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2025-03-31-accounts

REGISTERED COMPANY NUMBER: NI027140 (Northern Ireland) REGISTERED CHARITY NUMBER: 103666

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

STRABANE COMMUNITY PROJECT

McAleer Jackson Ltd Chartered Accountants & Statutory Auditors Church House 24 Dublin Road OMAGH Co. Tyrone BT78 1HE

STRABANE COMMUNITY PROJECT

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 23
Detailed Statement of Financial Activities 24 to 25

STRABANE COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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 2025. 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

Objectives and aims

The company's principal activity during the year was to promote activities that benefit the inhabitants of the Strabane and greater North West area, including its cross-border hinterland, ("the area of benefit") without distinction of gender, sexual orientation, age, race, ethnicity, political, religious or other opinion by associating with the statutory authorities, voluntary and community organisations and inhabitants in a common effort to:

(1) Relieve those in need by reason of age, ill health, disability, financial hardship, isolation, exclusion or other disadvantage, by providing all or any of the following:

(2) Training by organising and/or delivering educational and training courses and support services to learners.

(3) Promote health and well-being by the provision of information, advice and delivery of community health promotion programmes.

(4) Provide facilities in the interest of social welfare for recreation and other leisure time occupations.

(5) Advance community development and promote social enterprises.

(6) Promote such other charitable purposes as may from time to time be determined.

(7) In line with the Strategic Plan 2025-2028, our objectives are grouped around four goals; (1) Building Vibrant Communities, (2) Supporting Economic Inclusion, (3) Strengthening Leadership and Building Collaboration, and (4) Strengthening our Organisation.

Public benefit

The Directors of Strabane Community Project confirm that they have complied with their duties under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2025.

In particular, the trustees note that activities during the year contributed to measurable public benefit through reducing social insolation among older people, supporting low-income households with food and fuel, providing training and volunteering opportunities for disadvantaged groups, and piloting circular economy initiatives which benefit the whole community.

Page 1

STRABANE COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT Achievements and performance

Charitable activities

The charity continued to provide support and services for disadvantaged target groups in the area despite the trying economic environment. The charity attained its objective to maintain the number of customers availing of the luncheon club activities while building on the performance of the new sectors of Social Supermarket known as the Grass Roots Food Market & Wellness Café which provides access to low cost food and provides a suite of wrap-around services 24/25 has seen a further development within the Grass Roots with the establishment of the Grass Roots Community Training Hub.

Financial review

Financial position

During the year ended 31 March 2025, the charity received total income of £612,005 and had an overall deficit of £(46,142). Income from grants and donations showed an increase of £41,401 during the year. Income from charitable operations increased due in part to the introduction of the big draw prize which was introduced in October 2024. Overall resource expenditure increased by £82,690. The charity has incurred deficits for the last number of years which has diminished its reserves. The charity has net assets of £217,985 as at 31 March 2025 but this mainly consists of land and property which is restricted in nature.

Reserves policy

While funding for the charity's core activities is secured until 2026, Strabane Community Project needs a reserves policy to have sufficient cash reserves should the company experience cash flow problems or costs involved in any potential wind up of the company and/or provision for redundancy costs.

It was recommended that reserves equivalent to two months' running costs for core activities be retained. The target set was £45,000. At the balance sheet date, the charity's total unrestricted funds were £(25,648) which is less than the targeted amount. This leaves designated funds at £0. The Trustees are considering all options to secure and retain additional unrestricted funding for the forthcoming year. The level of reserves is reviewed by the trustees and management regularly throughout the year. The minimum level of reserves for the ongoing needs of the charity is reviewed by the trustees on annual basis.

Going concern

The trustees have assessed, based on the anticipated activities of the charity, that there are adequate resources in place to meet the on-going costs of the group for a minimum of 12 months from the date of signing the financial statements. In coming to this conclusion, the trustees have assessed the entity's current financial arrangements and resources of the charity. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Page 2

STRABANE COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRATEGIC REPORT

Future plans

The charity enters the 2025/26 financial year guided by the Strategic Plan 2025-2028, which sets out four key goals: Building Vibrant Communities, Supporting Economic Inclusion, Strengthening Leadership and Collaboration, and Strengthening our Organisation. In the year ahead, Strabane Community Project will place particular emphasis on expanding community-based and circular economy initiatives, such as the Grass Roots Food Market, Community Café and Community Garden, in order to reduce social exclusion and strengthen community resilience. Alongside this, the charity will continue to develop lifelong learning opportunities and employability support, working in partnership with Skills Northwest, Strabane Enterprise Agency, local employers and training providers. This approach will improve job readiness for people facing multiple barriers to work, create new pathways into employment and self-employment, and support those in low-income jobs to upskill.

Strengthening leadership and collaboration will remain a priority, with a focus on supporting emerging community leaders, providing capacity-building opportunities for local groups, and maintaining an active role in the Strabane Town Community Plan partnership and other district-wide structures. At the same time, the charity is investing in its own organisational development through the introduction of a new customer relationship management system, the enhancement of internal and external communications, and the delivery of training for staff and trustees to ensure good governance and effective delivery of services.

The coming year will also see a renewed effort to diversify and grow income streams. This will include the further development of social enterprise activities, such as the Grassroots Café and Social Supermarket, alongside the pursuit of social value partnerships and new funding opportunities to strengthen the long-term sustainability of the organisation. The trustees are mindful that the operating environment remains challenging, particularly given the pressures created by the ongoing cost-of-living crisis and a highly competitive funding landscape. Nevertheless, by aligning resources and activities to the Strategic Plan 2025-2028, the charity is well positioned to continue delivering vital services, improving outcomes for disadvantaged groups, and sustaining its role as a trusted partner and community leader in Strabane and the surrounding district.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees of the charity when elected serve until the next annual general meeting at which they must be re-elected.

The management operate a system of internal control designed to provide reasonable assurance, but not absolute assurance against material misstatement or loss. They include the; -

The day to day operations of the charity are overseen by general manager Ursula Gallagher.

Page 3

STRABANE COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number NI027140 (Northern Ireland)

Registered Charity number 103666

Registered office 42 Barrack Street Strabane Tyrone BT82 8HD

Trustees

Rev Fr D Boland (resigned 14.3.25) R Gilloway B Haughey M Coyle (resigned 9.1.25) P Foley P Perry S McGlade G Hampton (appointed 14.3.25)

Company Secretary G Hampton

Auditors

McAleer Jackson Ltd Chartered Accountants & Statutory Auditors Church House 24 Dublin Road OMAGH Co. Tyrone BT78 1HE

Bankers

Bank of Ireland 25 Campsie Road OMAGH Co. Tyrone BT79 0AE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Strabane Community Project 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).

Page 4

STRABANE COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they 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

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.

In so far as the trustees are aware:

AUDITORS

The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

The directors are of the opinion the company is entitled to exemption from audit in accordance with section 475(2) and section 475(3) of the Companies Act 2006.

However, under Section 65(1) of the Charities Act (Northern Ireland) 2008 an audit is required and we would choose to have an audit undertaken as it may be requested in future funding applications.

Page 5

STRABANE COMMUNITY PROJECT

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 15 January 2026 and signed on the board's behalf by:

P PERRY

P Perry - Trustee

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STRABANE COMMUNITY PROJECT

Opinion

We have audited the financial statements of Strabane Community Project (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 20 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 7

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STRABANE COMMUNITY PROJECT

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STRABANE COMMUNITY PROJECT

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We 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 amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, charity legislation, environmental regulations and health and safety laws, 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 material penalty.

We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies.

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates 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. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF STRABANE COMMUNITY PROJECT

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

MICHAEL BARNETT

MICHAEL BARNETT (Senior Statutory Auditor) for and on behalf of McAleer Jackson Ltd Chartered Accountants & Statutory Auditors Church House 24 Dublin Road OMAGH Co. Tyrone BT78 1HE

Date: 15 January 2026

Page 10

STRABANE COMMUNITY PROJECT

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations, legacies and grants
2
395,927
Charitable activities
Luncheon Club & Parlour
42,649
Oil Stamps
111,395
Grassroots Cafe & Social Supermarket
48,841
Community Garden
643
Other trading activities
3
12,050
Investment income
4
500
Total
612,005
EXPENDITURE ON
Raising funds
5
19,500
Charitable activities
6
Luncheon Club & Parlour
17,358
Oil Stamps
121,787
Grassroots Cafe & Social Supermarket
133,153
Community Garden
11,005
Other Charitable expenditure
348,280
Total
651,083
NET INCOME/(EXPENDITURE)
(39,078)
RECONCILIATION OF FUNDS
Total funds brought forward
13,430
TOTAL FUNDS CARRIED FORWARD
(25,648)		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
7,064
7,064
(7,064)
250,697
243,633		 2025
Total
funds
£
395,927
42,649
111,395
48,841
643
12,050
500
612,005
19,500
17,358
121,787
133,153
11,005
355,344
658,147
(46,142)
264,127
217,985		 2024
Total
funds
£
354,526
35,160
128,415
44,219
2,223
-
3,170
567,713
-
31,357
121,039
56,484
10,404
356,173
575,457
(7,744)
271,871
264,127

The notes form part of these financial statements

Page 11

STRABANE COMMUNITY PROJECT

BALANCE SHEET

31 MARCH 2025

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2025
£
265,304
1,009
30,956
7,181
39,146
(86,465)
(47,319)
217,985
217,985
(25,648)
243,633
217,985		 2024
£
275,695
319
31,984
9,022
41,325
(52,893)
(11,568)
264,127
264,127
13,430
250,697
264,127

The financial statements were approved by the Board of Trustees and authorised for issue on 15 January 2026 and were signed on its behalf by:

P PERRY

P Perry - Trustee

R GILLOWAY

R Gilloway - Trustee

The notes form part of these financial statements

Page 12

STRABANE COMMUNITY PROJECT

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end of
the reporting period
2		 2025
£
(28,892)
(28,892)
15,000
-
15,000
(13,892)
(8,431)
(22,323)		 2024
£
(7,851)
(7,851)
-
(1,000)
(1,000)
(8,851)
420
(8,431)

The notes form part of these financial statements

Page 13

STRABANE COMMUNITY PROJECT

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025 2024
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (46,142) (7,744)
Adjustments for:
Depreciation charges 10,391 11,593
(Increase)/decrease in stocks (690) 355
Decrease/(increase) in debtors 1,028 (6,540)
Increase/(decrease) in creditors 6,521 (5,515)
Net cash used in operations (28,892) (7,851)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
2025 2024
£ £
Notice deposits (less than 3 months) 7,181 9,022
Overdrafts included in bank loans and overdrafts falling due within one
year (29,504) (17,453)
Total cash and cash equivalents (22,323) (8,431)
3. ANALYSIS OF CHANGES IN NET DEBT
At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank 9,022 (1,841) 7,181
Bank overdrafts (17,453) (12,051) (29,504)
(8,431) (13,892) (22,323)
Debt
Debts falling due within 1 year - (15,000) (15,000)
- (15,000) (15,000)
Total (8,431) (28,892) (37,323)

The notes form part of these financial statements

Page 14

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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.

The financial statements are prepared in sterling which is the functional currency of the company.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Recoverability of debtors

Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical conditions of the assets.

Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

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.

continued...

Page 15

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

Support Costs Allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities, such as office costs, administrative payroll. They are incurred directly in support of expenditure on the objects of the charity. Where support costs incurred cannot be directly attributed to particular headings they have been allocated to all the activities on a global basis to ensure that no gain or loss arises from the charitable activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible assets are stated at cost or at valuation, less accumulated depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Goods donated for use or resale are not valued as stock but instead recognised as income when sold.

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.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 16

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

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 transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2. DONATIONS, LEGACIES AND GRANTS

Donations
Grants
Grants received, included in the above, are as follows:
Department for Communities
Western Health & Social Care Trust
Derry City & Strabane Council
Skills North West
National Lottery Community Fund
Dormant Accounts
Other grants
NI Housing Executive
3.
OTHER TRADING ACTIVITIES
Big draw		 2025
£
40,564
355,363
395,927
2025
£
112,910
-
126,423
75,851
27,493
12,686
-
-
355,363
2025
£
12,050		 2024
£
30,724
323,802		 2024
£
30,724
323,802
354,526
2024
£
120,390
5,058
74,355
79,846
8,281
25,372
500
10,000
323,802
2024
£
-

continued...

Page 17

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

4. INVESTMENT INCOME

Rents received
5.
RAISING FUNDS
Other trading activities
Big draw
6.
CHARITABLE ACTIVITIES COSTS
Luncheon Club & Parlour
Oil Stamps
Grassroots Cafe & Social
Supermarket
Community Garden
Other Charitable expenditure		 Direct
Costs
£
17,358
119,695
133,153
11,005
-
281,211		 2025
£
500
2025
£
19,500
Support
costs (see
note 8)
£
-
2,092
-
-
355,344
357,436		 2024
£
3,170
2024
£
-
Totals
£
17,358
121,787
133,153
11,005
355,344
638,647		 2024
£
3,170
2024
£
-

continued...

Page 18

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

7. SUPPORT COSTS

Oil Stamps
Other Charitable expenditure		 Finance
£
450
1,954
2,404		 Governance
Other
costs
£
£
1,642
-
344,414
8,976
346,056
8,976		 Totals
£
2,092
355,344
357,436

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration
Depreciation - owned assets		 2025
£
8,976
10,391		 2024
£
8,316
11,593

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

10. STAFF COSTS

Wages and salaries
Other pension costs		 2025
£
266,795
8,868
275,663		 2024
£
233,449
8,502
241,951

The average monthly number of employees during the year was as follows:

Finance and administration
Charitable activity		 2025
3
13
16		 2024
3
15
18

continued...

Page 19

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

10. STAFF COSTS - continued

No employees received emoluments in excess of £60,000.

11. GOING CONCERN

The trustees consider that the charity has adequate resources to continue operating for the foreseeable future. However, they are actively pursuing other funding opportunities. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

12. TANGIBLE FIXED ASSETS

Leasehold
Plant and
Property
machinery
£
£
COST
At 1 April 2024 and 31 March 2025
298,993
117,653
DEPRECIATION
At 1 April 2024
45,355
96,630
Charge for year
5,980
4,204
At 31 March 2025
51,335
100,834
NET BOOK VALUE
At 31 March 2025
247,658
16,819
At 31 March 2024
253,638
21,023
13.
STOCKS
Stocks
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors		 Leasehold
Property
£
298,993
45,355
5,980
51,335
247,658		 Plant and
machinery
£
117,653
96,630
4,204
100,834
16,819		 Motor
vehicles
£
11,150
10,116
207
10,323
827		 Motor
vehicles
£
11,150
10,116
207
10,323
827		 Totals
£
427,796
152,101
10,391
162,492
265,304
275,695
2024
£
319
2024
£
29,603
2,381
31,984		 Totals
£
427,796
152,101
10,391
162,492
265,304
275,695
2024
£
319
2024
£
29,603
2,381
31,984
253,638 21,023 1,034
2025
£
1,009
2025
£
30,956
-
30,956
31,984

continued...

Page 20

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 18)
Other loans (see note 18)
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses		 2025
£
29,504
15,000
8,487
15,732
-
17,742
86,465		 2024
£
17,453
-
15,064
9,150
1,950
9,276
52,893

16. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year on demand:
Bank overdrafts
Other loans		 2025
£
29,504
15,000
44,504		 2024
£
17,453
-
17,453

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
£
Fixed assets
21,671
Current assets
39,146
Current liabilities
(86,465)
(25,648)		 Restricted
funds
£
243,633
-
-
243,633		 2025
Total
funds
£
265,304
39,146
(86,465)
217,985		 2024
Total
funds
£
275,695
41,325
(52,893)
264,127

continued...

Page 21

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

18. MOVEMENT IN FUNDS

At 1.4.24
£
Unrestricted funds
General fund
(1,570)
Designated funds cashflow reserve
15,000
13,430
Restricted funds
Fixed assets funds
250,697
TOTAL FUNDS
264,127
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Fixed assets funds
TOTAL FUNDS		 Net
movement
in funds
£
(39,078)
-
(39,078)
(7,064)
(46,142)
Incoming
resources
£
612,005
-
612,005		 Transfers
between
At
funds
31.3.25
£
£
15,000
(25,648)
(15,000)
-
-
(25,648)
-
243,633
-
217,985
Resources
Movement
expended
in funds
£
£
(651,083)
(39,078)
(7,064)
(7,064)
(658,147)
(46,142)

Fixed asset fund

The fixed asset fund relates to Property and equipment. It consists of the cost of the assets less the amortisation and grants received to fund the acquisition.

The main funders were Community Foundation for Northern Ireland.

Restricted Activities Fund

This fund relates to monies receivable at 31 March 2025 for restricted purposes less creditors to be paid. The charity operates a policy of transferring any deficit on restricted activities to the unrestricted fund at the end of the financial year.

continued...

Page 22

STRABANE COMMUNITY PROJECT

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

19. 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 anticipate any repayment falling due under the terms on which grants were received.

A funder, The Community Foundation for Northern Ireland, has a legal charge over the Charity's premises at 42 Barrack Street Strabane

20. RELATED PARTY DISCLOSURES

During the year the company had loans of £15,000 (2024: £NIL) from key personnel.

Interest is not being charged and the loans were repaid in full since the financial year end.

21. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

continued...

Page 23

STRABANE COMMUNITY PROJECT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
2025
£
INCOME AND ENDOWMENTS
Donations, legacies and grants
Donations
40,564
Grants
355,363
395,927
Other trading activities
Big draw
12,050
Investment income
Rents received
500
Charitable activities
Luncheon club & parlour
42,649
Oil Stamps
111,395
Social Supermarket
48,841
Community Garden
643
203,528
Total incoming resources
612,005
EXPENDITURE
Other trading activities
Big draw
19,500
Charitable activities
Luncheon club and parlour purchases
16,793
Oil stamps
119,695
Social supermarket and cafe purchases
133,718
Community garden expenses
11,005
281,211		 2024
£
30,724
323,802
354,526
-
3,170
35,160
128,415
44,219
2,223
210,017
567,713
-
31,357
119,332
56,484
10,404
217,577

continued...

Page 24

STRABANE COMMUNITY PROJECT

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

Support costs
Finance
Bank charges
Other
Wages
Pensions
Rent
Insurance
Light and heat
Telephone
Stationery, printing and promotion
Sundries
Motor and travel costs
Repairs and maintenance
Software
Volunteer expenses
Workshop and events
Freehold property
Plant and machinery
Motor vehicles
Governance costs
Auditors' remuneration
Total resources expended
Net expenditure		 2025
£
2,404
266,795
8,868
19,931
8,601
4,794
7,090
5,710
8,197
2,438
367
324
106
2,444
5,980
4,204
207
346,056
8,976
658,147
(46,142)		 2024
£
2,378
233,449
8,502
20,500
7,299
2,687
6,421
3,438
3,353
2,674
3,288
345
1,104
42,533
5,980
5,255
358
347,186
8,316
575,457
(7,744)

Page 25