13,389 - 310,932 - 45,528 21,465 5,000 |
|
| 396,314 |
23
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements
For the year ended 31 March 2024
4. INCOME FROM OTHER TRADING ACTIVITIES
The trading subsidiary of the charity, STEP Training and Learning Limited, are incorporated in the United Kingdom (company number NI050625).
| STEP Training and Learning Limited Turnover Other Operating Income Expenditure Management Charge Tax on (loss)/profit Net (Loss)/Profit Aggregate Share Capital and Reserves Dungannon West Renewal Limited Turnover Other Operating Income Expenditure Management Charge Tax on (loss)/profit Net (Loss)/Profit Aggregate Share Capital and Reserves |
2024 £ 235,093 - (232,682) - - 2,411 57,172 2024 £ 147,393 - (152,802) - - (5,409) 1,820,192 |
2023 £ 207,911 - (229,972) - - |
|---|---|---|
| (22,061) | ||
| 57,172 | ||
| 2023 £ 165,061 - (124,182) - (273) |
||
| 40,606 | ||
| 1,825,601 |
24
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
5. RESOURCES EXPENDED
| 5. RESOURCES EXPENDED | ||
|---|---|---|
| Charitable activities Wages & Staff Pension costs Service Provision Training Legal and Professional Fees Advertising Travel and Subsistence Printing Postage and Stationary Repairs and Maintenance |
Unrestricted Funds Restricted Funds Total Funds 2024 2024 2024 £ £ £ 109,747 570,324680,071 32,645 119,125151,770 3,328 10,89614,224 24,458 3,03827,496 10,947 11,05622,003 145 550695 2,973 8,38411,357 28,043 9,66937,712 212,286 733,042945,328 |
Total Funds 2023 £ 756,957 232,449 2,432 12,684 27,841 1,109 8,132 44,414 |
| 1,086,018 |
| Support costs Rent and Rates Light and Heat Insurance Telephone Donations Sundry Expenses Bank Charges Depreciation Loss on disposal of fixed assets Auditors' Remuneration Total expenditure |
Unrestricted Funds Restricted Funds Total Funds 2024 2024 2024 £ £ £ 20,988 72,37393,361 4,358 1,7346,092 2,765 12,77715,542 4,289 9,79314,082 13,086 6,00019,086 4,657 3,6868,343 682 -682 29,432 81,031110,463 - -- 6,060 9,65215,712 86,317 197,046283,363 298,603 930,0881,228,691 |
Total Funds 2023 £ 94,021 10,009 14,059 12,874 13,858 220 525 114,322 1,809 10,333 |
|---|---|---|
| 272,030 | ||
| 1,358,048 |
25
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
6. NET INCOME/(EXPENDITURE) FOR THE YEAR
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation Auditors' remuneration |
2024 2023 2024 2023 £ £ £ £ 117,587116,290110,463114,322 19,11314,81215,71210,333 Group Charity |
|---|---|
| 136,700131,102126,175124,655 |
7. STAFF COSTS AND EMPLOYEE BENEFITS
The average number of persons employed by the group during the year was 33 (2023: 33).
The total staff costs and employee benefit's was as follows:
| Gross Wages and Salaries Social Security Costs Staff Pension Costs |
2024 2023 2024 2023 £ £ £ £ 674,439 721,165 609,006 662,560 51,175 61,759 45,193 56,166 28,340 27,015 25,872 27,015 Group Charity |
|---|---|
| 753,954809,939680,071 745,741 |
No employee of the chartiable company received total employee benefits of more than £60,000.
7.1 DIRECTORS' REMUNERATION
The Directors received nor waived any remunerations or any other benefits during the year and no reimbursements of expenses incurred.
8. TAXATION
Analysis of the tax charge
The tax charge for the year was as follows:
| 8. TAXATION Analysis of the tax charge The tax charge for the year was as follows: |
|
|---|---|
| Corporation Tax Deferred Tax |
Group Charity 2024 2023 2024 2023 -273-- ---- |
| -273-- |
26
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
9. PROPERTY, PLANT AND EQUIPMENT Group
| . , Group |
||
|---|---|---|
| Cost At 31 March 2023 Additions Disposals At 31 March 2024 Depreciation At 31 March 2023 Charge for the year Depreciation eliminated on disposal At 31 March 2024 Net Book Values At 31 March 2024 At 31 March 2023 |
Land and Buildings Fixtures and Fittings Computer Equipment Motor Vehicle £ £ £ £ 4,944,293 226,093 59,301 69,406 452,791 9,091 - - (5,000) - - - 5,392,084 235,184 59,301 69,406 598,787 150,116 45,919 52,936 95,215 15,498 2,756 4,118 - - - - 694,002 165,614 48,675 57,054 4,698,082 69,570 10,626 12,352 4,345,506 75,977 13,382 16,470 |
Total £ 5,299,093 461,882 (5,000) |
| 5,755,975 | ||
| 847,758 117,587 - |
||
| 965,345 | ||
| 4,790,630 | ||
| 4,451,335 |
9. PROPERTY, PLANT AND EQUIPMENT Charity
| . , Charity |
||
|---|---|---|
| Cost At 31 March 2023 Additions Disposals At 31 March 2024 Depreciation At 31 March 2023 Charge for the year Depreciation eliminated on disposal At 31 March 2024 Net Book Values At 31 March 2024 At 31 March 2023 |
Land and Buildings Fixtures and Fittings Computer Equipment Motor Vehicle £ £ £ £ 4,734,293 113,116 28,608 69,406 450,431 9,091 - - (5,000) - - - 5,179,724 122,207 28,608 69,406 598,087 74,738 20,158 52,936 94,515 9,717 2,113 4,118 - - - - 692,602 84,455 22,271 57,054 4,487,122 37,752 6,337 12,352 4,136,206 38,378 8,450 16,470 |
Total £ 4,945,423 459,522 (5,000) |
| 5,399,945 | ||
| 745,919 110,463 - |
||
| 856,382 | ||
| 4,543,563 | ||
| 4,199,504 |
27
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
10. Investments
Investment Group Total Property £ £ Cost At 31 March 2023 2,283,139 2,283,139 Additions - - At 31 March 2024 2,283,139 2,283,139 Carrying Amount At 31 March 2024 2,283,139 2,283,139 At 31 March 2023 2,283,139 2,283,139
Equity Investment in Charity Total Group Undertakings £ £ At 31 March 2023 1 1 Additions - - - - Disposals At 31 March 2024 1 1 Carrying Amount At 31 March 2024 1 1 At 31 March 2023 1 1
The charity controls the company listed below by virtue of holding a controlling interest in the equity share.
| Name of Subsidiary | Company Registration Number |
Country of Incorporation |
% of share held |
|---|---|---|---|
| STEP Training and Learning Limited | NI050625 | Northern Ireland |
100 |
| The registered office of the company is | 12 Beechvalley | Way, Dungannon, Co. Tyrone, BT70 1BS. | |
| Dungannon West Renewal Limited | NI029475 | Northern Ireland | 100 |
The registered office of the company is Unit 7, Ballysaggart Business Complex, Dungannon, Co. Tyrone, BT70 1BS.
28
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
11. RECEIVABLES
| 11. RECEIVABLES | ||||
|---|---|---|---|---|
| Group | Charity | |||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Trade Receivables | 65,389 | 55,069 | 17,908 | 882 |
| Amounts owed by group company | - | 893 | 826,295 | 774,870 |
| Prepayments and accrued income | 37,283 | 22,402 | 35,321 | 20,946 |
| Grants receivable | 425,551 |
234,730 |
425,551 |
234,730 |
| 528,223 |
313,094 |
1,305,075 |
1,031,428 | |
| 12. PAYABLES: AMOUNTS FALLING | DUE WITHIN ONE | YEAR | ||
| Group | Charity | |||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Bank loans and overdrafts | 7,460 | 12,842 | - | - |
| Trade Payables | 35,616 | 31,985 | 24,368 | 30,910 |
| Social Security and other taxes | 7,669 | 18,719 | 611 | 15,285 |
| Other payables | 39,139 | 41,350 | 8,841 | 10,257 |
| Accruals and Deferred Income | 15,797 | 13,460 | 10,452 | 8,203 |
| VAT | 17,541 |
25,058 | - |
- |
| 123,222 |
143,414 |
44,272 |
64,655 | |
| 13. PAYABLES: AMOUNTS FALLING | DUE WITHIN ONE | YEAR | ||
| Group | Charity | |||
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Bank loans and overdrafts | 8,748 | 15,079 | - | - |
14. Provision for Liabilities
| 14. Provision for Liabilities | |
|---|---|
| Deferred Tax | |
| Group | Liability £ |
| At 1 April 2023 | (22,323) |
| Movement in year | - |
| At 31 March 2024 | (22,323) |
29
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
15. ANALYSIS OF FUNDS
Group
| 15. ANALYSIS OF FUNDS Group |
|
|---|---|
| Advice NI An Tearmann Big Lottery Building - The Junction Cash for Kids Community Ownership Fund DFC - Community Investment Fund DFC - Ukraine DFC - Welfare Reform EA Literacy for Youth Home Office EU Settlement Scheme Justice Together Lithuanian Embassy Mid Ulster Council Good Relations NIHE Supporting People NIHE Sustaining Tenancies Public Health Agency Mental Health Public Health Agency Stronger Together Rank Programme Red Cross Fund Rural Engagement Arts Programme SHSCT - Language Club TEO STEP Restricted Funds Unrestricted Funds Designated Funds Total Funds |
Opening Income Expenditure Transfer Closing Balance Between Balance Funds £ £ £ £ £ - - - - - - 71,597 (71,597) - - 12,655 50,000 (69,075) - (6,420) 3,558,117 - (80,931) - 3,477,186 - 5,000 (100) - 4,900 - 250,000 (100) - 249,900 - 64,650 (64,650) - - - 30,648 (30,648) - - - 125,173 (125,173) - - - 5,918 (5,918) - - - 17,500 (17,500) - - 45,969 - - (45,969) - (1,729) 17,245 (14,005) - 1,511 - 6,300 (6,300) - - - 112,755 (112,755) - - 5,533 26,388 (26,222) - 5,699 - 93,959 (93,959) - - - 35,280 (35,280) - - 6,147 29,613 (26,656) - 9,104 - 6,000 (6,000) - - - 44,366 (44,366) - - - 23,853 (23,853) - - - 75,000 (75,000) - - |
| 3,626,692 1,091,245 (930,088) (45,969) 3,741,880 4,030,997 1,073,206 (638,987) 45,969 4,511,185 600,000 - - - 600,000 |
|
| 8,257,689 2,164,451 (1,569,075) - 8,853,065 |
16. ANALYSIS OF NET ASSETS
| 16. ANALYSIS OF NET ASSETS | |
|---|---|
| Fixed Assets Current Assets Current Liabilities Long Term Liabilities Provisions |
Unrestricted Restricted Designated Total Funds Funds Funds Funds 2024 2024 2024 2024 £ £ £ £ 3,340,021 3,733,748 - 7,073,769 1,325,457 8,132 600,000 1,933,589 (123,222) - - (123,222) (8,748) - (8,748) (22,323) - - (22,323) |
| 4,511,185 3,741,880 600,000 8,853,065 |
30
Docusign Envelope ID: 243BF1A5-6393-4A61-A3E1-12183299881B
South Tyrone Empowerment Programme Charitable Company Limited by Guarantee
Notes to the Financial Statements For the year ended 31 March 2024
17. RESTRCITED FUNDS DESCRIPTIONS
South Tyrone Empowerment Programme has a wide portfolio of funded projects. In terms of funding value the main projects/ funding sources in 2023-2024 have been:
An Tearmann
This project funding from the Health & Social Care Trust specifically for traveller support work.
TEO
Funding is used for the purpose of implementing the objectives of the Racial Equality Strategy and supporting immigrant & minority ethnic communities.
The Community Fund (formerly Big Lottery)
This is a five-year family support project prioritising minority ethnic family with complexity of need who have difficulty sustaining engagement with mainstream services.
Children in Need
This a small 3 year pilot project supporting children to develop resilience and the ability to selfregulate their emotions and improve their confidence in relating to others.
Mid Ulster Council (Good Relations & Strategic development funds)
This is a service level agreement to provide deliver good relations by providing migrant support services.
DFC Community Investment Fund
This funding enables the employment of a dedicated full-time community development worker who underpins and links urban communities in the council area.
SHSCT & neighbourhood Renewal (Education)
Funding towards the organisation’s language club which aims to ensure that children retain their first language as well as learning the language of the country in which they now live.
Public Health Agency (PHA)
Funding was provided for the purpose of supporting racial equalities in health & wellbeing outcomes.
Home Office EU Settlement Scheme
Funding is used to deliver practical support to vulnerable EU citizens and their family members to help them make their EU Settlement Scheme application.
17. RELATED PARTY TRANSACTIONS
The charity has taken exemption under the provision of FRS 102 from disclosing transactions with wholly owned subsidiaries.
18. CONTINGENT LIABILITIES
A 99 year lease between Dungannon West Renewal Limited and STEP was created on 25 May 2007. Funding was secured from DETI, IFI and LCF to create additional workspace. A new build for social economy work space commenced in Ballysaggart Business Park and was completed during 2008. A debenture dated 3 November 2010 was created by the company for securing all monies due to or to become due from the company to the Department of Enterprise Trade and Investment under the terms of the Letter of Offer dated 16 December 2008 and Letter of variation dated 2 November 2009. The Trustees do not consider that a provision is required.
31