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<J hence for taking reasonable steps for the prevention and detection of froud and other irregularilie5, The Iruslees ore responsible for the mointenonce and integrity of the corporate ond financial information included on the choriloble company's website. Legislation governing the preparation and dissemination of financial slalements may differ from legislatiorn in other jurisdictions. The annual report was approved by the trustees of the charity on 12 November 2024 and signed on its behalf by: Mrs C Hanna Company secretory and trustee Page 7
Taughrnonagh Community Forum Limited Independent Examiner's Report to the trustees of Taughmonagh Communlty Forum Limited ('the Company,) I report to the charity Iruslees on my examination of the occounts of the Company for the year ended 31 March 2024. Responsibililies and basls of report As the charity's Irustees of the Company land also its directors for the purposes of company lawl you are resp0rn5ible for the preparation of the accounts in accordance with Ihe requirements ol the Chorities Act (Northern Ireland) 20081'the 2(X)8 Act'l and the Companies Act 2006 I'the 2006 Act'l. You are satisfied that the accounts ol the Company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Hoving satisfied myself that the accounts of the Compony are not required lo be audited under Part 16 of the 2006 Acl and are eligible for independent examinotion, I reporl in respect of my exominolion of your charity'5 accounts as carried out under section 65 of the 2008 Act ond section 145 of the Charities Act 2011 I'the 2011 Act'l. In corrying oul my exomination I hove followed the Directions given by the Chcrity Commission for Northern Ireland under section 6519llbl of the 2008 acl and the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Page 8
Taughmonagh Communlty Forum Limited Independent Examiner's Report to the trustees of Taughmonagh Community Forum Limited ('the Company,) Independent examlner's statement - matleT Ot concern Identlffed Since Taughmonagh Community Forum Limiled's gr055 income exceeded £250,C()O your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake Ihe examination because l am a member of Chartered Accountonts Ireland, which is one of the listed bodies, I have completed my examinalion. I would draw your otfention lo fhe references to going concern throughout the financial 5tctements. The trustees are confident that the charity can return to generating surpluses in the near future. I confirm that no other matters have come to my ottention in connection with the examination giving me reasonable couse to believe that in ony material respect.. l. accounting records were not kept in respect of Taughmonagh Community Forum Limited as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those records: or 3. the account5 do not comply with the occounting requirements of section 396 of the 2006 Act olher than any requirement Ihal the accounts give a 'true and lair view, which is not a matter considered as port of on independenl examination; or 4. the accounts have not been prepared in occordance wilh the methods and principles of the Statement of Recommended Practice lor accounting and reporling by charities lapplicob1e to charities preparing their accounts in accordance with the Financiol Reporling Standard applicable in the UK and Republic of Irelond IFRS 10211. I confirm that Ihere are no other matter5 to which your attention should be drawn to enoble a proper understanding of the accounts to be reoched. George T Roberts FCA Chartered Accountant Suite 721 Li5burn Enterprise Centre 6 Enterprise Crescent LisbuTn Co. Antrim BT28 2BP 12 November 2024 Page 9
Taughmonagh Community Forvm Limited statement of Financial Activitles for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted fund$ Total 2024 Note Income and Endowments from: Choritoble activities 378,934 378,934 Total income 378,934 378,934 ExpendSture on: Charitable octivities 388.539 388,539 Total expenditure 388,539 388,539 Net expenditure 9,605 9,605 Net movement in fund5 19,6051 19,6051 Reconclllatlon of lunds Total funds brought forward Total funds carried forward 24,691 24.691 15 34.296 Unrestrlcted funds 34.296 Tota5 2023 Note Income and Endowments from: Charitable oclivilies 324,391 324,391 Total income 324,391 324,391 Expendtture on: Charitable activities 357,331 357,331 Total expenditure 357,331 357,331 Net expenditure 32,940 32,940 Nef movement in funds 132,9401 132,9401 Reconciliation of funds Total funds brought forward 8.249 8,249 Total fund5 carried forward 15 24,691 24,691 All of the charity's activities derive from continuing operotions during the above two periods. The funds breakdown for 2023 is shown in note 15. The notes on pages 13 to 23 form an integral part of these finoncial stotements. Page 10
Taughmonagh Community Forum Limited (Registration number: N1036715) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 845.480 905,411 Current assets Deblors Cash at bonk and in hand 12 2.419 99 2,597 543 2.518 3,140 Credltors: Amounts folllng due wlthln one year Net current Ilabilltie5 13 36.009 26.968 33,491 23.828 Total assets less current Ilabllltles 811,989 881,583 Credltor$'. Amounts falllng due aft•r more than one year 14 Net Ilabllltles 846,285 906,274 34.296 24,691 Funds of the charlty: Unrestrlcted Income funds Unrestricted funds 34.296 24,691 Total tund5 15 34.296 24,691 The note5 on pages 13 to 23 form on integrol part of these financial statements. Page 11
Taughmonagh Community Forum Llmited (Registration number.. N1036715) Balance Sheet as at 31 March 2024 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director5, responsibilities.. The members have not required the charity to obtain an oudit of its accounls for the year in queslion in accordance with section 476,. and The directors acknowledge their responsibililies for complying with the requirements of the Act with respect to accounting records and the preparation of occour)Is. The financial statements on pages 10 to 23 were approved by the trustees. and authorised for issue on 12 November 2024 and signed on their behalf by: Mr N Earle Trustee Mr WG Meehan Trustee J2h4y rfeJA The notes on pages 13 to 23 form on integral part of these financial statements. Page 12
Taughmonagh Community Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 I Chorify slatus The charity is limited by guarantee, incorporated in Northern Ireland, and consequently does not hove share capital. Each of the trustees is liable to contribute an amour)t not exceeding £1 towards the assets of the chority in Ihe event ol liquidation. The address of its registered office is: 19-21 Finwood Park Taughmonagh Belf ost BT9 6QR These financiol stotemenls were authorised for issue by the trustees on 12 November 2024. 2 Accountlng pollcles Summary of slgnlflcont accounting pollcles and key accountlng estlmales The principal accounting policies opplied in the preparation of these financial statements are sel out below. These policies have been consislently applied to oll the years presented, unless otherwise stated. statement of compllance The financial slotemenls hove been prepared in accordance with Accounting ond Reporting by Charities: Stotement of Recommended Practice (applicable to charities preparing their occounts in accordance with the Financial Reporting Standard applicoble in the UK and Republic of Ireland IFRS 10211 (issued in October 20191 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ond the Companies Act 2006. 8asls of preparatlon Toughmonogh Community Forum Limited meels the definition of o public benefit entity under FRS 102. Assets and liabilities ore initially recognised at historical cost or tronsaction value unless otherwise stated in the relevant occounting policy notes, Page 13
Taughmonagh Community Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Going c¢n¢ern The financial statements have been prepared under the assumption that the charity will continue to operate as a going concern. As a result of recent historicol deficit5, the chority's reserves hove been depleted. There is a material uncertainty related to these event5 that may cast significont doubt on the charity's ability lo continue as a going concern and, therefore. may be unable to realise ils assets and discharge its liabilities in the normol course of business. The charity is reliant upon the continued support of its funders. The Iruslees are confident thal this support will continue for the forseeoble future. The trustees hove prepared financial projections and Ihese provide them with some comfort on the future financial performance ol the charity. Additionally, the trustees are currently taking Steps to refocus the strategic direction ol the charity in order to address the finoncial position. Cleody the opening of the Healthy Business Centre is a key slep for the trustees in achieving a return to a healthy finonciol position, On this basis, the trustees believe it is oppropriate to prepare the financial statements on o going concern basis. Income and endowments Incoming resources are recognised when the conditions of entit5ement, certainly and measurement, a5 specified in the SORP. are mel, Grants receivable Grants. which provide core funding. ore to used in Ihe furtherance of the charity's objectives generally. Charilable actlvities Incoming resources from choritable activities include monies received for the provision of choritoble services, and grants received for the provision of specific services.ln the opinion of the twsttes, all grants received have been used for their intended purpose5. Expendltvre Liabilities are recognised 05 resource5 expended as soon as there is a legal or constructive obligation commitling the charity to the expenditure. Raislng funds Costs of generating funds are the costs associated with generoting incoming resources from all sources other than from undertaking charitable aclivities. Charitable actlvltles Direct charitable expenditure is that which is directly in furtherance of Ihe charity's objects, Svpport costs Support costs include central functions and have been allocated to activity cost categories on a basi5 consistent Wth the use of resources, for example, allocating property C05t5 by floor areas, or per capita, staff costs by the time Spent and other costs by their usage. Page 14
Taughmonagh Communlty Forum Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 Governance costs These include the costs ottributable to the charity's compliance with constitutional and statutory requirements, including accounting, strotegic management and Iruslees meetings and reimbursed expenses. Irrecoverable VAT Irrecoverable V AT is charged against the category of resources expended for which it was incurred. Taxatlon The charity is considered to pass the tests set ou* in Paragraph I Schedule 6 of the Finonce Act 2010 and therefore it meets the definilion of a charitable compar)y lor UK corporation tax purposes. Accordingly, the chority is polenlially exempt from taxation in respecl of income or capitol gain5 received within cafegories covered by Chapter 3 Parl I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tanglble Ilxed assets Tongible fixed ossets are stoled at cost less accumulated depreciation. Depreclatlon and amortlsatlon Depreciation is provided lo write off the cost, less estimated residual value, of eoch Ossel over ils expected useful life, at the annual rate of Sfo Straight line. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trode debtors ore recognised initially ol the Iransaction price, They ore subsequently measured at amortised cost using the effective interest method. less provision for impairment. A provision for the impairment of Irode deblors is established when there is objective evidence that the charity will not be able to collect all amounts due occording to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalen15 comprise cash on hand and coll deposits, and olher short-term highly liquid investments thot are readily convertible to a known amount of cosh ond are subjecl to an insignilicont risk of change in volue. Page 15
Taughmonagh Communlty Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Borrowings Interest-bearing borrowing5 ore initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceed5, ne* of tronsoclion costs, and the amount due on redemption being recognised as a charge to the Statement ol Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity hos an unconditional right to defer settlement of the liability for at lecst twelve months after the reporting date. Fund structure Unrestricted funds are general funds that ore available for use at the trustee's discretion in furtherance ol the objectives of the charity. Restricted funds are subject to Specific conditions by donors and funders a5 to how they may be used, The purposes and uses ol restricted funds are sel out in the notes to the financial statements. Page 16
Taughmonagh Community Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income trorn charltable activilies Unrestricted funds General Total 2024 Scribbles day nursery Belfast City Council Ballynafeigh Community Development Radius Housing 327,053 49.931 1,450 500 327.053 49,931 1,450 500 378,934 378.934 Unrestricted funds General Total 2023 Scribbles day nursery Belfast City Council Ballynofeigh Community Development Other income Community foundation 293,953 24,245 500 4.CK)6 1.687 293,953 24,245 500 4,006 1,687 324,391 324,391 Page17
Taughmonagh Community Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 4 Expenditure on charltable actlvltles Actlvify support costs 2024 staff salaries & redundancy staff fraining Travelling Premises costs Insurance Repairs & maintenance Administration cost5 Programme cost5 Marketing 8ank interest & charges Depreciation Release of capital grants 291,603 291,603 5.157 13,290 8,428 6,523 8.094 51,708 792 891 59,931 59,989 5,157 13,290 8,428 6,523 8,094 51,708 792 891 59,931 59.989 386,439 Actlvlty support costs 386,439 2023 Staff salories & redundancy Travelling Premises costs Insurance Repoir5 & maintenance Administration costs Programme costs Marketing Bank interest & charges Depreciotion Release of capital grants 272,710 5,073 13,962 5,913 5,364 6.969 43.292 1.332 794 59,931 59.989 272,710 5,073 13,962 5,913 5,364 6,969 43,292 1,332 794 59.931 59.989 355,351 355.351 In addition to the expenditure analysed above, there ore also governance cost5 of £2,100 12023 - £1.9801 which relate directly to charitable activities. See note 5 for further details. Page 18
Taughmonagh Community Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 5 Analysls of governance and svpport costs Governance costs Unrestrlcted tvnds General Tolol funds Allocoted support costs 2.100 2,100 Total for 2024 2,100 2,100 Total for 2023 1.980 1,980 6 Government gTonts The chority is in receipt of government revenue grants during the year, These gronts have been received from Belfast City Council. The amount of grants recognised in the financiol 5talements was £49,931 12023 - £24,245). 7 Net Incomlng/oLrtgoing resources Net outgoing resources for the year include.. 2024 2023 Depreciation of fixed assets Release of capital grants 59.931 59,989 59,931 59,989 8 Trustees remuneration and expenses During the yeor the charity made the following transoclions with trustees.. Mr N Earl• £71912023: £5071 of expenses were reimbursed to Mr N Earle during the year. No trustees. nor any persons connected with them. hove received any remuneration from the charity during the year. Page 19
Taughmonagh Community Forum Llmited Notes to the Flnancial Statements for the Year Ended 31 March 2024 9 Staff costs The monthly overage number of persons (including Senior management / leodership teaml employed by the charity during the yeor expressed as full time equivalent5 was os follows: 2024 2023 No No Adminislration and support staff 16 Conlributions to the employee pension schemes for the year totolled £4,49512023 - £4,218). No employee received emoluments of more than £60,000 during the year. 10 Taxation The charily is a registered charity and is therefore exempt from taxation. I l Tanglble flxed 05sets Land and bulldlngs Total Cost At l April 2023 1,198,618 1.198,618 At 31 March 2024 1,198.618 1,198.618 Deprecialion At l April 2023 Charge for the year 293,207 59,931 293,207 59,?31 At 31 March 2024 353,138 353,138 Net book value At 31 March 2024 845,480 845,480 At 31 March 2023 905,411 905,411 Included within the net book value of land and building5 above is £Nil12023 - £Nill in respect of freehold land and buildings and £845,48012023 - £905,411 l in respect of leaseholds. Page 20
Taughmonagh Community Forum Limited Notes to the Flnancial Statements for the Year Ended 31 March 2024 Restrlctlon on title and pledged as securlty Land and buildings with a carrying omount of £845,480 12023 £905,411 I has the following restriction on title.. The Executive Office has registered a ten year fixed charge on lands in a conveyance of 12th April 2017 adjocent lo 27 Finwood Park, Bellast. lands in an assignment of 12th April 2017 situate on the north side of Finwood Park and west side ol Malfin Drive in the city of Be11051, londs and premises in o lease of I st August 2015 known as 25127 Finwood Park, Belfast and londs ond premises in o conveyance of 121h April 2017 adjacent to 27 Finwood Park, Belfast. 12 Debtors 2024 2023 Trade debtors 2.419 2,597 13 Credltors: amounts folllng due wlthln one year 2024 2023 Bank overdrafts Oth8r taxation and social security Accruals 7.317 1,941 26,751 11,977 3,170 11,821 36,009 26,968 Page 21
Tavghmonagh Community Forum Limited Notes to the Financlal Statements for the Year Ended 31 March 2024 2024 2023 Deferred income at l April 2023 Amounts released from previous periods 1906.2741 59,989 1966,2631 59,989 Deferred income ot year end 846.285 906,274 14 Credltors: amounts falling due after one year 2024 2023 Deferred income 846,285 906,274 15 Funds Balance ot 31 March 2024 Balance ot I April 2023 Incomlng resources Resources expended Unrestricted funds General 24.691 388,539 34,296 Balance at 31 March 2023 Balance at i Aprll 2022 Incomlng resources Resources expended Unrestrlcted funds General 8,249 357,331 24,691 Poge 22
Taughmonagh Communlty Forum Limited Notes to the Financial Statements for the Year Ended 31 March 2024 16 Analysis of nel assets befrween funds UnrestrScted lund5 General Total funds al 31 March 2024 Torngible fixed 055ets Current assets Cuffenl liabililies Creditors over l yeor 845,480 2,518 136,0091 846,285 845,480 2.518 136,0091 846,285 Total net assets 34,296 34,296 Unreslrlcted funds General Total funds at 31 March 2023 Tangible fixed assets Current assels Cuffent liabilities Credilors over l year 905,411 3,140 126.9681 906,274 905,411 3,140 126,9681 906,274 Total net assets 24.691 24,691 Page 23
Taughmonagh Community Forum Limited Detailed Statement of Flnancial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from: Charitable activifies lano1ysed below) Total income 378,934 324,391 378,934 324.391 Expendltvre on: Charitable activities lanalysed below) Totol expenditure 388,539 357,331 388.539 357.331 Net expenditure 9,605 32,940 Net movement in funds 19,6051 132.9401 Reconclliatlon of funds Total funds brought forward Total funds carried forward 24,691 8,249 34,296 24,691 This page does not form part of the statutory finoncial statements. Page 24
Taughmonagh Community Forum Limited Detailed Statement of Flnancial Actlvlties for the Year Ended 31 March 2024 Total 2024 Total 2023 Charitable activities Ballynafeigh communily development Public health agency Belfast city council clear project grant Communily foundation Administration fees Bank interest received Scribbles day nursery 1,450 500 192 24,245 49,931 500 1,687 3,800 327,053 293,953 378,934 324,391 Chailtable oclivllles Wages arncl salaries Trovelling Light, heat and power Insurance Repoirs and maintenance TeSephone and fax Progromme costs Advertising Bank charges 8ank loan interest Depreciation of long leasehold property Release of capital grants Accounlancy 1291,6031 15,1571 113,2911 18,4271 16,5231 17,8481 151.9651 17921 17461 11451 159,9311 59.989 2.100 1272,7101 15,0731 113,9621 15,9131 15,3631 16,9691 143,2921 11,3321 15341 12611 159,9311 59,989 1,980 388,539 357,331 This page does not form port of the statutory financial Statements. Page 25