Company registration number: N1036715 Charity registration number: NICI 03435 Taughmonagh Community Forum Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Taughmonagh Communlty Forum Limited Contents Strategic Report Truslees, Report 2107 Independent Exominer's Report 8109 statement of Financial Activilies 10 Balance Sheet Notes to the Financial Statements 13to23 Taughmonagh Community Forum Llmited strateglc Report for the Year Ended 31 March 2024 The trustees, who are directors for the purposes of company low, present their 5trotegic report for the yeor ended 31 March 2024, in compliar)ce with s414C ol Ihe Companies Act 2006. Flnanclal revlew Policy on reserves It is the policy of the charity thot unrestricted funds which hove not been designoled for a specific use should be maintoined ot a level equivalent to between three and six months expenditure. The truslees consider that reserves at this level will ensure thal, in the event of a significant drop in funding. they will be able to continue the charity s current oclivilies while consideration is given to way5 in which additional funds moy be raised. This level of reserves has not been maintained throughout the yeor. Funds In deflcil The trustee5 ore disappointed with the financial performonce of the chority during the year. This is predominately due to the increasing challenges lacing similar chorities operating in the vacuum left following the obsence of a functioning governmenl at Stormont.The trustees believe that the reinstotement of a functior)ing govermenl h05 yel to fully address the issues and funding shortfolls facing the entities providing assistance and much needed facilities to those suffering social chollenges. The trustees anticipote that these deficits can, with appropriate funding in place, put the charity onto an improved financial platform. Prlnclpol funding sources The charity generates the majority of its income from the operotion of its Scribbles day nursery. The major external funders are Belfast City Council, Sure Stort, Department for Communities and Nl Housing Executive. An overview of how these funds have been utilised is shown in the Slatement of Financiol Activities and the related nofes. The strategic report was approved by the trustees of the charity on 12 November 2024 and signed on its behalf by.. Mrs C Hanna Company secretary and trustee Page I Taughmonagh Community Forum Llmited Trustees, Report The trustees, who are directors for Ihe purposes of company low, present the annual report logelher with the financial statements and auditors, report of the charitable company for the year ended 31 March 2024. Objectives and actlvltles Objects and aims The objects of the charity are to promote the benefit of the inhabitants of Taughmonagh without distinction of sex. sexual orientotion, race, or of political. religious or other opinions, by ossociation togelher the said inhabitants and the local authorities. voluntary and other organlsations in a common effort lo advance education and to provide facilitie5 in the interests ol social welfare for recreation and leisure lime occupation with the object of improving the conditions ol life for the said inhabitants. The charity aims to organise senior cilizens activilies, provide support regarding benefits and rights, oddress locol housing issues, inprove the local environment, make the community o "saferf, place, improve educotion in the area and provide interaction between business and the local community. It also runs a youth progromme, educalionol progrommes. 5UPPOrts the local social club and operates a community resource centre which will provide general information to residents ol the local area. The charity provides a day nursery, a creche ana O playgroup which aim to make childcare affordcble ond give opportunity for parents lo seek work. The charity also runs vorious heallh initiatives and employs a parl time health worker to address heolth i55ue5. Objectives. slrategles and activltles The charity has successfully developed sfrong links with Belfast City Council and the Belfast Health Trust to ernsure the sustainability of its programrnes. It hos also initialed 5*rong partnerships with the Benmore and Annodole communilies to Support its role of o networking orgonisotion, promoting its long term sustainability. Youlh programmes hove expanded and cross border links with Manorhamilton in Country Leitrim have supported a developing communities relations role. The day nursery has now been opened for more than ten years. The charity obtained planning permission and secured OFMDFM lor funding a £1 m capilal build to support nursery expansion, creale a health centre and an additional gym, sports hall and meeting rooms. Work commenced on this project in mid 2017 and was completed in 2019. The chority has continued to engage and sought to update its health and sofety policies, human resource management and financial procedures. Poge 2 Taughmonagh Community Forum Llmited Trustees, Report Public beneflt The charity's vision is for a sustainable. safer and healthier local community. The charity's approach and model t)rings aboul concurrent social, economic and environmental benefits, providing the synergy to addres5 fundamenlal societal issues. In order to ochieve this. the charity is in constant conlacl wilh the locol residents ond wider community in order to communicate the aims and objectives of the charity. This process also gives opportunities for the residents and wider community to petition the charity wilh ideas and suggestions to aid and benefit the locale. The trustees confim that they have complied with the requirement5 of section 4 of the Charilies Acl 2011 to have due regard lo the public benefit guidance published by the Charities Commission for Northern Irelond. In line with ils slated aims and objectives, as noted above, the trustees ore confident that the charily is undertaking activities which provide public benefit to those who ovail of its services and facilitie5. Use of volunteers The charity used appoximately twenty volunteers per week during the year, each working between one and six hours per week. Volunteer5 mainly worked with senior citizens, youth and children. The charity ocknowledges the valuable contribution that volunteer5 make to its activities. Golng concern The financial statements have been prepared under the assumption that the charity will continue to operate as o going concern. As a result ol the current and some historical deficits, the charity is reliant upon the continued support of its funders. In view of the current deficil, there exists some unease with going concern, However, with the ornticipated impccl of the Healthy Business Centie, the trustess are confidenl Ihal thi5 SUPPOrt will conlinue lor the foreseeable future. Furthermore, it is hoped thot following the cessation of the political impasse at stormont, ultimately improved funding structures will be put in ploce for the such facilities and services provided by the charily. The trustees have reviewed the charity finances going forward, which give them some comlorl on the financial performance of the charity. Additionally, the trustees are currerntly taking steps to refocus the slrategic direction of the charity in order to address the financia5 position. On this basis, the trustees believe it is appropriate to prepare the financial statements on o going concern basis. Page 3 Taughmonagh Community Forum Limited Trustees, Report Reference and Administratlve Detall$ Charity Registration Number.. Company Registration Number.. N1036715 The chority is incorporated in Northern Ireland. NICI 03435 Registered Office.. 19-21 Finwood Park Toughmonagh Belfasl BT9 6QR Solicitor5'. Nelson Singleton 21 Gallows Street Dromore Co. Down BT25 1 BG Bankers: Ulster Bank Limited 183 Kingsway Dunmurry Belfas1 BT17 9AH Tiustees ond officers The trustees and officers serving during the year and since the year end were os follows: Trustees: Mr N Earle Mr E Henderson Mr WG Meehan Mrs C Hanna Mr J Ravenhill loppointed l October 20241 Secretary,. Mrs C Honna Senior Manogement I Leadership Team: Mr C Reid. Project Manager Ms R Prilchard. Finance Manager structure, governance and rnanagement Nature of governing document The charity is a compony limited t)y guarantee. governed by its Memorandum and Articles of Asociation. It has been granled charitoble stGtus by The Charity Commission for Northern Irelcnd under registration number NIC103435. Page 4 Taughmonagh Community Forum Limited Trustees, Report Recruitment ond appointment of trustees If apropriate, new trustees ore invited onto the Board at the onnual general meeling. There are no specific requirements regarding skills or experience. However. the current trustees recognise Ihe importance of a dive15e and compelent Board and this will impact upon any nomination. Those who are inviled, will be involved with Taughmonagh Community Forum and will be held in high regard for Iheir work. Induction and tralnlng of trustees New trustees receive appropriate induction procedures and training upon appointment. Arrangements for selling key management personnel remuneratlon No truslees receive any remuneration. Orgonlsatlonal structure The trustees are responsible for the day to day running of the charity. The trustees meet between eight and ten times annually to discuss financial and strategic issues. policy ond procedures decisions and to ratify significont legally binding decisions. The trustees hove assessed the major risks *0 which the charity is exposed and are satisfied that systems ore in place to miligote exposure to the major risks. Poge 5 Taughmonagh Community Forum Llmited Trustees, Report Flnanclol insfruments Objectives and pollcles The charity's activities expose it to a number of financial risks including credit risk. cash flow risk ond liquidity risk. The use of financial derivatives is governed by Ihe chority's policies approved by Ihe board of trustees, which provide written principles on the use of financial derivatives lo manage these risks. The charily does not Use derivative finoncial instruments for speculative purpose5. Cash flow rlsk The chority's activities expose it primarily to the financial risks ol changes in foreign currency exchange rates and interest rotes. The charity Uses foreign exchange forward contracts ond interest rote swop controcls to hedge these exposures. Interest beoring assets and liabilities ore held ot fixed rate lo ensure certainty of cosh flows. Credlt rl$k The charity's principal financial assets are bank bolonces and cash. trade and other receivables, and investments, The charity's credit risk 15 primarily attributable to its trade receivobles. The amounts presented in the bolonce sheet are net ol ollowances for doubtful receivables, An cllowonce lor impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reducliorn in the recoverability of the cash flows, The credil risk on liquid funds and derivative linanciol instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-raling ogencies. The charity has no significant concentration of credit risk, with exposure spread over a lorge number of counterparties and customers. Liquldlty rlsk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the chority uses o mixture of long~term and shorl-term debt finance. Further delails regording liquidity risk can be found in the Stalement of accounting policies in the financial stolement5. Poge 6 Taughmonagh Community Forum Llmited Truslees, Report statement of trustees, responsibililles The trustees (who are also the directors of Taughmonagh Community Forum Limited for the purpose5 of company lawl are responsible for preparing the trustee5' report and Ihe linoncial statements in occordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepled Accounting Praclicel, including FRS 102 'The Financial Reporting Standard appiicoble in the UK and Republic of Ireland" Company law requires Ihe trustees to prepare financial statements for each financial year. Under company low the trustees must not approve the financiol statements unless they are satlsfied thal they give o true and fair view of the sfate of affairs of the charitable company and of the incoming resources and opplicalion of resources. including its income and expenditure. ol Ihe choTltable company for thol period. In preparing Ihese financial statements, the truslees Ofe required to- select suitable occounting policies and opply them consi5tently', observe the methods ond principles in the Charities SORP; make judgements and estimate5 that are reasonable and prudent; stote whether opplicable occounting standards. comprising FRS 102 hove been followed. subject to any material departures disclosed ond explained in the financiol slalements.. and prepare the financlol stolement5 on the going concern tr)05i5 unless il is inoppropriote to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the fir)ancial position ol the choritoble compony ond enable them to ensure that the linanciol statements comply with the Componies Acl 2CL16 and Chorities Act (Northern Irelandl 2008. They ore also responsible for safeguarding the ossefs of the chorilable company an