REGISTERED COMPANY NUMBER: NI038230 (Northern Ireland) REGISTERED CHARITY NUMBER: NI101836
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
OMAGH YOUTH & COMMUNITY TRUST
McAleer Jackson Ltd Chartered Accountants & Chartered Tax Advisers Church House 24 Dublin Road OMAGH Co. Tyrone BT78 1HE
OMAGH YOUTH & COMMUNITY TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
OMAGH YOUTH & COMMUNITY TRUST (REGISTERED NUMBER: NI038230)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Principal Activity
Omagh Youth & Community Trust was established in 2000 to co-ordinate the construction of The Station Centre for the purpose of providing modern facilities for the entire constituency of the youth and community of Omagh. The ethos of Omagh Youth and Community Trust is one of promoting inclusiveness, to offer a new beginning for young people, to set aside denominational labels and look at their own humanity which accepts and understands the others point of view. A full summary of the activities of the charity are available from the trustees at the registered office.
The Station Centre will be a beacon of hope to everyone in the community, a sanctuary where opportunities through programme planning will be provided for social, educational and recreational enrichment.
Omagh Youth and Community Trust is registered as a charity with HMRC and the Charity Commission for Northern Ireland under registration number XR 24304 and NI 101836 respectively.
The Company is limited by guarantee not having a share capital.
FINANCIAL REVIEW
Financial position
The charity's main source of income is premises hire. The amount received in the year from this and other sources was £93,961 (2023:100,539). Total expenditure of £93,567 (2023: 103,503) was spent during the year leaving net income of £394 (2023: net loss £2,964).
Reserves policy
Omagh Youth & Community Trust has a reserves policy designed to recognise the requirements for reserves in light of the main risks to the organisation.
It has established a policy whereby the optimum holding of unrestricted funds not committed should equate to six months total running costs, plus a contingent liability sum of £30,000 towards emergency expenditure on its premises.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and its Articles of Association.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
NI038230 (Northern Ireland)
Registered Charity number
NI101836
Registered office
The Station Centre 17 James Street Omagh Co. Tyrone BT78 1QX
Page 1
OMAGH YOUTH & COMMUNITY TRUST (REGISTERED NUMBER: NI038230)
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
R Tierney J Byrne Mrs E Charleton Mrs G Keys W Reilly Rev E Hasson
Company Secretary
P McMahon
Independent Examiner
Michael Barnett McAleer Jackson Ltd Chartered Accountants & Chartered Tax Advisers Church House 24 Dublin Road OMAGH Co. Tyrone BT78 1HE
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Omagh Youth & Community Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 Charity SORP;
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make judgements and 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
Approved by order of the board of trustees on 3 December 2024 and signed on its behalf by:
R. Tierney
R Tierney - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OMAGH YOUTH & COMMUNITY TRUST
Independent examiner's report to the trustees of Omagh Youth & Community Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Michael Barnett
Michael Barnett
McAleer Jackson Ltd Chartered Accountants & Chartered Tax Advisers Church House 24 Dublin Road OMAGH Co. Tyrone BT78 1HE
3 December 2024
Page 3
OMAGH YOUTH & COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 21,069 Other trading activities 2 39,355 Investment income 3 411 Other income - Total 60,835 EXPENDITURE ON Charitable activities Governance Costs 1,855 Charitable Activities 57,677 Trading Activities 909 Total 60,441 NET INCOME/(EXPENDITURE) 394 RECONCILIATION OF FUNDS Total funds brought forward 107,159 TOTAL FUNDS CARRIED FORWARD 107,553 |
Restricted funds £ - - - 33,126 33,126 - 33,126 - 33,126 - - - |
2024 Total funds £ 21,069 39,355 411 33,126 93,961 1,855 90,803 909 93,567 394 107,159 107,553 |
2023 Total funds £ 22,207 45,140 66 33,126 100,539 1,774 101,729 - 103,503 (2,964) 110,123 107,159 |
|---|---|---|---|
The notes form part of these financial statements
Page 4
OMAGH YOUTH & COMMUNITY TRUST (REGISTERED NUMBER: NI038230)
BALANCE SHEET
31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 11 ACCRUALS AND DEFERRED INCOME 13 NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
Unrestricted fund £ 96,313 8,248 56,073 64,321 (3,081) 61,240 157,553 (50,000) - 107,553 |
Restricted funds £ 932,883 - - - - - 932,883 - (932,883) - |
2024 Total funds £ 1,029,196 8,248 56,073 64,321 (3,081) 61,240 1,090,436 (50,000) (932,883) 107,553 107,553 107,553 |
2023 Total funds £ 1,066,878 5,695 52,443 58,138 (1,848) 56,290 1,123,168 (50,000) (966,009) 107,159 107,159 107,159 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
OMAGH YOUTH & COMMUNITY TRUST (REGISTERED NUMBER: NI038230)
BALANCE SHEET - continued
31 MARCH 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 3 December 2024 and were signed on its behalf by:
R. Tierney
R Tierney - Trustee
J. Byrne
J Byrne - Trustee
The notes form part of these financial statements
Page 6
OMAGH YOUTH & COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Freehold property 2% straight line - Fixtures and fittings 20% straight line
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
continued...
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OMAGH YOUTH & COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
| 2. OTHER TRADING ACTIVITIES Facility hire 3. INVESTMENT INCOME Deposit account interest 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
2024 £ 39,355 2024 £ 411 2024 £ 38,592 |
2023 £ 45,140 |
|---|---|---|
| 2023 £ 66 |
||
| 2023 £ 38,410 |
5. TRUSTEES' REMUNERATION AND BENEFITS
No remuneration or other benefits were paid to the trustees for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
No expenses were paid to the trustees for the year ended 31 March 2024 nor for the year ended 31 March 2023.
6. STAFF COSTS
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Staff |
2024 £ 15,677 326 16,003 2024 3 |
2023 £ 16,007 425 |
|---|---|---|
| 16,432 | ||
| 2023 2 |
No employees received emoluments in excess of £60,000.
continued...
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OMAGH YOUTH & COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
| FOR THE YEAR ENDED 31 MARCH 2024 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 22,207 Other trading activities 45,140 Investment income 66 Other income - Total 67,413 EXPENDITURE ON Charitable activities Governance Costs 1,774 Charitable Activities 68,603 Total 70,377 NET INCOME/(EXPENDITURE) (2,964) RECONCILIATION OF FUNDS Total funds brought forward 110,123 TOTAL FUNDS CARRIED FORWARD 107,159 8. TANGIBLE FIXED ASSETS Freehold property £ COST At 1 April 2023 1,778,118 Additions - At 31 March 2024 1,778,118 DEPRECIATION At 1 April 2023 721,180 Charge for year 35,562 At 31 March 2024 756,742 NET BOOK VALUE At 31 March 2024 1,021,376 At 31 March 2023 1,056,938 |
Restricted funds £ - - - 33,126 33,126 - 33,126 33,126 - - - Fixtures and fittings £ 34,288 910 35,198 24,348 3,030 27,378 7,820 9,940 |
Total funds £ 22,207 45,140 66 33,126 100,539 1,774 101,729 103,503 (2,964) 110,123 107,159 Totals £ 1,812,406 910 1,813,316 745,528 38,592 784,120 1,029,196 1,066,878 |
|---|---|---|
continued...
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OMAGH YOUTH & COMMUNITY TRUST
| NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Other loans (see note 12) 12. LOANS An analysis of the maturity of loans is given below: Amounts falling due in more than five years: Repayable otherwise than by instalments: More than five years 13. ACCRUALS AND DEFERRED INCOME Deferred government grants 14. MOVEMENT IN FUNDS At 1.4.23 £ Unrestricted funds General fund 107,159 TOTAL FUNDS 107,159 |
2024 £ 8,248 2024 £ 3,081 2024 £ 50,000 2024 £ 50,000 2024 £ 932,883 Net movement in funds £ 394 394 |
2023 £ 5,695 2023 £ 1,848 2023 £ 50,000 2023 £ 50,000 2023 £ 966,009 At 31.3.24 £ 107,553 107,553 |
|---|---|---|
continued...
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OMAGH YOUTH & COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 60,835 Restricted funds Fixed Assets 33,126 TOTAL FUNDS 93,961 Comparatives for movement in funds At 1.4.22 £ Unrestricted funds General fund 110,123 TOTAL FUNDS 110,123 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 67,413 Restricted funds Fixed Assets 33,126 TOTAL FUNDS 100,539 |
Resources Movement expended in funds £ £ (60,441) 394 (33,126) - (93,567) 394 Net movement At in funds 31.3.23 £ £ (2,964) 107,159 (2,964) 107,159 Resources Movement expended in funds £ £ (70,377) (2,964) (33,126) - (103,503) (2,964) |
|---|---|
continued...
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OMAGH YOUTH & COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 110,123 110,123 |
Net movement in funds £ (2,570) (2,570) |
At 31.3.24 £ 107,553 |
|---|---|---|---|
| 107,553 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 128,248 | (130,818) | (2,570) |
| Restricted funds | |||
| Fixed Assets | 66,252 | (66,252) | - |
| TOTAL FUNDS | 194,500 | (197,070) | (2,570) |
15. CAPITAL COMMITMENTS
The company had no material capital commitments at the financial year ended 31 March 2024.
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
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