REGISTERED COMPANY NUMBII R: N1037403 (Noi'thern Irelaiid) REGISTERED CHARITY NUMBIR: NIC103397 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR TARA CENTRE McAleer Jackson Ltd Chartered Accountants & Statutory Auditoi's Church House 24 Dublin Road OMAGH Co. Tyrone BT78 IHE
TARA CENTRI CONTII NTS OF THE FINANCIAL STATEMII Tr4TS FOR THE YEAR EI NDED 31 MARCH 2024 Page Reference and Administrative Details Report of the Tru5tee5 Report of the Independent Auditors Statement of Financial Activlties Balance Sheet Cash Floiv Statement Notes to the Cash Flow Statement 10 Notes to the Financial Statenieiits Detailed Statement of Financial Activities 20 to 21
TARA CfNTRE REFERII NCE AND ADMINISTRATIVE DETAILS FOR THI YEAR NDED 31 MARCH 2024 TRUSTEI ES Hugo Sweeney AE]na Harte Samuel Young Mary Friel Tara Boyle John Slane Noreen McGirr Maygai'et Moohan (I'esigned 29.4.23) Maiy O'Reilly (appointed 25.10.23) COLKPANY SECRETARY Mary Friel REGISTERED OFFICI I l Holmview Terrace Omagh Co. Tyi'one BT79 OAH REGISTERED COMPANY NUMBER N1037403 (Noithem Ireland) REGISTERED CHARITY NUMBER NIC103397 AUDITORS McAleer Jackson Ltd Chartered Accountants & Statutory Auditors Church House 24 Dublin Road OMAGH Co. Tyrone BT78 IHE BANKERS AIB 2-4 East Bridge Street Enniskillen Co. Fermanagh BT74 7BT SOLICITORS McConLiell and Fyffe The Old Rectoiy 21 Church Street OMAGH Co Tyi'one BT78 IDG Lewis Silkin (N.I.) LLP 32-38 Linenhall Street BELFAST BT2 SBG Edwards & Co. Solicitors 28 Hill Stt'eet BELFAST BTI 2LA Page I
TARA CENTRE 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 theii. report with the financial stateinents of the chai'ity for the year ended 3 l Mai'ch 2024. The ti'ustees have adopted the provisions of Accounting aiid Reporting by Charities: Stateinent of Recommended Practice applicable to chai'ities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l Januai'y 2019). STRATEGIC REPORT STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing docuinent, a deed of trust, and constitutes a liinited company, limited by guarantee, as defined by the Companies Act 2006. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who al'e also the directors of Tara Centre for the purposes of coinpany law) are responsible for preparing the Report of the Trustees and the fmancial stateinents in accordance with applicable law and United Kingdom Accounting Standai'ds (United Kingdoin Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statement5 for each financial year which give a h'ue and fair view of tlie state of affairs of the charitable coinpany and of the incoming resoiirces and application of resources. including tlie income and expenditure, of the chai'itable coinpany for that period. In preparing those financial stateinents, the trustees are required to select suitable accounting policies aiid then apply them consistently. observe the Inethods and principles in the Chai-ity SORP- make judgements and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, siibject to any material departures disclosed and explained in the financial statements. prepare the financial slatemenls 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 pi'oper accounting records which disclose with reasonable acciiracy at any time the financial position of the charitable company and to enable them to ensiire that the fmancial stateinents comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable coinpany and hence for taking reasonable steps for the Prevention and detection of fraud and other irregularities. In so fai. as the trustees are aware.. there is no relevant audit infom]ation of which the charilable company's auditoi's are unaware. and the trustees have taken all steps that they ought to have taken to inake themselves aware of any relevant audit infoiination and to establish that the auditors are aware of that information. AUDITORS The auditors, McAleer Jackson Ltd, will be proposed for re-appointtnent at the forthcoming Annual General Meeting. Repoit of the tt'ustees, incorporating a strategic report, appi'oved by order of the board of trustees, as the company directors, on 18 June 2024 and signed on the board's behalf by.. Mary Friel - Trustee Page 2
REPORT OF THE INDEPENDII P4T AUDITORS TO THE MEMBIRS OF TARA Cll NTRE Opinion We have audited the financial slatements of Tai'a Centi'e {the 'charitable coinpany,) for the year ended 31 Mai'ch 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a sui)Iinaiy of significant accounting policies. The finaiicial reporting fi'ainewoi'k that has been applied in their pi'epai'ation is applicable law and United Kingdoin Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stateineiits: give a true and fair view of the state of the charitable coinpany's affaii's as at 31 March 2024 and of its incoining resoiirces and application of resoui'ces, including its incoine and expenditui'e, for the year then elided. have been properly prepared in accoi'dance with United Kingdom Generally Accepted Accounting Practice. and have been pi'epared in accordance with the requireinents of the Coinpanies Act 2006. Basi5 for opinion We conducted our audit in accordaiice with Intei'national Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibi5ities linder those standards are fuithei. described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable coinpany in accordance with the ethical requirements that are relevant to our audit of the fmancial statenients in the UK, including the FRC'S Ethical Standard, and we have fiilfilled our other ethical responsibilities in accoi'dance with these requireinents. 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 staleinents, we liave concluded that the trustees, use of the going concern basis of accounting in the preparation of the Iinancial statements is appropriate. Based on the work we l)ave performed, we have not identified any material uncertainties relating to events or conditions that, individiially or collectively, may cast sigiiificant doubt on the charitable coinpany's ability to continue as a going conceim for a period of at least twelve months from when the financial statemeiits are authorised foi. issiie. Our responsibilities and the i'esponsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other inforination comprises the information included in the Annual Report, other than the financial statements and our Repoit of the Independent Auditors thereon. Our opinion on the financial stateinenls does not cover the other infonnation and, except to the extent otherwise explicitly stated in our repoit, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforination and, in doing so, consider whether the other infoi'mation is mateR'ially inconsistent with the financial stateinents or our knowledge obtained in the audit or otherwise appears to be materially inisstated. If we identify such material inconsistencies or apparent material inisstateinents, we are i'equired to detei'mine whether this gives rise to a Inaterial misstatement in the fmancial statements theinselves. If, based on the work we have performed, we conclude that thei'e is a Inatei'ial misstateinent of this other inforination, we are required to repoit that fact. We have nothing to repoit in this regard. Opinions on other matters prescribed by the Companies Aet 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepai'ed is consistent with the financial statements. and the Report of the Trustees has been pi'epared in accordance with applicable legal requireinents. Page 3
REPORT OF THE INDEI PENDENT AUDITORS TO THE MEMBEI RS OF TARA CENTRE Matters on Ivhiel) we are required to repoi't by exception In the light of the knowledge and understanding of the chai-ilable coinpany and ils enviR'oninent obtained in the course of the aiidit, we have not identified inatei-ial Inisstateinents in the Report of the Trustees. We have nothing to report in respect of the following Inatters where the Companies Act 2006 l'equij'es us to I'eport to you if, in oui. opinion.. adeqiiate accounting records have not been kept or retui'ns adequate foi. our audit have not been received from branches not visited by LIS. OI. the financial stateinents are not in agreeinent with the accounting i'ecord5 and returns. or certain disclosiires of tt-uslees, reinuneration specified by law are not made; or we have not i'eceived all the iiiforInation and explanations we require for our audit. Responsibilities of trustees As explained inore fully in the Stateinent of Trustees, Responsibilities, the trustees (who are also the directoi's of the charitable coinpany for the purposes of company law) al'e i-esponsible for the preparation of the finaiicial slateinents and for being satisfied that they give a true and fair view, and for such internal control as the trustees detei'inine 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 charitable company's ability lo 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 charitable company or to cease operations, or have iio realistic alternative but to do so. Page 4
REI PORT OF THE INDEPENDEI NT AUDITORS TO THE MEMBERS OF TARA CEI NTRE Our responsibilities for the audit of the financial statement5 Our objectives are to obtain reasonable assui'ance about whether the financial stateinents as a whole al'e free from Inatei'ial inisstateinent, whether diie to fraud or error, and to issue a Report of the Independent Auditoi's that includes our opinion. Reasonable assui'ance is a high level of assurance, biit is not a guai'antee that an audit coiiducted in accordance with ISAS (UK) will always detect a inaterial misstatement when it exists. Misstatements can arise fi'orn fraud or eii'or and are considei'ed Inatei'ial if, individually or in the aggregate, they could i'easonably be expected to infliience the econoinic decisions of users taken on the basis of these financial statements. The extent to which oiir procedures are capable of detecting irregularities, including fi'aud is detailed below: We identify and assess the risks of inaterial inisslalement of the financial statenients, whethei. due to fraud or errol., and then design and perfoiin audit procedures responsive to those risks, including obtalliing audit evidence that is sufficient and appropi-iate to provide a basi5 for oiir opinion. In identifying and assessing risks of material rnisstateinent in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environinent and business perforinance including the remuneration policies, and its internal and external performance targets. results of our enquiries of manageinent and other key persons about the charity's own identification and assessment of the risks of irregularities, including those that Inay occiir eiihei. as a result of fi-aud or error, and inatters we identified froni our i'eview of the policies, procedui'es and internal controls. and the matters discussed among the audit engageinent teoin regarding potential indicators of fraud and where it might occur in the financial statements. Because of the inherent liinitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstateinent in the financial statements or non-compliance with regulation. This risk increases the Inore that compliance with a law or I'egulation is reinoved fi'om the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The i'isk is also greater regai'ding irregularities occiirring due to fraud raiher than errol., as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We also obtained an understanding of the legal and regulatory framework that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on material amount5 and disclosures in the fmancial stateinents. The key laws and regiilations we considered in this context incliided the UK Companies Act, pensions and tax legislation, charity legislation together with provisions of other laws and regulations that do not have a direct effect on the financial statements. but compliance with which may be fundamental to the Charity's ability to operate or to avoid a inaterial penalty. This included conditions of funding from various bodies. Froin the above procedures, and in common with all audits under ISAS (UK), we identified the disclosui'e of adjusting iteins as a key audit inatter with respect to potential risk of fraud, particularly in areas where manageinent is required to exercise significant judgement. We tailored our response to those identified risks to include enquiriiig of managenient concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or iinexpecled relationships that may indicate risks of material Inisstatement due to fraud, and reviewing correspondence with HMRC and other regulatoiy bodies. In addressing the risk of fraud through manageinenl override of controls, we tested the appropriateness of joumal entries and other adjusttnenls. assessed whether the judgements Inade in making accounting estiinates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. of which there were none. Whilst our engagement team were fully briefed on the fraud risks and i-emained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit, we draw attention to inherent liinitations in the scope of audit procedures since fraud, by its nature, may involve deliberate concealinent, misrepresentation oi. collusion. A fuither description of our responsibilities for the audit of the financial stateinents is located on the Financial Reporting Council's website at www.frc.org.uk/auditoisresponsibilities. This description foi'ms parl of Olir Report of the Independent Auditors. Page 5
REPORT OF THE INDII PEI NDEI NT AUDITORS TO THE MEMBERS OF TARA CEI NTRE Use of our report This repoi't 15 Inade solely to the charitable company's ineinbers, as a body, in accordance with Chapter 3 of Part 16 of the Coinpanies Act 2006. Oui. audit woi'k has been undeitaken so that we inight state to the charitable coinpany's Ineinber5 those Inatters we are I'eqiiired to slate to them in an auditors, I'eport ai)d for no other purpose. To the fullest extent perinitted by law, we do not accept or assume responsibility to anyone otlier than tlie chai'ilable company and the charitable coinpany's meinbers as a body, for our audit work, for this report, or for the opinions we have formed. A:JJ< MICHAEL BARNE (Senior Statutory Auditor) for and on behalf of McAleer Jackson Ltd Chartered Accoiintants & Statutoiy Auditors Church House 24 Dublin Road OMAGH Co. Tyrone BT78 IHE Date.. 18 June 2024 Page 6
TARA CENTRE STATEMENT OF FINANCIAL ACTIVITIEI S FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total fund5 Unrestt'icted funds Restricted flind Notes INCOME AND ENDOWMENTS FROM Donations and legacies 86,078 86,078 57,475 Charitable activitie5 Bookshop Room i'enl Coui'se subscription5 Charitable projects Service agreeinents 313 400 11,962 60,628 27,232 313 400 11,962 373,901 27,232 475 320 12,311 290,834 24,139 313,273 Other incoine 31,958 34,176 34,176 Total 218 571 315,491 534,062 419,730 EXPENDITURE ON Raising funds 117,519 117,519 79,219 Charitable aetivities Bookshop Room reslt Cou13e subscriptions Charitable pi'ojects Service agreements 175 740 15,784 80,718 33,765 175 740 15,784 384,023 149 429 16,754 317,857 31,653 303,305 Total 248,701 303,305 552,006 446,061 NET INCOME/(EXPENDITURE) Transfers betiveen funds (30,130) 12,186 12,186 12,186) (17,944) (26,331) 18 Net movelnent in funds (17,944) (17,944) (26,331) RECONCILIATION OF FUNDS Total funds brought forward 855,445 855,445 881,776 TOTAL FUNDS CARRIED FORWARD 837 501 837 501 855,445 The notes foi'in part of these financial statements Page 7
TARA CEI NTRE BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 740,851 793,881 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 6,645 41,902 142,896 7,186 27,934 202,727 191,443 237,847 CREDITORS Amounts falling due within one year 14 (19,497) (66,809) NET CURRENT ASSETS 171,946 171,038 TOTAL ASSETS LESS CURRENT LIABILITIES 912,797 964,919 CREDITORS Amounts falling due after more than one year 15 (75,296) (109,474) NET ASSETS 837 501 855,445 FUNDS Unrestricted funds 18 837,501 855.445 TOTAL FUNDS 837,501 855,445 The financial stateinents were approved by the Board of Trustees and authorised for issue on 18 June 2024 and were signed on its behalf by: Samuel ou Ikrflc Anna arte - Trustee The notes form part of these financial statements Page 8
TARA CEI NTRE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash floivs from operating activities Cash gen¢i'ated froin operations Inteiest paid (56,901) 2,716) (59,852) 2,367 Net cash used in operating activities 59,617) 62,219) Cash flows from investing activities Pui'chase of tangible fixed assets 778) 858) Net cash used in investing activities Change in eash aiid cash equivalents in the reporting period Casli and cash equivalents at the beginning of the reporting period (60,395) (63,077) 202,727 265,804 Cash and cash equivalents at the end of the reporting period 142 332 202,727 The notes foi-ln part of these financial stateinents Page 9
TARA CINTRE NOTES TO THE CASH FLOW STATEMEI NT FOR THE YEI AR ENDED 31 MARCH 2024 REI CONCILIATION OF NET II XPII NDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net expenditure for the reporting period (as per the Statement of Financial ActÉvities) Adjustments for.. Depreciation charges Intei'est paid Grants released Decreasel(inci'ease) in stocks Increase in debtors Decrease in creditors (17,944) (26,331) 53,808 2,716 (34,177) 541 (13,968) 47,877 54,271 2,367 (34,177) (554) (833) 54,595) Net cash used in operations 56,901) 59,852) ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash in hand Notice deposits (less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year 191 142,705 564) 97 202,630 Total cash and cash equivalents 142332 202,727 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand Bank overdraft 202,727 (59,831) 142,896 202,727 60,395 142,332 Totsl 202,727 60 395) 142,332 The notes forin part of these financial stateinents Page 10
TARA CENTRE NOTEI S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION Tara Centre is a company liinited by guai'antee incoi-poi'ated in Northern Ireland. The registered office of the coinpany is I l Holinview Terrace, Oinagh, Co. Tyrone, BT79 OAH which is also the principal place of business of the coinpany. The financial slatements have been presented in Pound Sterling (£) which 15 also the functional CUITency of the company. ACCOUNTING POLICIES Basis of preparing the finaiicial statements The financial statements of the charitable coinpany, 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: Stateii)ent of Recommended Practice applicable to charities preparing thell. accounts in accoi'dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l Januaiy 2019),, Financial Repoiting Standard I02 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The fancial stateinents have been prepared under the historical cost convention. Company statu5 The company is a company limited by guarantee. The inembers of the coinpany are the Trustees named on page l. In the event of the coinpany being wound up, the liability in respect of the guarantee is liinited to £1 per member of the coinpany, Income All income 15 recognised in the Stateinent 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 tt'ansfer of econoinic benefits will be required in settlement and the amount of the obligation can be measui'ed reliably. Expenditure is accounted for on an accruals basis aiid has been classified under headings that aggregate all cost related to the categoiy. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Support Costs Allocation Support costs are those that assist the work of the charity but do not directly repi'esent charitable activities, such as off5ce costs, administrative payroll. They are incurred directly in support of expenditure oil the objects of the charity. Where support costs incuiTed cannot be directly attributed to paiticular headings they have been allocated to all the activitie5 on pro rata basis in relation to sources of incoine. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset ovei. its estiinated useful life. Freehold property Fixtui'es and fittings Coinputer equipment 20/0 Straight line IOO/o straight line 25 % straight line Tangible assets are stated at cost or at valuation, sess accuinulated depreciation. Stocks Stocks are valued at the lower of cost and net realisable value, after inaking due allowance for ob501ete and slow Inoving items. Taxation The charity is exempt from corporation tax on its charitable activities, Pagell continued...
TARA CENTR NOTES TO THE FINANCIAL STATIMENTS - eontiiiued FOR THE YII AR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the ti'ustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Resti'ictions arise when specified by the donor or when funds al'e raised foi. particular resli'icted puiyoses. Furthei. explanation of tlie nature and puipose of each fund is incllided in the notes to the financial slateinents. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable conipany's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Debtors and creditors receivablelpayable within one year Debtors and creditoi's with no stated interest rate and receivable or payable within one year are I'ecorded at transactional pi'ice. Any losses ai'ising froin iinpairment are recognised in the Statement of Financial activities in other trading activities Going eoncern The financial statements have been prepared on the going concern basis, which assuines that the coinpany will Continue in opei'ational existence for the foreseeable future. The validity of this assuinption depends on fiituie revenue funding meeting future revenue expenditure. In response to the challenging funding environinent that exists and the scheduled coinplelion of a key funding contract during the year ending 31 Mai'ch 2025, the trustees have prepared financial projections of income and expenditure to assess the financial resoui'ces available to the charity foi- the iiext twelve inonths. On the basis of those projections the trustees are satisfied the assumption of going concern is appropriate. In addition the charity has a number of pending funding applications that are not reflected in the fmancial projections and, whilst not certain, the trustees are confident that the charity will be successful in secui'ing fiiture reveniie through a number of those applications. Grants receivable Capital grants received and receivable are treated as deferred income and amortised to the Suinmary Incoine and Expenditure Account annually over the useful econoinic life of the asset to which it relates. When the possibility of clawback is remote and in the intei'ests of accui'ately stating the coinpaiiy's liabilities, the dii'ectors Inay consider il appropi'iate to release all oi. part of the reinaining grant to the income stateinent. Revenue grants are credited to the Summary Incoine and Expenditure Account when received. DONATIONS AND LEGACIES 2024 2023 Donations 86,078 57,475 Page 12 continued...
TARA CENTRE NOTEI S TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDEI D 31 MARCH 2024 INCOME FROM CHARITABLE ACTIVJTIIS 2024 2023 Bookshop Rooin rent Course subscriptions Cliaritable projects Service agreeinents 313 400 11,962 373,901 475 320 12,311 290,834 413,808 328 079 Grants received, included in the above are as follows.. 2024 2023 vss MHSF National Lottery Fund Unrestricted grant5 126,282 176,990 10,000 118,935 116,458 373,901 290,834 RAISING FUNDS 2024 2023 Wages Insurance Rates & water Repairs & maintenance Computer suppoit Light and heat Telephone Postage and stationery General expenses Depreciation Catering Professional & consultancy Tutors Auditors remuneration Complementary therapy Surplus / deficit on exchange Interest payable and similar charges 58,086 703 362 6,242 783 409 70 3,080 458 23,796 9,029 5,425 2,491 3,321 309 1,765 1,190 32,524 3,054 496 5,079 2,086 1.908 235 19,924 4,066 5,149 1,431 2,641 119 (331) 838 117,519 79,219 Page 13 continued...
TARA CEI NTRE NOTES TO THE FJNANCIAL STATEMII NTS - continued FOR THI YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES COSTS Direct Costs Bookshop Rooin rent Course sllbsci'iptions Charilable projects Sei'vice agreeinenls 175 740 15,784 384,023 33,765 434 487 NET INCOME/{EXPENDITURE) Net incoinel(expenditiire) is stated after chargingl(crediting):. 2024 2023 Depreciation Foreign exchange (sui'plus)Ideficit Auditoi s remuneration Ainoitisation of grants 53,808 1,765 7,200 34,176) 54,271 (331) 5,100 34 176) TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration oi. other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There wei'e no 31 March 2023. trustees, expenses paid for the year ended 31 March2024 nor for the year ended STAFF COSTS 2024 2023 Wages & salaries 328,368 267,022 328,368 267,022 The average monthly nuinber of employees dui'ing the year was as follows.. 2024 16 Support 2023 14 No einployees received emoliiinents in excess of £60,000. Page 14 continued...
TARA CENTRE NOTES TO THE FINANCIAL STATEMENTS- eoiitinued FOR THE YEI AR EI NDED 31 MARCH 2024 COMPARATIVEI S FOR THE STATEMItYT OF FINANCIAL ACTIVITllI S Unrestricted funds Restricted fund Total funds INCOME AND ENDOWMEI NTS FROM Donations and legacies 57,475 57,475 Charitable activities Bookshop Rooin rent Course siibscriptions Charitable projects Service agreements 475 320 12,311 55,442 24,139 475 320 12,311 290,834 24,139 235,392 Other income 2,218 34,176 Total 182,120 237,610 419,730 EXPENDITURE ON Raising funds 79,219 79,219 Charitable activities Bookshop Rooin rent Course subscriptions Charitable projects Service agi'eetnents 149 429 16,754 76,929 31,653 149 429 16,754 317,857 31,653 240,928 Total 205,133 240 928 446,061 NET INCOMEI(EXPENDITURE) Transfers between funds (23,013) 3,318) (3,318) (26,331) Net movement in funds (26,331) (26,331) RECONCILIATION OF FUNDS Total funds brought forward 881,776 881,776 TOTAL FUNDS CARRIED f<ORWARD 855 445 855,445 Page 15 continued..
TARA CE4 NTRE NOTES TO THE FINANCIAL STATEMII NTS- continued FOR THI YEAR ENDED 31 MARCH 2024 Ii. TANGIBLE FIXED ASSII TS Fixtures and fittings Freehold propety Coinputer equipment Totals COST At l April 2023 Additions 2,362,486 274,491 59,695 778 2,696,672 778 Ai 31 March 2024 2 362,486 274,491 60,473 2,697,450 DEPRECIATION At l April 2023 Charge for year 1,594,575 47,250 250,795 4,519 57,421 2,039 1,902,791 53,808 At 31 March 2024 1,641825 255,314 59,460 1,956,599 NET BOOK VALUE At 31 Marcli 2024 720,661 19,177 1,013 740 851 At 31 March 2023 767,911 23,696 2,274 793,881 Oivnership of Building The deeds of the property at Holinview Terrace, Omagh are registered in the names of The Union of Presentation Sisters (Northern Province) and The Congi'egation of Sistei's of Mercy (Northern Province) jointly as tenants in cominon. Tara Centre lias full use of the preinises for a iiominal rent of £1 pei. annuin. Tara Centre has been granted leases by the trustees of the Convents. The leases dated 17 April 2002 are foi. 20 years from 13 October 2000 in respect of Phases I and 11. An extension to the leases foi. Phases I, Il & 111 was executed on 27 July 2006 for a period of 20 years ond expires on 12 October 2026. These replace all earlier leases. Mortgageslcharges The National Lottery Chai'ities Board holds a legal charge created on 4 April 2007 over I l Holmview Terrace Omagh; The Office of the First Minister and Deputy First Minisler Iiolds an all monies debenture created on 27 July 2006 over lands at the rear of 9,10 and I l Holmview Terrace Omagh and the National Lottery Charities Boai'd holds a Inortgage created on l May 2002 over propety at Holmview Terrace Omagh. STOCKS 12. 2024 2023 Stocks 6,645 7,186 Page 16 continued...
TARA CEI NTRE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDEI D 31 MARCH 2024 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Olhei. debtors Prepayments 12,659 20,408 8,835 15,469 4,369 8,096 41,902 27,934 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 16) Social secui'ity and other taxe5 Accrued expenses 564 4,841 14,092 5,624 61,185 66,809 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 CAPITAL GRANTS RECEIVED At l Apiil 2023 Inci-ease iii financi81 year 1,999,253 1,999,253 At 31 March 2024 1999,253 1,999,253 AMORTISATION At l Api'il 2023 Amorlised in fLnanciaS year 1,889,779 34,176 1,855,603 34,176 At 31 March 2024 1,855,603 1889,779 NET BOOK VALUE At 31 March 2024 75,296 109474 At l April 2023 109,474 143,650 Page 17 continued...
TARA CEI NTRE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDID 31 MARCH 2024 16. LOANS An analysi5 of the inatui'ity of loans is given below.. 2024 2023 Ainounts falling due within one year on deinand.. Bank overdrafts 564 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total nds 2023 Total funds Unresti'icted funds Restt'icted fund Fixed assets Current assets Current liabilities Long term liabilities 733,815 191,443 (19,497) 68,260) 7,036 740,851 191,443 (19,497) 75,296) 793,881 237,847 (66,809} 109,474) 7,036) 837,501 837 501 855 445 18. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds Unrestricted Funds 855,445 (30,130) 12,186 837,501 Restricted funds Restricted Funds 12,186 (12,186) TOTAL FUNDS 855,445 17 944) 837,501 Net Imoveinent in funds, included in the above are as follows.. Incoining resources Resources expended Movement in fiJnd5 Unrestricted funds Unrestricted Funds 218,571 (248,701) (30,130) Restricted funds Restricted Funds 315,491 (303,305) 12,186 TOTAL FUNDS 534,062 552,006) 17,944) Page 18 coiitinued...
TARA CEI NTRE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Coniparatives for movement in funds Net moveinent in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestricted funds Uni'estt'icted Funds 881,776 (23,013) (3,318) 855,445 Restricted funds Restricted Funds (3,318) 3,318 TOTAL FUNDS 881,776 26,331) 855,445 Comparative net moveinent in funds, included in the above are as follows: Incoiniiig resouices Resources expended Moveinent in funds Unrestricted funds Unrestricted Fund5 182,120 (205,133) (23,013) Restricted funds Restricted Funds 237,610 (240,928) (3,318) TOTAL FUNDS 419,730 446 061) 26,331) J9. CONTINGENT LIABILITIES There is a contingent liability to repay all grant monies should they not be distributed under the terms of the various initiatives. The trustees do not anticipale ony repayment falling due under the term5 on which grants were received. 20. REI LATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 19
TARA CENTRE DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 86,078 57,475 Charitable activities Gi'ants Bookshop Income from room rent Courses subscriptions Service agreements 373,901 313 400 11,962 27,232 290,834 475 320 12,311 24,139 413,808 328,079 Other ineome Ainoitisation of grants 34,176 34,176 Total incoming resources 534,062 419,730 EXPENDITURE Raislng donRtions and legacies Wages Insurance Rates and water Repairs & maintenance Computer suppoit Light and heat Telephone Postage and stationery General expenses Depreciation of tangible fixed assets Catering Professional & consultancy Tutors Auditors reinuneration Coinplementary Ihei'apy Surplusldeficit on exchange Bank interest 58,086 703 362 6,242 783 409 70 3,080 458 23,796 9,029 5,425 2,491 3,321 309 1,765 1,190 32,524 3,054 496 5,079 2,086 1,908 235 19,924 4,066 5,149 1,431 2,641 119 (331) 838 117,519 79,219 Charitable activities Wages Complementary therapy Repairs & inaintenance Motor & travel expenses General expenses Caii'ied forward 270,283 26,641 18,081 20 640 315,665 234,498 7,620 5,790 178 493 248,579 This page does not foi'in part of the statutory financial stateinents Page 20
TARA CENTRE DEI TAILII D STATEMENT OF FINANCIAL ACTIVITIES FOR THE YII AR ENDED 31 MARCH 2024 2024 2023 Charitable activities Brought forwai'd Rates and water Insiirance Light and heat Telephone Postage and stationery Coinputer support 315,665 823 8,446 16,400 3,100 13,199 1,560 248,579 1,040 7,874 19,786 5,427 7,705 1,180 E- 11 Catering Depreciation of tangible fixed assets Professional & consultancy Auditors, i'einuneration TutOlE Bookshop Bank & credit card charges Project costs 13,323 30,012 16,617 3,879 8,237 1,061 1,526 639 7,032 34,347 11,904 4,259 10,589 (456} 1,529 6,047 434 487 366 842 Total resources expended 552,006 446,061 Net expendilure 17,944) 26,331) This page does not fonn part of the statutory financial stateinents Page21