COMPANY REGISTRATION NUMBER: NI036590
CHARITY REGISTRATION NUMBER: NIC100477
Omagh Early Years Centre Company Limited by Guarantee Financial Statements 31 July 2025
SP McCAFFREY & CO
Chartered accountants & statutory auditor 50 Campsie Road Omagh Co Tyrone BT79 0AG
Omagh Early Years Centre
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2025
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 9 |
| Statement of financial position | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 20 |
| Notes to the detailed statement of financial activities | 22 |
Omagh Early Years Centre
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2025
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 July 2025.
Reference and administrative details
Registered charity name Omagh Early Years Centre Charity registration number NIC100477 Company registration number NI036590 Principal office and registered Old General Hospital office Woodside Avenue Co. Tyrone BT79 7BP
The trustees
Ross Buchanan Kevin Conway Colette Corry (Retired 11 November 2024) Catherine McElholm Ms Denise Best Ruth Buchanan (Appointed 16 April 2025) Company secretary Joanne Curry Auditor SP McCaffrey & Co Chartered accountants & statutory auditor 50 Campsie Road Omagh Co Tyrone BT79 0AG
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Omagh Early Years Centre
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2025
Structure, governance and management
Governing Document
Omagh Early Years centre is a company limited by guarantee (Registered NI036590) and does not have a share Capital. The Company is governed by its Memorandum of Articles of Association. The Company is recognised as a charity by NI Charities Commission.
Principal Activity
The principal activity of the company is the provision of community, caring and educational services for young children, including those with special needs, and their families in Omagh and the surrounding areas.
Objectives and Activities
The Company's objectives are specifically restricted to the advancement of education and the development of children and young people under the age of 14 (hereinafter called ''the beneficiaries') resident in the Omagh area and its environs in particular but not exclusively (hereinafter called the 'area of benefit') through the encouragement of parents and guardians/carers in the understanding of the proviso for the needs of such children through community groups without distinction of age, gender, sexual orientation, nationality, ethnic identity, political or religious opinion, by associating the statutory authorities, community and voluntary organisations and the inhabitants in a common effort to advance education and to provide facilities in the interest of social welfare for recreation or other leisure time occupation, with the object of improving the conditions of life for the inhabitants in particular:
We have referred to the guidance contained in the charity commissions general guidance on public benefit when reviewing our aims and objectives and in the planning out future activities.
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Omagh Early Years Centre
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2025
Achievements and performance
Review of the Business
Omagh Early Years Centre is a non-profit making with the net surplus of £78,894 for the year. There was Capital Expenditure incurred during the year that was not grant aided. The Management continues to be engaged in ongoing efficiency savings and is aware of the sustainable use of resources.
Reserves Policy
The Directors of Omagh Early Years Centre have set a reserves policy which requires that reserves be maintained at a level which ensures that the company's core activity could continue during a period of unforeseen difficulty. The directors aspire that the Company should hold in Reserves an amount not less than £391,500 in an effort to minimise the risks identified to the company.
Financial review
Omagh Early Years Centre is a non-profit making charity with net incoming resources of £78,894 for the year. There was capital expenditure incurred during the year that was not grant aided. The management continues to be engaged in ongoing efficiency savings and is aware of the sustainable use of resources.
Plans for future periods
The Board are looking to take opportunities to increase sustainability in the future.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
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Omagh Early Years Centre
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 July 2025
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
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.
The trustees' annual report was approved on 17 November 2025 and signed on behalf of the board of trustees by:
Ross Buchanan Trustee
Catherine McElholm Trustee
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Omagh Early Years Centre
Company Limited by Guarantee
Independent Auditor's Report to the Members of Omagh Early Years Centre
Year ended 31 July 2025
Opinion
We have audited the financial statements of Omagh Early Years Centre (the 'charity') for the year ended 31 July 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, 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:
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give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008.
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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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Omagh Early Years Centre
Company Limited by Guarantee
Independent Auditor's Report to the Members of Omagh Early Years Centre
(continued)
Year ended 31 July 2025
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 trustees 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.
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:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act (Northern Ireland) 2008 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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Omagh Early Years Centre
Company Limited by Guarantee
Independent Auditor's Report to the Members of Omagh Early Years Centre
(continued)
Year ended 31 July 2025
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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 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:
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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Omagh Early Years Centre
Company Limited by Guarantee
Independent Auditor's Report to the Members of Omagh Early Years Centre
(continued)
Year ended 31 July 2025
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Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 65 of the Charities Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charity's members 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Gary Thompson (Senior Statutory Auditor)
For and on behalf of SP McCaffrey & Co Chartered accountants & statutory auditor 50 Campsie Road Omagh Co Tyrone BT79 0AG
17 November 2025
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Omagh Early Years Centre
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 July 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Voluntary Income | 5 | 16,903 | 41,124 | 58,027 | 47,606 |
| Activities for Generating Funds | 6 | 982,299 | – | 982,299 | 829,478 |
| Investment income | 7 | 4,617 | – | 4,617 | 4,647 |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 1,003,819 | 41,124 | 1,044,943 | 881,731 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | |||||
| Expenditure on charitable activities | (924,924) | (41,124) | (966,049) | (867,024) | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | 924,924 | 41,124 | 966,049 | 867,024 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Net income and net movement in | funds | 78,895 | – | 78,894 | 14,707 |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 420,872 | – | 420,872 | 406,165 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 499,767 | – | 499,766 | 420,872 | |
| ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
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 12 to 18 form part of these financial statements.
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Omagh Early Years Centre
Company Limited by Guarantee
Statement of Financial Position
31 July 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Tangible fixed assets | 10 | 53,974 | 49,257 | |
| Current assets | ||||
| Debtors | 11 | 109,701 | 58,110 | |
| Cash at bank and in hand | 372,843 | 348,770 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| 482,544 | 406,880 | |||
| Creditors: amounts falling due within one year | 12 | 36,752 | 35,265 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Net current assets | 445,792 | 371,615 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total assets less current liabilities | 499,766 | 420,872 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |||
| Funds of the charity | ||||
| Unrestricted funds | 499,766 | 420,872 | ||
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |||
| Total charity funds | 499,766 ৶৶৶৶৶৶৶৶৶ |
420,872 ৶৶৶৶৶৶৶৶৶ |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 17 November 2025, and are signed on behalf of the board by:
Ross Buchanan Trustee
Catherine McElholm Trustee
The notes on pages 12 to 18 form part of these financial statements.
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Omagh Early Years Centre
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 July 2025
| Year ended 31 July 2025 | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 78,894 | 14,707 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 13,795 | 11,739 |
| Other interest receivable and similar income | (4,617) | (4,647) |
| Interest payable and similar charges | 2,556 | 1,853 |
| Changes in: | ||
| Trade and other debtors | (51,591) | (4,028) |
| Trade and other creditors | 1,487 | (7,314) |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Cash generated from operations | 40,524 | 12,310 |
| Interest paid | (2,556) | (1,853) |
| Interest received | 4,617 | 4,647 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net cash from operating activities | 42,585 | 15,104 |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (26,565) | (33,950) |
| Proceeds from sale of tangible assets | 8,053 | – |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Net cash used in investing activities | (18,512) | (33,950) |
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |
| Net increase/(decrease) in cash and cash equivalents | 24,073 | (18,846) |
| Cash and cash equivalents at beginning of year | 348,770 | 367,616 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Cash and cash equivalents at end of year | 372,843 | 348,770 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
The notes on pages 12 to 18 form part of these financial statements.
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Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 2025
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Old General Hospital, Woodside Avenue, Co. Tyrone, BT79 7BP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
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 charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2025
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
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Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2025
3. Accounting policies (continued)
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:
Leasehold Property - 15% straight line Fixtures & Fittings - 20% reducing balance Motor Vehicles - 20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being 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.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in 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 income and expenditure. 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.
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Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2025
3. Accounting policies (continued)
Financial instruments (continued)
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, 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 under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised 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 as an expense in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee, the members being required to pay not more than £5 in the event of a winding up.
5. Voluntary income
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 139 | – | 139 |
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Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2025
| 5. | Voluntary income (continued) | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Grants | |||||
| BSO Milk Subsidy | 4,324 | – | 4,324 | ||
| Brightstart | 12,440 | – | 12,440 | ||
| FODC - Go Succeed | – | 2,624 | 2,624 | ||
| Pathway Fund | – | 37,000 | 37,000 | ||
| Childcare Partnerships Small Grants | – | – | – | ||
| HSBC | – | 1,500 | 1,500 | ||
| Blackburn Trust | – | – | – | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| 16,903 | 41,124 | 58,027 | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 24 | – | 24 | ||
| Grants | |||||
| BSO Milk Subsidy | 3,742 | – | 3,742 | ||
| Brightstart | 12,440 | – | 12,440 | ||
| FODC - Go Succeed | – | – | – | ||
| Pathway Fund | – | 30,000 | 30,000 | ||
| Childcare Partnerships Small Grants | – | 800 | 800 | ||
| HSBC | – | – | – | ||
| Blackburn Trust | – | 600 | 600 | ||
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |||
| 16,206 | 31,400 | 47,606 | |||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | |||
| 6. | Activities for generating funds | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Childcare Fee | 977,019 | 977,019 | 823,758 | 823,758 | |
| Rent Received | 5,280 | 5,280 | 5,720 | 5,720 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| 982,299 | 982,299 | 829,478 | 829,478 | ||
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 4,617 | 4,617 | 4,647 | 4,647 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
- 16 -
Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2025
8. Net income
Net income is stated after charging/(crediting):
Depreciation of tangible fixed assets
| 2025 | 2024 |
|---|---|
| £ | £ |
| 13,795 ৶৶৶৶৶৶৶৶ |
11,739 ৶৶৶৶৶৶৶৶ |
9. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 747,337 | 619,364 |
| Employer contributions to pension plans | 29,418 | 27,834 |
| Other employee benefits | 6,520 | 5,255 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 783,275 ৶৶৶৶৶৶৶৶৶ |
652,453 ৶৶৶৶৶৶৶৶৶ |
The average head count of employees during the year was 55 (2024: 54). The average number of full-time equivalent employees during the year is analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| No. | No. | |
| Number of staff | 55 | 54 |
| ৶৶৶৶ | ৶৶৶৶ |
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
10. Tangible fixed assets
| Land and | Fixtures and | Motor | ||
|---|---|---|---|---|
| buildings | fittings | vehicles | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 August 2024 | 445,881 | 193,171 | 62,906 | 701,958 |
| Additions | – | 1,270 | 25,295 | 26,565 |
| Disposals | – | (12,582) | – | (12,582) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 31 July 2025 | 445,881 | 181,859 | 88,201 | 715,941 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Depreciation | ||||
| At 1 August 2024 | 445,881 | 173,366 | 33,454 | 652,701 |
| Charge for the year | – | 2,846 | 10,949 | 13,795 |
| Disposals | – | (4,529) | – | (4,529) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| At 31 July 2025 | 445,881 | 171,683 | 44,403 | 661,967 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| Carrying amount | ||||
| At 31 July 2025 | – | 10,176 | 43,798 | 53,974 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| At 31 July 2024 | – | 19,805 | 29,452 | 49,257 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 17 -
Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 July 2025
11. Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade debtors | 109,701 | 58,110 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Parent Fees | 103,476 | 53,005 | |
| Brightstart | 4,147 | 4,147 | |
| BSO Milk Subsidy | 2,078 | 958 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 109,701 | 58,110 | ||
| 12. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 8,969 | 4,410 | |
| Social security and other taxes | 6,763 | 8,465 | |
| Prepaid Childcare Fees | 21,020 | 22,390 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | ||
| 36,752 | 35,265 | ||
| ৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶ | ||
| 13. | Deferred income | ||
| 2025 | 2024 | ||
| £ | £ | ||
| At 1 August 2024 | 330,241 | 330,241 | |
| Amount released to income | (330,241) | (330,241) | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| At 31 July 2025 | – ৶৶৶৶৶৶৶৶৶ |
– ৶৶৶৶৶৶৶৶৶ |
14. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £29,418 (2024: £27,834).
15. Analysis of changes in net debt
| At | |||||
|---|---|---|---|---|---|
| At | 1 | Aug 2024 | Cash flows | 31 Jul 2025 | |
| £ | £ | £ | |||
| Cash at bank and in hand | 348,770 ৶৶৶৶৶৶৶৶৶ |
24,073 ৶৶৶৶৶৶৶৶ |
372,843 ৶৶৶৶৶৶৶৶৶ |
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Omagh Early Years Centre
Company Limited by Guarantee
Management Information Year ended 31 July 2025
The following pages do not form part of the financial statements.
- 19 -
Omagh Early Years Centre
Company Limited by Guarantee
Detailed Statement of Financial Activities
Year ended 31 July 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Voluntary Income | ||
| Donations | 139 | 24 |
| BSO Milk Subsidy | 4,324 | 3,742 |
| Brightstart | 12,440 | 12,440 |
| FODC - Go Succeed | 2,624 | – |
| Pathway Fund | 37,000 | 30,000 |
| Childcare Partnerships Small Grants | – | 800 |
| HSBC | 1,500 | – |
| Blackburn Trust | – | 600 |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| 58,027 | 47,606 | |
| ৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄ | |
| Activities for Generating Funds | ||
| Childcare Fee | 977,019 | 823,758 |
| Rent Received | 5,280 | 5,720 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 982,299 | 829,478 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Investment income | ||
| Bank interest receivable | 4,617 | 4,647 |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Total income | 1,044,943 ৶৶৶৶৶৶৶৶৶৶৶৶ |
881,731 ৶৶৶৶৶৶৶৶৶ |
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Omagh Early Years Centre
Company Limited by Guarantee
Detailed Statement of Financial Activities (continued)
Year ended 31 July 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Wages and salaries | 747,337 | 619,364 |
| Pension costs | 29,418 | 27,834 |
| Other employee benefits | 6,520 | 5,255 |
| Water Rates & Bin Collection | 4,803 | 4,239 |
| Light and heat | 15,489 | 17,539 |
| Repairs and maintenance | 11,533 | 10,071 |
| Insurance | 10,959 | 11,343 |
| Cleaning | 10,645 | 10,605 |
| Accountancy fees | 2,244 | 2,300 |
| Telephone | 1,308 | 1,262 |
| Stationery & Postage | 2,403 | 4,620 |
| Depreciation | 13,795 | 13,417 |
| Bank Fees | 2,556 | 1,853 |
| Groceries | 39,734 | 39,387 |
| Transport Costs | 8,852 | 9,906 |
| Bus Driver Costs | 28,965 | 60,535 |
| Toys | 20,549 | 11,011 |
| Legal & Professional Fees | 2,414 | 2,734 |
| Mileage | 316 | 31 |
| Training courses & subscriptions | 8,116 | 7,897 |
| Bad Debts Written Off | – | 4,449 |
| Advertising & Rebranding | 291 | 595 |
| Activities | 3,081 | 2,977 |
| Profit/(loss) on disposal of fixed assets | (5,279) | (2,200) |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| (966,049) | (867,024) | |
| ৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Total expenditure | 966,049 | 867,024 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Net income | 78,894 ৶৶৶৶৶৶৶৶৶ |
14,707 ৶৶৶৶৶৶৶৶৶ |
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Omagh Early Years Centre
Company Limited by Guarantee
Notes to the Detailed Statement of Financial Activities
Year ended 31 July 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities | ||
| Activity type 1 | ||
| Activities undertaken directly | ||
| Wages & Salaries | 747,337 | 619,364 |
| Direct charitable activity 1 - pension costs | 29,418 | 27,834 |
| Direct charitable activity 1 - other employee benefits | 6,520 | 5,255 |
| Water Rates & Bin Collection | 4,803 | 4,239 |
| Light & heat | 15,489 | 17,539 |
| Repairs & maintenance | 11,533 | 10,071 |
| Insurance | 10,959 | 11,343 |
| Cleaning | 10,645 | 10,605 |
| Accountancy fees | 2,244 | 2,300 |
| Telephone | 1,308 | 1,262 |
| Stationery & Postage | 2,403 | 4,620 |
| Depreciation | 13,795 | 13,417 |
| Bank Fees | 2,556 | 1,853 |
| Groceries | 39,734 | 39,387 |
| Transport Costs | 8,852 | 9,906 |
| Bus Driver Costs | 28,965 | 60,535 |
| Toys | 20,549 | 11,011 |
| Legal & Professional Fees | 2,414 | 2,734 |
| Mileage | 316 | 31 |
| Training courses & subscriptions | 8,116 | 7,897 |
| Bad Debts Written Off | – | 4,449 |
| Advertising & Rebranding | 291 | 595 |
| Activities | 3,081 | 2,977 |
| Profit/(loss) on disposal of fixed assets | (5,279) | (2,200) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 966,049 | 867,024 | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| Expenditure on charitable activities | (966,049) | (867,024) |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ |
- 22 -