REGISTERED COMPANY NUMBER: N1037894 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC 104799 ort of the Trustees and Financial Statements for the Year Ended 31 March 2023 for Loiyer Ormeau Resldents Aelion Grou Acom an Limited b Guarajitee Lynn Drake & Co Ltd Statutory Auditors I st Flooi. 34 B-D Main Street Moii'a Co. Annagh BT67 OLE
Loiver Ormeau Residents Action Grou Contents of the Fiiiancial Statemeiits for the Year Ended 31 March 202 Page Reference rdnd Administrative Detai15 Repoi't of the Trustees Report of the Independent Auditors 10 to 13 Statement of Financial Activities 14 Statement of Financial Position 15 Statement of Cash Floivs 16 Notes to the Statement of Cash Floiys 17 Notes to the Financial Statements 18 to 34 Detailed Statement of Financial Activities 35 to 37
Lower Ormeau Residents Action Grou Reference and Administrative Details for the Year Ended 31 March 2023 TRUSTEES John Gonnl¢y Mai'ie Cavanagh Lucy Rice ain Caiiieron Daiiiela Coiite Marie Lavery Donna Nainukasa Ronan McKenna COMPANY SECRETARY Geiard Ric¢ REGISTERED OFFICE Shaftesbury Ceiitre 97 Balfour Ave Belfast Co. Anti'im BT7 2EW REGISTERED COMPANY NUMBER N1037894 (Northern IT¢laiid} REGISTERED CHARITY NUMBER NIC 104799 AUDITORS Lynn Di?k¢ & Co Ltd Statulory Auditors I st Floor 34 B-D Main Street Moira Co. Aiinagh B T67 OLE BANKERS Allied Irish Bank 35 Uiiiversity Road Belfast BT7 IND CHIEF EXECUTIVES Mr Gerard Rice / Ms Natasha Brennan
Lower Ormeau Residents Action Grou ort of tlie Trustees for the Year Ended 31 March 202 The tt'ustees who are also directors of tlie cliarity foi. the pui-poses of Ilie Companies Acl 2006, preseiil their report with the fiiiancial stateinents of the charity for the year ended 31 March 2023. TE]e trnslees have adopted the pi'ovision8 of Accounting and Repoiting by Charities: Stat¢inent ot" Reconimeiided Pi'actice applicable to cliarities pi'eparing their accounts in ac¢ordai)ce with tlie Financial Reporting Standard applicable in the UK and Republic of li-eland (FRS 102) (effe¢tive l January 2019). OBJECTIVES AND ACTIVITIES Princlple activities aiid Future Development Lower oi.meau Residents Action Group (LORAG) is a registered Charity whose purpose is to promote the beiiefit of Ilie residetits of the Lower Ormeau area without distinetioii of age, sex, race, political, I'eligious or oiher opinion. LORAG meets these objectives by liaisiiig with varioiis statutory agencies, voluntary orgaiiisalions and Belfasi City Council and vai-ious Stoi'inont Depaitinent which have responsibility for the area. Public benefit Purpose I Woi'k in partnership lo advance education and p1'eSec, prote¢t health and wellbeing. The benefit that flows fi-oin this purpose is the developiiieiit of targeted educational aiid Iiealtli sei'vices for fainilies, inci'easing family oppoitui)ities for family educational attainment, reduciiig poveity, sti-ess aiid anxiety foi- fainilies, inci'easing family healtli and wellbeing. The benefits al-e demonst17ted through baseline and final ¢valuations using a range of measures to collect qualitative aiid quantitative data aci'oss OUT pro.aMInes. Tlie data collected includes self-efficacyj wellbeing scales and CORE NET as col'e data to deinonstrat¢ change, as well as important focus gi'oups, p31.eiit feedback, paiticipant questioiinair¢s and oiigoing inoiiiloring by staff and voluiiteei's. We Inonitor family atid individual wellbeing, increased educational attainment, personal developnienl, reduciiig poverty, stress, and anxiety for iesideiits The risk of haini foi. setvice users al'e carefully considered pi'ior to the deliv¢iy of sei'vic¢s.. Purpose 2 To pi'ovide coininunity based facilities iii tlie interests of social welfare foi- i'ecreation and leisure tiine occiipation with tlie object of iiiiproviiig the conditions of life for the said inhabitants. The benefit tliat flows fi-oin this purpose is tlie developinent of a faniily fi'iendly cominunily liealtliy living liub, offering increases access and gi-eater paiticipation of famili¢s iii sport, r¢ci'eation, and leisure services and tlius iinproviiig the coiidilions of life foi. inhabitants. Shatlesbury Coniiiiunity and Recreatioii Centre (Ilie Centi'e) is owned by Belfast City Council and nianaged by LORAG iiiider a 25 year lease. Th¢ C¢nli'e is open 7 days a week (96 hours per week) to the public aiid currenily has a daily footfall ot" approx. 750 people pei. day. Tlie age range of those availing of tlie Centi'e 6 iiioiiths to 92 years of age. Tlie Ceiitre services include Pre aiid After-scliools, Ment1¢ l Health, Youtli Drop-n, Commuiiity Coliesion, Healtli Education, Therapies Room, Coiinselling Rooiiis, Indoor Sports facility, Daiice StudiolMinoi- Filiiess Hall, Gyin, Outdoor 3g Pitch. Tlie beiiefits al-e deinonstrated Ilii'ough aetive participation and feedback froni tlie beneficiaries, community suiv¢ys, and iiici'eased usage of Ilie Cenlre. The beiieficiai'ies of services atid progi'ainiiies delivei'ed will iiiclude priinai'ily bul iiot exclusively i'esideiits from the Lowei. Oi'iiieau, Innei. South Belt"ast, Soutli Belfast and widei. Belfast ai'eas.
Loiyer Ormeau Resfidents Action Grou ort of tlie Trustees for the Year Ended 31 March 2023 STRATEGIC REPORT Fiiianeial Review of the Year In 2022123 the Lower Orineau Resid¢nts Action Group (LORAG) has contiiiued to deliver and ¢nhance a range of iniportaiit services lo m¢et its strategic goals of providiiig healtli, social, leisure and coiiimunity d¢velopineiital activities aiid developing the socio-ecoiioinic profile of the area, Our core projects ii) the areas of children, youth, health, and cohesion have operated extremely successfully, achieving key targets in tenns of iiuinbers atteiiding and diversity as well as further developing the qiiality and effectiveness of the pi'ogi'animes on offer to the coinmiinity. LORAG as a community developnieiit orgaiiisation has maintaiiied a cradle to the gi'ave" approacli to the delivei'y of seivices witli a key focus ai'ound children, youiig people and fainilies, delivering holistic support to families with cliildren froin 2-18 years. Core to the organisation's ability to deliv¢r is tlie ongoing funding froni the Departnient for Coinniunities (Dfc) thi'ougli the Belfast Regeneration Office for the delivery of childi'eii at)d youth-based seivices, and the inanageiiieiit of Shaftesbury. Pi'ograiilme deliv¢iy iiicludes 260 afterschool sessions foi- 5-1 lyear-olds,350 sessions for 2-1 lyear-olds over the school year, 10 specific targeted prograinines for 65 children aiid 2 persoiial developinent i'¢sideiitial breaks for 20 children aged I I years old. The prograiiiine actively tai'gets key tiines of school closure, Eastei., Suiiimer, Clirislinas, and Halloweeii bi'eaks providing diversionary fuji ihcined progi'amines that include sports cainps, centi'e-based lubs, residentials. breaks and trips for children that iiiight otheLJvise engage in anti-social activities over 9 weeks of the year. DFC fuiiding allows foi- delivery of col'e youth services pi'oviding a youth drop in 5 niglits pei. week. OCN accreditatioiis, arc progi'aniines and diversionary trips foi. youiig people aged 12-25 years old. The youth pi'ogranime delivei'ed by a trained youth staff team provides a safe space for youiig people to develop and build their skills and relationships ai)d take part in a wide range of persoiial developineiit prograiiiines, tackling key issues for youiig people such as eiiiotional wellbeillg, Inental healtli, drugs, and sexual healtli awai'eness. The youth project was able to fully engage in Dfc's Unitiiig Coininunilies South Belfast Initiative working closely witli East Afi'ica NI, Lagan Village Community Centre, SOLAS and various South Belfast youth pi'ovidei's allowing 30 young people to take part in a 6-month good relations prograinine. The project also delivei-ed a successful Good Relations progi'ainme Our Kids Oui. Fiittir¢ Leaders in partnership with Alt¢rnatives and Co-operation liEland which culminated in a cei'etnony in Queen's Univei'sity foi. both pareiits and young people. Additional funding was received froiii tlie Education Aiitliority for tlie suiwner period to suppoit our work around good relations, co11]UnIty safely and diversionary activities in a period when young people wei'e found to be Jnost at risk of ¢ngagii)g in i'isk-taking behavioui's paiticiilai'ly over tlie 7-w¢ek school closure period. Children and young people played a key role in shaping the developinent and delivery of the progi'ammes delivered throughout tlie period. much-needed Eai-ly YeaiE suppoit service for the community, LORAG'S First Stait,2-4-yeai-_old programiiie secui'ed fundiiig fi-oin the Pathway Fuiid to coiitinue the delivery of this essei)tial progi'amme tlii'ough the Eai'ly Y¢ars Pathway Fiind. The funding allowed tor the continued delivery of a bespoke coininuiiity based, free service for childreii and their wider fainily, iiicluding key engagemeiil willi pai'ents throughout tli¢ year. This pi-oject has been hug¢ly successfiil and is iii higli demand, delivering 7+ sessions per week. Tlie project has worked witli 58 childirn tliroiigh structured sessions within a nurtiiring environment. The projecl also deliv¢red 14 stay and play sessions with 40 parents attending, 8 family trips with 50 families attendiiig at least one ti'ip along witl) 50 pai'eiit and toddler sessions.
Lower Ormeau Residents Action Gro ort of the Trustees for the Year Ended 31 March 2023 As a Healthy Living Centi"¢, health and well-being are at the core of all LORAG'S projects .LORAG has developed bespoke prograinines and delivered innovative initiatives across Soutli Belfast aiid beyond, d¢sigfftied to improve heal¢li outcomes. Programmes delivered include a broad range of liealth improvements such as Choose-lo-Lose Healtli Pronioting Hoines, Functional Fitiiess, Take 5 appi'oach to iiiental health aiid wellbeiiig, Streiigth and Balaiice, Fit to Br¢atlie aiid Diabetic Awareness raisiiig, Coucli-to-5k, Talking Therapies (Mental Health), Health-wise providing access to gyin aiid specialist inslnictoi's. LORAG has been able lo develop these pi'ogramin¢s by creating key parhierships within the liinei. South Neighboui'hood Renewal Area and beyond wliich has secui'ed funding from the Public Health Agency(PHA) and Activ¢ Belfast,Bogside,and Brandywell Healtli Foruiii as lead partner lo National Lottery Coiiiiiiuniiy fund, Soutli Belfast Health development ftind, and Jog Belfast. PHA also tunded a wellbeing programme for older people, Ui'ban Villages funds suppoited Ihe delivci'y of a bespoke paddle sports training prograiJ)ine aiined at d¢velopiiJg a local interest in paddle sports. These programm¢s have allowed LORAG to fi)rther develop on key health improveiment programnies across a wide l'ange of ai'eas and to a wider l'ange of usei's leading to better health outcoines for those iii greatest need. Emotional Wellbeiiig is a key issue locally, LORAG has focused on pi'ovidiiig a diverse of early iiitervention aiined at reducing the long-terin iiiipact ot" poor einotional and inental health on faiiiilies locally. In 2022123 LORAG laiinclied the areas first self-referral Talking Tlierapies Service, allowing for self-referral access to a complementaiy thei.apy service delivered across the Inner South area with suppoit of Community Foundation Mental Health Fund. Over 240 people locally have benefited from tliese l-l s¢i'vices tlie programine has also growli capacity for building filre programmes. This fits witli LORAG'S established GP talking Ihei'apy services which ai"e funded thi.ough BHSCT. BHSCT fund LORAG lo co-oi'dinate in the delivery of the South Oiie Fainily Support Hiib as pai1 of Ilie overall Belfast Fainily Support Network. The Network lias available a small fuiid to support families with issues Ihat are identified as gaps in service such as financial support througli voucliers, access to servic¢s and unifonn suppoit. The family support hub netwoi'k gathers referrals, connects senTices aiid evaluates ilie Family Support services delivered and lh¢ effectiveness of tliese seivices for fainilies Ihroughout Belfast. The Netwoi'k is now in its third yeai. aiid has gone froin sttrngth to sti'engih receiving 346 referrals from a bi'oad i?nge of agencies and faiiiilies engagiiig 488 iiidividuals in a seivice. Faniilies referred have reported positive oiitcoines with 850/0 completiiig the seivice pi'ovided. On¢ thii'd of the refeii?Is cam¢ froin families as self-referrals which is a very eiicouraging statistic that evideiices a high level of coiifidence and support foi. the services delivei'ed. Funding was secured from BHSCT for delivery of a needs led Family Support service delivei'ing across the widei. Soutli Belfast area. Siipport d¢livei'ed iiicluded 38 fainily support pi-ogi'ainin¢s, 52 play thei?py aiid iiieiitoring progi?Iniiies that supported 52 childi'eii and their pareiits with key issues such as stress, a1Iety, and woi'i'ies, 94.5 /ts of faiiiilies coinpleting progi-ainmcs noticed iniproved outconies in faniily relationships and 91 % of children aged 5-1 l years completing tlie ineiitoi'liig prograiiiines i'epoit¢d iiiipi'oved levels of confidence and self-esteem. BHSCT funding suppoit for the broad tapestry of health initiativ¢s delivered by LORAG has beeii invaluable. Capacity buildiiig has allowed Shaftesbury the Ceiitre to extend and sliai'e tlie reacli of sei-vices beyond the local conimunity. Capacity created has allowed LORAG lo further develop and has seeii LORAG broadeii our siippoit for Ihe Healthy Living Alliance. LORAG on behalf of the Alliance lias co-oi'dinated the deliveiy of 46 regional Belter Days Paiii Manageiiieiit pl'ograllles throiigli SPPG coiiti'act, whicli siippoited the delivery of Chronic pain services to 480 participaThts regionally and with 45 facilitators suppoi'ted in 29 Healthy Living cenlres.
Loiver Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 March 2023 Tli¢ Cr¢ating Cohesiv¢ Comiiiuiiity Good Relations project lias b¢¢n able to provide a diverse range of prograiniiies siipport¢d by fuiiding fi-om The Executive Office (TEO)witli additioiial funding from Belfast City Council through tlieir sniall grant's prograinines, IFA and NIHE. Ongoing funding has enabled LORAG to woi'k witli key partners to deliver i-eal and ineaningful Good Relatioiis woi'k withiii Ihe Lower Oiineau, Bolaiiic, Mai-ket, Doiiegall Pass and the wider South Belfast coinmunities, LORAG has coiJlinu¢d to niirture a sense of beloiiging for everyone and slrengih¢n good i'elations tlii'oiigh variou5 Men's and Wonien's prograiThiies and die deliveiy of Intercultural festival events, such as an Intercultural day in August, St Patricks celebrations and the continued development of Christinas as a Winter F¢st. These events I festivals have had in the region of 200-1000 people attend per eveiit. LOKAG has soiight to sustain the Social Economy income geiierating eleinent wiihin Ilie oi'ganisation Ihi-ougliout a veiy ¢hallengiiig pei'iod lo emerge from Covid pandemic into a cost-of-living crisis that has d¢liv¢red unprecedented programmc. Running costs and salary increas¢s lias placed a huge bui'deii for seivices already linder pressiire. Shaftesbuiy Coiillnunity & Re¢reatioii Centre contiiiues to opeii Monday to Sunday covering 96+ openiiig hours per week, 360 days per yeai. with an average daily footfall of 800 people per day, this is tlie clearest and pui'est iiidicatioi) of LORAG'S comiiiitineiit on behalf of tlie coiiijnunity. Althoiigh lower than pi'evious years, tliis footfall has allowed LORAG to maintaiii fiiiancial resources for tlie r¢placeinent of equipinent, i'enewal of the pAtch caip¢t and Ilie continuation of sei'vice with a third of LORAG staff cosls now inet fi'oin iiicome generated tlii'ough Social Econotiiy genei7ted iiicoine. Belfast Ciiy Council reveiiu¢ gi'ant foi- the nianag¢inent of the Centre along with additional funds foi. Capacity Building and a inyriad of simall pl'ograille 'antS has ineant tl)at LORAG have beeii able lo offer soine support foi. oihcr sinaller organisations, sports clubs and fledgling groups seeking suppoit in the deliveiy of their prograinmes, governaiice, and development. Féile ila hAbhann was delivered for the fiftli year as a waterway celebration festival witli its key focus of r¢imaging the river Lagan and ils Towpatli wilh 10,000 people attending the family festival event. Th¢ festival has been developed in paitnership with Feile an Phobail aiid a consoitia of South and East Belfast partners. We aiin to build on the festival and its offering to the wider cominunity in tl)¢ years to ahead. Financial Review of Year The coiiipaiiy had iiet outgoing i'esoui-ces for the year of £17,516 (2022.. net incoming resources of £28,535), whicli reflect¢d tlie completion of a nuLnbei' of projects during the year. Uni'estricted ndS decreased by £21,992, while restricted futids incirased by £4,476. The chai-ity coiitii)ues to woi'k tirelessly to secui'e income from vat'ious soui'ces to finaiice its ongoing activities with key stakeholders. Tlie iiiain soui'ce of funding are gi'aiits i'eceived froin vai'ious bodies as disclosed in note 4 in the financial stateiiients.
Lower Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 March 2023 STRATEGIC REPORT Financial revieiy Reserves policy Unresli'fficted fuiids al'e essentlcll to provide siifficieiit fuiids to cover any iitiforeseeii costs which Inay arise and tultil tlie legal obligations of tli¢ Chai-ity if cui'rent levels of income ai-¢ not niaintained. The irseives policy has been designed to recognise LORAG'S i'equirements for reserves considei-ing the Inain risks to tlie organisation. LORAG l)as established a policy whei'eby tlie uiireslricted funds not coinmitted should equate to 6 months, total resolirces expended, uni'estrict¢d reseives have not reached that level. The aiin is lo provide sufficiet)t funds to covei. any uiifores¢en costs wliich inay arise, recogiiise tlie volatile graiit ¢iivironm¢nt, rising rui]niiig costs as well as allowing for the paymenl of any liabilities which would arise should the coinpany cease to operat¢. Any call upon the use of i-esei'ves will be at tlie appi'oval of Ihe Executive ColnIttee which will exainiiie the rationale for doiiig so aiid agree ali ainoui)t where appropriate. On 31 Mairh 2023, tlie level of fr¢¢ reserves" excludiiig fixed assets, capital pi'operty purcliase was £409,529 (2022 - £417,794) wlii¢li equates to less tlian 4 inonths, ¢xpenditure. The trustees l)ave assessed th¢ inajoi. risks to which Ihe charity is exposed and al'e satisfied that sysleins are in place to miligale exposui'e to tlie inajor i'isks. Going concern These fiiiancial stalein¢i)ts have beeii prepared on th¢ basis that Lower Oniieau Residetits Actioii Group will contlnue to opei?le as a going concerji for the foreseeable futtire. The board have liinding in place lo ineet running costs foi- tlie next twelv¢ tnonths. The board contiiiii¢ to review the financial positioii of Lower Orineau Resideiils Action Group on a r¢gular basis. Lower Ornieau Resideiits Action Gi'oup al'e CUiT¢ntly and contiiiually assessing alteimalive fundiiig optioiis and hope to continue charitable opei'alions in whalevei capacity deenied appi'opi'iale by tlie board, in line with tl)e deed of tiijst and the chat'ity's aiins aiid objectives. Lowei. Ormeau Resideiils Action Group net assets at 31 March 2023 were £578,528. The fiiiaiicial slatements do not contaiii any adjuslmeiits that would aris¢ if the fiiiancial staleni¢nts were not drawii up on a going concern basis. If required tli¢se adjustments would be inade to the balan¢¢ slieet of the Charity lo iiicr¢ase or reduce the value of assets to their recoverable amount, to provide furtlier liabilities that iiiay al'is¢ and to i'eclassify fixed ass¢ts and loiig tenn liabiliti¢s as current assets and liabilities.
Lower Ormeau Residents Aetlon Grou Report of the Trustees for tlie Year Ende 31 March 2023 STRATEGIC REPORT Future plans LORAG has coiitinued to woi"k on the John Murray Lockhouse project, the JM Lockl)ouse was purchased in 2017 aiid siiice this liine LORAG have coiiipl¢ted a business case to DFC and iii 2020121 liave a Good Relations Business case appi-oved by Urban Villages / TEO. Key paitners and funders al'e on boai'd with the project which aiins to develop a Healthy Living hub focused on emotioiial wellbciiig followiiig a cominuiiily consultation. Tlie building will house a café opening on to the towpath, two lai-ge activlty rooms for wellbeiiig activities, cookery space and a confei'ence rooin for groups to ineet and take parl iii progi'aiiiime deliveiy and developmeiit. This will open out oiito a community garden and men's shed where horticulture and boat building, watei'.spoits activities are to be based. LORAG lias fvrtliered OLir aiin lo develop onto tl)e wat¢r and by pi'oviding a river access point for gi'oups to use on the West bank of the l'iver. Planning pemiission lias been secured and build of th¢ community garden and shed element has commeiiced with ointnilted fuiids of £350,000 foi. this eleiiieiit. Fiiiidiiig is in place for the wider developineiit with the aiin of coinpletion foi. 2023/24. LORAGS plans will be to adapt the organisatioiis deliveiy and services coiisideriiig oiigoing c05t of liviiig crisis, risiiig energy costs, ovei'all ruiining costs. LORAG will endeavour iii the Lipcoiiiing year lo complete a new 5-year action plan coiisidering tliese issues and the new JM Loclthouse development. To support us to keep witliiii oiir sts?tegic aims of cominunity support aiid r¢geiieratlOLi and our curi'ent goal of access to Ilie lowpatli and wat¢n&rays. LORAG'S ainbition towai'ds improviiig coinmuiiity healtli aiid wellb¢iiig opportuiiities to the available blue and gr¢¢n space on oui. doorstep place Ilie local comii)iinity and organisation in a unique strategic position lo grow gi-ealer sustaiiiability for tlie aiins of the organisatioii, the towpatli, watenvay aiid lockliouse are an exc¢ll¢nt coii]munity regeneration resource to iiiake this happen. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is conts'olled by its govei-ning dcicuinenl, a deed of trust, and constitLiles a liiiiiled company, liii)ited by guai'antee, as defined by Ihe Conipanies Act 2006. Governance of the Charity Duriiig the period under review tlie directors met iiionthly. Trusteesldirectoi's are appointed by noininations made in wriling by any existing director. At the General Meeting nominaled dii'ectors al'e appointed by election,
Loiver Ormeau Residents Action Grou ort of the Trustees for the Year Ended l March 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management Th¢ prinLiples of good governaiice are embedded witliiii all aspects of Lower Oiiiieau Residents Action Gi'oup's operatlOLJS Witli Inaiiageineiit and staff beiiig keenly aware of the Boards respoiisibility of eiisuring Iliat tlie oi'ganisation protects its¢lf from financial ¢XPOSLire and i'eputational daiiiage, A close woi'king relationship is maintained between the Board aiid inanageiiient to eiisure that operalionally staff are aware of th¢ standards i'equired of them by tlie Boai'd and tlie Boai'd are always in a position to provide guidance and suppoit to inaiiageinent iii tlie discliarge of tlieii. diities. This two way r¢latioiiship is the key featLlI-¢ of Lower Oiineau R¢sidents Action Group governance aiTangeineiils and is a key strength in the compaiiy. A conscientious approach to ensuring thal contractual project r¢quiLein¢nts are acliieved has beei) Inaiiilained at all times botli in the accounting pei-iod being i'epoited on and since Low¢i- Onn¢au Residents Action Gi'oup's ¢stabEishm¢iit. Very tight fii)ancial controls oii expenditui'e and all finaiicial coininittnent5 are niaiiitained at all times and pi'oject staft liave been Irained and liave become experieiiced in budgelaiy coiilrols. lil both tliese areas ie Project delivery aiid finaiicial controls ni8iiagein¢nt all staff have established clos¢ working relationships witli fundAng organisations to ensure all Iiiandatory standards are consislenlly achieved. Board representatives also actively engage witli fundiiig bodies. The Board, Inaiiageinent aiid staff are fully aware tliat the nature of the work iii whicli Lower Oinieau Resid¢nls Action Gi'oup is involved can bring with il a high level of scrutiny to ¢nsure that all activities are fully conipliant with funding i'equii'¢iiients and thei-¢t"oi-e, beyond repi'oach. The Boai-d of Low¢i' Ormeau Residents Action Group is, Iherefoi'e, greatly reassured of the coinpaiiy's coinpliaiice with the highesl of standards of governance on the basis Ihal all nioniloi-ing and evaluation of pi'oject deliveiy d¢monsti'al¢s achieveineiit of all funders objectiiies and that funders, audits aiid voucliing of finaiicial expeiiditure aiid tlie statutory audit confiiiii conipliaiic¢ widi both probity and regularity in tli¢ use of monies received. EVENTS SINCETHE END OF THE YEAR Infoimatioji i-elating to eveiits since tlie end of tlie yeai. is giveii in tlie i)otes to the fiiiancial 51atem¢nts. TRUSTEES, RESPONSIBILITY STATEMENT The tSteeS (who are also the dir¢¢toi's of Lowei. Oiineau Resideiils Action Gi'oup for the puiposes of compaiiy law) air responsible for pi'epai'ing the Repoit of tl)e Trustees aiid tlie financial stateinents in accordaiice witli applicable law and Uiiited Kingdoiii Accountiiig Staiidai'ds (Uiiited Kingdom Generally Accepted Accounting Practic¢) iiicludiiig Financial Reporting Standai'd 102 Tlie Financial Reporting Standard applicable in the UK aiid Republic of Ireland Coinpany law i'equires the tiustees to pi'epai'e financial stateinents for eacli financial year whicl) give a true aiid fail. view of the state of affairs of the charilable coiiipaiiy and of the iiicoining resources aiid application of r¢soiirces, including the incoine and expenditure, of the charitable company foi- that period. In preparing those financial slateinents, the trustees al'e i'equired to select suitable accounting policies and then apply thein consistently. observe the methods aiid principles in th¢ Charity SORP; make jiidgeiiieiits and estiiiiales that are i'easonable and prudent; state whether applicable accountiiig slaiidai-ds Iiave been followed, subject to any material departures disclosed and explained in tlie financial stateinents; prepai'e the fiiiancial sta¢¢ineiils oli the goiiig conceni basis unless it is inappi'opriate lo pr¢suine that the charitable coinpany will continue in busii)¢ss.
Loiver Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 Mareh 2023 TRUSTEES, RESPONSIBILITY STATEMENT- continued The trustees al'e responsible for keepiiig proper accoiinling i'ecords which disclose with reasonabl¢ accui?cy at any tiine tlie fiiiancial position of tlie charilable conipany and to enable tliein to ensui'e that tlie finai)cial slateiiieiits coi)Iply with tlie Coinpaiiies Act 2006. Tliey are also respoiisible foi. safegiiai'diiig the assets of the cliai'itable coinpany and heiice foi. talcing i'easoiiable steps foi. lh¢ pi'evenlion and detection of fi'aud and oilier iiTegularities. In so far as ihe tnistees al'e aware: there is no relevaiit audit iiiforjnation of which tlie cliaritable coinpany's auditors are uiiaware. and the tnjstees hav¢ Éaken all steps that they ought to have taken to make themselv¢s aware of any rel¢vaiit audit information and to establisli tliat the auditoi's are awai'¢ of tl)at infoi-niation. AUDITORS The aiiditors, Lyiin Di?ke & Co Ltd, will be pi'oposed for re-appointinent at the foitl)coiniiig Anniial General Meeling. Repoit of the truste¢s, incoipoi?ting a slrategic reporl, approved by ol'der of the board of tIsteeS, as the compatiy directoi's, on 5 December 2023 and sigiied oli tlie board's behalf by.. John GorLnley - TrLislee
ort of the Inde endent Audltoi's to the Trustees and Members of Lower Ormeau Residents Action Grou Opinion We liave audited tlie finaiicial statements of Lower Onneau Resideiits Action Group (the 'charitable coinpany,) for the year ended 31 March 2023 wl)ich coniprise the Statement of Financial Activitics, Ilie Statement of Financial Position, tlie Stateinent of Cash Flows and notes to the finaiicial statements, iiicluding a summary of sigiiificaiit accounting policies. Tlie financial reporting framework that has been applied in tlieii. pi'eparation is applicable law and United Kiiigdom Accounting Standai-ds (United Kiiigdoni Generally Accepted Accounting Practice), incliidiiig Fiiiancial Reporliiig Standard 102 'The Fiiiancial Reporting Staiidai'd applicable in the UK and Republic of Ii'eland,. In oiir opinion tlie financial statements: give a live aiid fair view of tlie slate of the charitable coinpaiiy's affairs as at 31 March 2023 and of ils incoiiiing resouires and application of i'esources, iiicluding its income and expenditLire, for the year then have been properly prepai-ed in accoi'dance witli Unit¢d Kingdoin G¢n¢i'ally Accepted Accounting Pi-actice, including Financial Reporting Standai'd 102 'Th¢ Fiiiancial Reporting Standard applicable in the UK aiid Republic of Irelaiid aiid liave been pi'epai'ed iii accoi'dance witli tlie requireinents of Ihe Companies Act 2006. Basis for opinion We ¢oiiducted our audit in accoi-daiice with Inteinatioiial Standards oil Auditi)Ig (UK) {ISAs (UK)) aiid applicable law. Our i'esponsibililies under thos¢ standards are fuither described in the Auditors, responsibilities for tlie audit of tlie finaiicial stateinents section of our repott. We are iiidepeiident of tlie cliarit1c ble company in accoi'dance with the ¢thieal requii'einents that are i-elevaiit lo our audit of the financial stateinents in the UK, including the FRC'S Ethical Standai'd, and we have fulfill¢d oui- other ethical i-esponsibilities iii accordance with these requireineiits. We believe that the audit evideiice we Iiave obtained is sul'ficieiit and appropi'iate to provide a basis foi- our opinion. Conclusions relating to going concern lil aiiditing tlie financial statemeiits, we Iiave concluded that the tnistees, use of ihe going concern basis of accouiiting in the pi'eparalion of the financial statements is appropriate. Based on the work we have perforined, we have not identified any iiiaterial unceitainties relating to events or condilions that, individually oi- collectively, Inay cast significani doiibt on tlie chai'itable company's ability to coiiliiiue as a going conceni for a period of at least twelve inonths fi'oin when the finaiicial stalemeiils are autl)orised foi- issue. Our responsibilities and tlie responsibAlities of the trustees witli respect to going concern are described in the relevant sections of tliis report. Other information Tlie ttuste¢s are respoiisible foi. the oilier inforlnatioti. The odiei. infonnatioii compi-ises the infonnatioii included iii the Annual R¢poit, other than the financial stateinents and oui. Repoit of lh¢ Independent Auditors Ihereoii. Our opinioii on the fiiiancial slatciiients doe5 not cover the otlier informatioii and, except to tlie extent othenvis¢ explicitly stated in oui. repoit, we do not express any f01111 of assurance conclusion thereon. In comiection witli our audit of the financial stateillents, our responsibility is to irad the other iiiformation and, iii doing so, considei. whether the other inforiiiatioii is iiiatei-ially inconsistent ivith the financial slateineiits or our luiowledge obtaiiied iii the audit or otherwise appears to be inate17811y iiiisstated. If we identify such Iiiaterial iiiconsistencies or appai'eiit iiiat¢rial iiiisstateiiients, we al'e requii'ed to delei'iniiie wliether Iliis gives rise to a Inatei'ial inisslatemeiit in tlie finaiicial stateinents theiiiselves. If, based oil tlie work we have perfoiiiied, we coiiclude that tliere is a inatei'ial inlsslatement of thAs otlier inforniation, w¢ are required to i'eport tliat fact. W¢ liave iiotliing to report in this regard. io
)ort of the Inde endent Auditors to the Trustees and Members of Loiver Ormeau Resid nts Action Grou _ Opinions on otlier matters prescribed by the Companies Act 2006 In our opinion, based on the woik undei'taken in tlie coiirse of th¢ audit.. the information given in the Report of the Triistees foi. tlie financial year for which the financial stat¢meiits are prepar¢d is coiisistent wilh the financial slat¢ments' and the Report of tlie Tivstees has been pi'epared in accoi'danc¢ witli applicable legal requiretn¢nls. Matters on iyhich ive are required to report by exception In the light of the kniowl¢dge and uiideystandiiig of the chai'ilable compaiiy and its enviroiiin¢nt obtaiiied in the course ot Ihe audit, we liave not identified iiialerial Lnisstat¢inents in tlie Report of tlie Trust¢es. We have nothing to report in respect of the following matters where the Companies Act 2006 I'equires us to report to you if, iii our opinion.. adequal¢ accounting records Iiav¢ not been kept or i'etunis adequat¢ foi. our audit Iiave not been received fi'ojii branclies not visited by us. or the fiiiaiicial statenieiits are not iii agreetnent with the accoiiiitiiig recoi'ds and reNnis' or cerlain disclosuies of tiiistees, r¢ii)iineratioii specified by law are not made. oi. we liave not i'eceived all the iiiforniation and explanations we requii'e foi. our audit. Responsibilitie5 of trustees As explained niore llY in tlie Trustees, Responsibilities Statement, the trustees (who are also the directors of the charitable coinpaiiy for tlie puyposes of company law) are responsible for the preparation of tlie financial statements aiid for being satisfied that they giv¢ a true and fair view, and foi. such iiiteLnal control as tlie tiustees deteiiiiine is necessaiy to enable the pi-epai?tion of financial staleinents tliat al'e fr¢¢ from iiiaterial misstateinent, wlieth¢r due to fraud or eiTOr. In prepariiig the financial slateinents, the trustees are responsible for assessing the cliai'itable coinpaiiy's ability to continiie as a going coiicei'n, disclosing, as applicable, iiiatters i-elated to goiiig concei-n and using tlie going eoncein basis of accounting unless the Iruslees ¢itlier intend to liquidate tlie cliaritable company or to cease operations, or have no realistic alternativ¢ but lo do so.
oi't of the Inde endent Auditors to the Trustees aiid Menibers of Lower Ormeau Residents Action Grou Our responsibilities for the audit of the finaiicial statements Our objectives are to obtaiii reasonable assurance about wlietlier th¢ financial stateiiients as a whol¢ are free from inaterial misstateinent, whetlier due to fraud or ¢rror, aiid to issue a Report of the Independeiit Auditors that includes our opinioii. Reasonable assurance is a higli level of assurance, but is not a guarantee that an audit conducted in accoi'dance with ISAS (UK) will always detect a tnaterial Inisstatement when it exists. Misstateineiits cali arise froin fraud or error aiid al'e coiisidei'ed inatei'ial if, iiidividually or in the aggi'egat¢, they could reasonably be expected to influence the econoiiiic decisions of users taken on tlie basis of th¢s¢ finai)cial slaleinents. The extent to wliich our procedures are capable of detecting irregularities, including fraud is detailed below: Irregulai-ities, including fraud, al'e iiistances of non-coinpliaiice witli laws and regulations. We de,sign procedures in line witli our r¢spoiisibilities, outlined above. to detect inaterial misstateinents in respect of irregulai'ities, including fi'aud. The extent to which our procedui'es al'e capable of detectiiig irregulaTities, including fraiid is detailed below.. Based on our iinderstanding of tlie conipany aiid iiidustry, we identified the pi-iiicipal risks of non-conipliance willi laws aiid regulations as tlios¢ that have a direcl iinpact on the deterinination of material ainounts and disclosures in the financial stateinen¢s. W¢ evaluated maiiageinent's incentives ai)d oppoitLinities for frauduleTht inanipulation of tlie financial statements and deteimined that the pi'incipal risks related to i'evenii¢ iecognition. We communicated the identitied laws aiid regulations tliroiighoiit the audit teaiii and i'emained aleit to any indications of iion-coinpliance throughout the audit. Audit procedures perfonned included, but were not liiiiited to: Discussions wilh management including consideration of knowii or suspected inslances of noii-coinpliance witli laws and regulatioii and fraud. Reviewing the financial statement disclosures and testing to suppoiting documentation. Review of boai'd iiieetiiig ininutes of those charged witli govcniance. lil addressing the risk of fraud throiigh maiiagement overide of coiitrols, testiiig the appropriateiiess of jounial enti-ies and other adjiistments. As pait of ali audit in accoi-dance with ISAS (UIC), we exei'cise pi'ofessional judginent and niaintain pi'ofessional scepticism tliroughout the audit. We also:. Identify and assess the i'isks of niaterial misstateiiient of the financial statements, whetlier due to fraud or error, desi1 aiid perfonii audit pi'ocedui'es respotisive to those risks, aiid obtaiii audit evidence that is sufficienl aiid appropi-iate to pi'ovide a basis for our opinion. The risk of noi detecting a niaterial niisslateineiit i'esulling fi'oin fraud is highei- than for one resultiiig froin eri'oi., as fi'aud inay iiivolve colliision, forgery, intentional oiiiissions, Inisrepresentatioiis, oi- the oven-ide of inl¢i-nal conti-ol. Obtain an understanding of internal control i'elevant to the audit An ordei. to d¢sign audit procedui'es tljat are appropi'iate iii the circumslances, but not for the purpose of expressing ali opinion oli tlie effecliveiiess of tlie chai'ities iiitemal control. Evaluate the appropriateness of accouiiling policies used and th¢ reasonableiiess of accoiiiititig estiiiiates aiid related disclosui'es Inade by the Iriistees. Perforiii analytical pi-ocedures to ideiilify any uniisual or unexpected relationships Ihat may indicate risks of iiiatei'ial inisstateineiii due to fi'aud oi. ei-ror. 12
ort of the Inde endent Auditors to the Trustees and Members of Loiver Ormeau Residents Action Grou Coiiclude oil the appropriatei)ess of the lSteeS, Iise of tl)e going conceiii basis of accounting and based on the audit evidence obtained, wlieth¢r a iiiaterial uncertainty exists related to events or condilioiis that niay cast significant doubt oli the charities ability to coiitinue as a going concern. If we coiiclude that a Inaterial unceitainty exists, we are i'equii'ed lo draw alteiition in our auditor's report to tlie iElalcd disclosures iii tlie financial slatemenls oi-, if such disclosures ai-¢ inadequate, to niodify our opinioii. Oui- conclusions are based oij tlie aiidit evidence obtaiiied up to tlie date of our auditor's r¢poit. However, futui-e events oi. conditions Inay caus¢ the charity to cease to continue as a going concei'n. Evaluate Ilie overall preseiitalion, structure, and content of the finaiicial statements, including tlie disclosures and whetlier Ilie fitiancial stateinents i'eprescnt tlie underlying transactions and events in a inanner that achieves fair presentation. We coiiimunicate with those charge with governance regarding, among other inatters. the planned scope and tiniing of tlie audit and significant aLidit findings, including significant deficiencies in internal conti'ol that we ideiitify during oui- audit. A TtI]er description of OUT responsibilities for the audit of the financial slateinents is located on tlie Financial Repoiting Council's website at www.frc.org.uldaiiditoisresponsibilili¢s. This description fonns part of oui- Report of tlie Ind¢pendeiit Auditors. Use of our report This report is inade sol¢ly to tlie charitable company's members, as a body. in accordance with Cliapt¢r 3 of Pait 16 of the Companies Act 2006. Oui- audit woi'k has been undeitaken so tliat we tniglil state to the charitable cotiipany's ineinbers those matters we are required lo slate to thein in ali auditors, i'eport and foi. no otlier purpose. To the fullest extent pei'iJilted by law, w¢ do nol accept or assuine r¢sponsibility to anyone other th li Ilie chai'itable coinpaiiy and the cliaritable compaiiy's members as a body, for oui. aiidit work, for Ihis r¢p t, or for tlie opiiiions we have fonned. Billy Di-ak enior Statuloiy Auditoi.) for and on be If of Lyiin Drake & Co Ltd Slatutoiy Auditoi's 1st Flooi. 34 B-D Main Street Moira Co. Arn]agh BT67 OLE 5 December 2023 13
Loiver Ormeau Residents Aetlon Grou Statement of Finaneial Activities Incor oratin an Jncome and Ex for tlie Year nded 31 March 2023 enditiire Account 31.3.23 Total funds 31.3.22 Tolal funds Unrestricted Restricted funds fuiids Notes INCOME AND ENDOWMENTS FROM Doiiations aiid legacies 307 307 1,016 Charitable activities Grants Receivable 10.000 947,716 957,716 870,005 Earned ItLcome 158,274 158,274 159,783 Total 168,581 947,716 1,116,297 1,030,804 EXPENDITURE ON Charitable aetivities Direct Charitable Expenditui'e Governance 168,490 22,083 943,240 1,111,730 22,083 984,044 18,225 Total 190,573 943,240 1,133,813 1,002,269 NET INCOMEI(EXPENDITURE) {21,992) 4,476 (17,516) 28,535 RECONCILIATION OF FUNDS Total funds bi'oughi forward 593,000 3.044 596,044 567,509 TOTAL FUNDS CARRIED FORWARD 571,008 7,520 578,528 596,044 Tlie notes foiin parl of these fiiiancial statements 14
Lower Ormeau Residents Action Grou Statemeiit of Finajicial Position 31 March 202 31.3.23 31.3.22 Notes FIXED ASSETS Tangible assets 185,954 207,177 CURRENT ASSETS Debtors Casli at bank 12 133,372 310,346 93,763 438,523 443,718 532,286 CREDITORS Ainounts falling due witliin one year 13 (51.144) {143,419) NET CURRENT ASSETS 392,574 388,867 TOTAL ASSETS LESS CURRENT LIABILITIES 578,528 596,044 NET ASSETS 578,528 596,044 FUNDS Uiii-esti'icted funds Restricted ftiiids 15 571,008 7,520 593,000 3,044 TOTAL FUNDS 578,528 596,044 The financial slateinents were appi'oved by th¢ Board of Tivst¢es and authorised for issue on 5 December 2023 and wei-e sign¢d oil its behalf by.. John Goniil¢y - TrLlStee Marie Ciqvanagli - Trust¢¢ The notes fonn pai't of these finaiicial stateiiients l5
Lower Ormeau Residents Action Grou Statemei)t of Cash Floivs for the Year Ended 31 March 2023 31.3.23 31.3.22 Notes Cash floivs from operating activities Casli generated froin opei'atioiis (127,004) 135,007 Net cash (used in)Iprovided by operating aclivities (127,004) 135,007 Cash floivs from Investing activities Purchase of tangible fixed assets (1,173) (53,144) Net casli used in investing activities (1,173) {53,144) Change in cash and cash equivalents in the reportlDg period Cash and cash equivalents at the begiiiDing of the reporting period (128,177) 81,863 438.523 356,660 Cash and cash equivalents at the end of the reporting period 310,346 438,523 Tlie notes fonn pait of tliese financial stateinents 16
Lower Ormeau Residents Action Grou Notes to the Statement of Cash Floivs for th Year Ended 31 March 2023 RECONCILIATION OF NET {EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.23 31.3.22 Net (expenditure}lineome for tlie reportlng period (as per the Statement of Financial Activities) Adjustments for: Depi'ecialion chai'ges (Inci'ease)Idecrease in debtoi-s (Decrease)/increase in Ci'editors (17,516) 28,535 22,396 (39,609) {92,275) 26,996 6,838 72,638 Net cash (used fin)Iprovided by operations (127,004) 135,007 ANALYSIS OF CHANGES IN IYET FUNDS At 114122 Cash flow Al 3113123 Net eash Cash at bank 438,523 (128.177) 310,346 438,523 (128,177) 310,346 Total 438,523 {128,177) 310,346 Tlie notes fonii part of tliese fiiiancial staleinents 17
Loiver rmeau Residents Action Grou Notes to the Fiiiancial Statements for the Year Ended 31 March 2023 ACCOUNTING POLICIES Summary of significant accounting policies (a) General information and basis of preparation Lower Oriii¢au Residents Action Gi'oup is constituted as a company liinited by guai'anlee incoiyorated iii Norihem Ii'eland (N1037894). Iii the eveiit of the charity being woiild up, the liability in respect of the guai'antee is limited to £1 per ftneinber ot. the chai'ily. The charity constitutes a public benefit entity as defined by FRS 102. Tlie financial statenients have been pi'epai-ed iii accoi'dance with Accounting and Reporting by Charities.. Statenient of Recommended Practice applicable to charities preparing Iheir accounts in accordance with th¢ Financial Reporting Standai'd applicable in the UK and Republic of Ireland {FRS 102), the Financial Reporting Slaiidard applicable in the Uiiited Kingdoiii aiid Republic of Irelaiid (FRS 102}, the Charities Act (Noitliei'n li'eland) 2013, the Coinpanies Act 2006 and UK Generally Accepted Practice as it applies fioin l January 2015. The financial statenients are pi'epared on a going coiicern basis undei. the liistorical cost coiivention, modificd to include certain items at fail valiie. Tlie fiiiancial stateinents are presented in slerliiig whicli is the functional cuii'eiicy of the charity.. The significant accoiinting policies applied in the pi'¢paration of these financial statem¢nts are set out below. Thes¢ policies have been consistently applied to all years presented iinless otherwise stated. (b) Funds Unrestricled funds are available for use at the discretion of lh¢ trustees iii furtherance of Ilie geiieral objectives of the chai'ity and which have not been designated for other puiposes. Designated fuiids coinprise iinrestricled funds that hav¢ been set aside by the tISteeS for paiticular puiposes. Th¢ aim and iise of eacli designated fund is set out in th¢ notes to the financial statements. Restricted fuiids are ndS which are to be used in accordanc¢ with specific i-esti'ictions iinposed by donors or whicli have been raised by the charity foi. paiticiilai. putyoses. Tlie cost of raising and admiiiistei'ing such 1]dS are chai'ged against tlie specific fund. The aiiii and use of each restricted fuiid is set out iii the i)otes to th¢ financial statements. Fiiither explaiiatioii of the nature and pui-pose of eacli fLind is included in the notes to tlie financial stateiiieiils. (c) Income recognition All incoining resources ar¢ iiicluded in tlie Statein¢nt of Financial Activities (SOFA) wlien the cliai'ity is legally entitled to the incoine aftei. any pei'fonnance conditioi)s Iiave been met, the ainouiit can be measured i'eliably aiid it is pi'obable thal the income will be received. 18 contiiiued...
Lower Ormeau Residents Action Grou Notes to the Fiiiancial Statements - contiiiued for the Year Ended 31 Mareh 2023 ACCOUNTING POLICIES - continued Summary of sigiiificant accounting policies For donations to be i-ecogiiised lh¢ charity will have been notifi¢d of the amouiits and the s¢ttleinenl dale in writing. If there al'e conditions altached to tlie doi)atioii aiid tliis requires a level of pei'foi'iiianc¢ befoi-e entitlement can be obtained tl)en iiicomc is defeii-ed until those conditioiis al'e fiilly inet oi. the fulfiliiieiit of those coiiditions is withiii the coiiti'ol of the chai'ity aiid it is probable tliat tl)¢y will be fulfilled. Voluntary incoine is r¢c¢ived by way of gillnls, donatioiis and gifts aiid is included in full iii the Statement of Financial Activities (SOFA) wheii receivable. Lncoi)ie received from collections is recognised when received. Donated facilities and donated professional services ar¢ recognised in income at Iheir fair value when tli¢ii' econoiiiic benefit is probable, it can be iiieasui'ed reliably, and Ilie charity lias control ovei. the item. Fair valiie is deteniiiiied on the basis of th¢ value of the gift to the charity. Foi- exaniple, the aniount the cliai-ity woiild be williiig to pay in the open Inarket for sucli facilities and services. A correspoiiding amouiit is i'ecogiiised in expeiiditure. No aniount is iiicluded in the finaiicial stateinents foi. volunteer tinie in line willi tlie SORP (FRS 102). Furthei. detail is given in tlie Trustces, Aniiiial Report. For lcgacies, entitleinent is the earli¢i' of the charity being notifi¢d of an impeiiding distribution or the legacy being received. At tliis point incoine is recogiiised. On occasion legacies will be notified to the charity howevei. it As not possible to ineasure the aiiiouiit expected to be distributed. On these occasions, the legacy is ti-eated as a contingent asset and disclosed. Income from ¢arned income includes incoine eam¢d from 1]draISing events and earned iiicome activities to raise funds foi. Ihe chai'ity. Incotn¢ is received in exchange for supplyii)g goods and seivices in order to raise fuiids and is recognised when entitlement has occurr¢d. Tlie charity receives goveriiiiieiit grants whlcli are detailed witliin the notes to these financial stat¢inents. Incoii)e li-oni governirjent and otliei. gi'ants al'e recognised at fair value when tlie charity has eiititleineiit after aiiy pei'foiiiiance coiiditions hav¢ beeii in¢t, it is probable that the iiicome will be received, and the amount can be nieasui'ed i'eliably. If entitlement is not met, then these amounts are defeiTed. (D) Expeiiditure recogiiition All expeiiditui'e is accounted for oil an acci'uals basis incliisive of VAT wliicli cannot be recovered and has beeii classified under Iieaditigs that aggregate all costs related to the category. Expeiiditure is recognised whei-e there is a legal or constructive obligalion to make payinents to thii'd paities, it is probabl¢ Iliat Ihe settleiiieiit will be required, aiid the ainouiit of the obligalion cali be ineasured reliably. It is categorised iiiider tl)e following Iieadings= Costs of raising ndS includes the cosls associated with allracling volunlaiy incomes. Expenditui'e on charitable activities includes those costs incuii'ed by Ilie charity il) tlie delivery of its activities and seivices foi. its beneficiaries. 11 iiicludes botli costs that can be allocaled directly to sucli activities aiid Iliose costs of an indii-ect natui'e necessaiy to SlLPPOlt tliem- and Othei. cxpeiiditure represeiits those iteiiis iiot falling iiito the categori¢s above. IITecoverabl¢ VAT is cliai'ged as an exp¢iise agaiiist the activity for wliich ¢xpeiiditui-e ai'ose. 19 coiitiiiued...
Loiver Ormeau Residents Action Grou Notes to the Fiiiaiicial Statements - continued ror the Year En ed 31 March 202 ACCOUNTING POLICIES- continued Summary of signiticant accounting policies Gi'aiits payable lo tliii-d pai'ties al'e within the cliaritable objeclives. Where unconditional grants are offei'ed, tliis is accrued as soon as the recipient is iiotified of the grant, as this gives rise to a i'easonable expectation that the i'ecipient will receive the grants. Wli¢i'e gi?nls are conditional relating to perforinance Iheii th¢ grant is only accnied whei) any unfijlfilled conditioiis are outside of the control of tlie chai'ity. (e) Siipport costs allocation Suppoit costs are those (hat assist the woi'k of the cliarity bul do not directly represent charitabl¢ activities and include office costs, governaiice costs, adininistrative payroll costs. They are incurred direcily iii support of expenditure oil the objects of the charity atid incliide project inanagenieiit carried out at Headqiiaiters. Whei'e suppoirt cosls caniiot be directly altributed to particular headings they have been allocated to cost of raising fiinds aiid expeiidittii'e on cliai'itable activities oli a basis consistent with use of tlie resources. Preinis¢s overh¢ads hav¢ beeii allocated on an insei'l detail basi5 and otliei- overlieads have been allocated oli a basis consistent with th¢ use of resources. Fund-raising costs are those incLirred in seeking voluntary contributions and do not include the costs of disseminatiiig informatioii in support of tli¢ charitable activities. (fj Tangible fixed assets Taiigibl¢ fixed assets arc stated at cost less accumulated depreciation aiid accumulated itnpairment losses. Cost iiicludes costs directly attributable to making th¢ asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estiiiiated residual value, of each asset on a systeinatic basis over its expected useful life as follows.. Land & Buildings 40/0 Slraiglit line Fixtures aiid fittings 250/0 R¢ducing Balaiic¢ Coniputei- Equipment 25U/o Reducing Balance Motor Vehicles 25 /0 Reducing Balance Spoits Pi-oject 25 /, Reducing Balance (g) Financial Instruments A financial asset or a fiiiancial liability is recognised only wheti the chaiity becoines a pai'ty to the onti'actual provision of the inslruin¢nt. Basic finaiicial instiuiiients air initially t'¢cogi)ised al Ilie amounts i'eceivable or payable incliiding any i'elated ti'ansactioii costs. Current assets and curreiit liabilities are subsequeiiily ineasiired at tlie cash or otlier consideralion expected to be paid or relived aiid noi discounted. Debi instruiiieiits are siibsequeiitly ineasiii'ed al amoi-lised cost. 20 contiiiued...
Lower Ormeau Residents Action Grou Notes to the Fiiiaiicial Statements - continued for the Year Ended 31 March 2023 ACCOUNTING POLICIES - continued Summary of significant accounting policies Whei'e investiiients in shares are publicly ti-aded oi- their fair value can oihenvise be measui-ed reliably, tlie investinent is subscqueiitly ineasiired at fair valiie with cliaiiges iii fail. value recogiiised in income and expenditui'e. All other sucl) inv¢stiiients are siibsequenily iiieasured at cost less impainiient. Other financial insttiiiiients, including derivatives, ar¢ initially recognised at fair value, uiiless payinent foi. an asset is defei'red beyond noiinal business teiins or financed at a rale of interest tliat LS not a inai'ket rate, iii which case the asset is measured at tli¢ preseiit value of the future payinenls discounted at a mai'ket rate of iiit¢r¢st for a similar debt insti'uinent. Other finaiicial iiistrutiients ai'¢ siibsequeiitly ineasured at fair value with aiiy chaiiges i-ecogtiised in the statement of financial activities, witli the exception of hedgiiig inslruinents in a designed hedging relati01111p. Fiiiaiicial assets that al'e measured al cost or amortised cost air reviewed for objective evidence of inipaimient at the end of each repoi'ling date, if there is objective evidenc¢ of inipaiiment ali iinpainneiit Ioss is recogiiised undei. the appropi-iate headiiig in the stateinent of financial acliviti¢s in whicli the initial gain is iecognised. For all eqiiity instruineiits regardless of Signific]Ce, and other financial assets that are individually significant, these are assessed individually for impairinent. Other finaiicial assets ar¢ either assessed individually or gi'ouped on tlie basis of siinilar ci'edit risk characteristics. Any reversals of iinpainnent al'e recogiiised immediately, to the exteiit Iliat tlie i-eversal does not result in a canying amourAt of the financial asset iliat exceeds what the canying amount would hav¢ been liad the impaii'iiient not previously been recognised. (h) Impairment Assets not Ineasured al t.air valiie al'e reviewed foi- any indication that tlie asset may be impaii'ed al eacli balance sheet date. If such indicalioii exists, tlie recovei'able amouiit of tlie asset, or the asset's cash geneL'atiiig unit, is estiiiiated and coiiipared to tlie carryiLig ainount. Wliere the carrying amoiint exceeds its recoverable amouiit, an iinpairmeiit loss is i'ecognised in profit oi. loss unless Ilie asset is caNied at a revalued amount whel'¢ the impairmeni loss is a revaluation decrease. (i) Provisions Pi'ovisioi)s al'e recogiiised wheii the charity has ai) obligatioi) at the balance sheet dale as a resiili of a past event, it is pi'obabl¢ that ali outtlow of ecoiioinic ben¢fits will be i-equired in seiileinent and Ilie aimount cali be reliably estiinated. (J) Leases Assets acquii'ed undey finance leases are capilalised and depreciated over the slioitey of the lease terni and the expected usefiil life of the asset. Miniii)iiiii lease payftneiits are apporlkoned belwe¢n the tinance charg¢ and the i'edLiclion of tl)¢ outstandiiig lease liability using tlie effective iiiterest Inethod. The related obligations, iiet of futui'e finance charges, are included iii ci-edilors. 21 coiitiiiiied.
Lower Ormeau ResAdents Action Grou Notes to the Financial Statenients- continued for the Year Ended 31 March 2023 ACCOUNTING POLICIES - continued Summary of sigiiifieant accounting policies Rentals payable and receivable under opei'ating l¢ases ai-¢ chai'ged to the SOFA on a stt?ight line basis over the period of tlie lease. (k) Tax No provisioii is required for taxation as the coinpaiiy is defiiied as a charity for taxation puOses. The charity is a registered charity aiid so such As entitled to certain tax exeinptions on incoine and profits froiii ii)vestinents ai)d sui-pluses oli any earned iiicoine activities carried on iii furtheraiice of the chai'ity's primaiy objectives, if tliese profits and surpluses are applied solely for charitable purposes. (l) Going concern The fiiiancial stateinents have been pi'epared on a going concern basis as the Iriistees believe Iliat no Inaterial unceitainties exist. The trustees have considei'ed tlie level of fiinds held and the expected level of income aiid exp¢nditur¢ for 12 months from authorising these financial statements. The budgeted incoine and exp¢nditure is sufficient with tlie level of i-eserves foi. the cliarity to be able lo continue as a going concern. (m) Judgemeiits estiniates Tlie followiiig judgements includiiig those involving eslitnates tlial have been niade in ihe process of applying the above accounting policies tliat have had the most signfiticant effect on tlie amounts recogiiised iii the fiiiaiicial stateiiients aiid tl)at l)ave a significaiit risk of causing a material adjustiiient to the cariying amounts of assets and liabilities within the n¢xt financial yeai.: (i) depreciation Iiiethod and asset useful lives (li) plincipal assuiiiptions used to measure miilti-employei. defined benefit pension scliemes, liabilkties, sensitivities to changes in assuinplioiis and Futur¢ funding obligatLOI)S The estiiiiates aiid assuinptioiis are reviewed on an ongoiiig basis coiisidering tlie current and futur¢ Inarket conditions. Pension costs and othcr post-retirenient benefits Tlie charitable coiiipany opei'ates a defiiied ¢ontribiitioii peiision scheme. Coiilributions payable to tlie charitabl¢ coiiipany's pensioii sclieiiie are charged lo the Slateiiieiit of Fiiiancial Activities iii tlie period to which they relate. Ineome All income is recognised in Ilie Stateinent of Finajicial Aclivities once the cliarity has eiitilleinent to the ftinds, it is probable that tli¢ iilCOiTJ¢ will b¢ received and the amouiit can b¢ ineasiired i-eliably. Expeiiditure Liabilities are iecogiiised as expenditui'e as soon as tl)ere is a legal or constructiv¢ obligation colmiiiitting tlie chai'ity to that expenditure, it is pi-obable that a Iraiisfer of econoinic beiiefits will be requii'ed in settleiiienl and the aniounl of the obligation can be ineasured i-eliably. Expeiiditure is accouiited foi. oli an accruals basis aiid has beeii cla.ssified uiider headiiigs tliat aggregate all cost related to tlie category. Wliere costs caimot be dii-ectly alli'ibuted to pailicular headliigs they have been allocated to activities on a basis coiisisteiit witli tlie use of resources. 22 contiiiued...
Loiver Ormeau Residents Action Grou Noles to the Financial Statenients- continued for the Year Ended 31 March 2023 ACCOUNTING POLICIES - continued Share capital Tlie Coiiipany in Limited by Guarantee and lias no Share Capital Fiind accounting The Chai'ily has vai'ious types of fijnds for which il is responsible, aiid which requir¢ separate disclosure. These are as follows., (i) Restricted Fuiids Gi-aiits or donatlons received, which are eannai'ked by the donor for specific purposes within the overall aims of the organisation. (li) U]estriCted Funds Fiinds which are expendable at the disci'etion of tlie Diirctoi's in fuithei?nce of Ili¢ objects of Ihc charity. Such funds inay be lield iii order to fiiiance capital inveslineiit aiid working capital DONATIONS AND LEGACIES 31.3.23 31.3.22 Donations & Fundi'aising 307 1,016 EARNED INCOME 31.3.23 31.3.22 Project Entry Fees Di-ink Sales Commissioii Dance Studio Gyiii 3G Pitch Main Hall Conti?cted Income CIU Building Relit Rent 13R River Ten'ac¢ St Malachys Playgroup Management Fees Co-operation Ireland Todds Leap 4,384 2,416 8,580 50,435 46,721 14,566 1,657 878 9,095 47,033 46,530 16,527 18,507 i 0,000 6,921 2,635 6,250 5,400 4,664 6,044 6,000 2,814 158,274 159,783 23 contitiued...
Lower Ormeau Residents Action Grou Notes to the Fiiianci81 Staten)ents - continued f r the Year Ended 31 March 202 1Tr4COME FROM CHARITABLE ACTIVITIES 31.3.23 31.3.22 Activily Grants Receivable Grants 957.716 870,005 Grants received, included in the above, are as follows.. 31.3.23 31.3.22 Belfast City Council - Revenue BHSCT Public Health Agency Early Years - Pathway fiind Coiiiniunity Foundation Nl Nl Housing Execiitive - Gene131 Co-operatioii Irelaiid Activ¢ Belfast Belfast City Coiincil - Small Pi'ojects Belfast City Council - (Capacity Build) Belfast City Couiicil - Biisiiiess Cluster Belfast City Council - Good Relalioi)s Departin¢nt of Coniiniiiiities (DFC) The Executive Office - TEO Education Auihoi'ity - Belfast Region Belfast City Couiicil - Su)nmei' Sclieme Jog Belfast Bogside and Brandywell Health Foniin Albert Street Covid Prograinme Forwai"d South Dev. Funds Feile An Phobail Belfast City Coiincil - Covid Podiuin 4 Spoits Claiiiiiill Housing for Health Ci'eggan Healtlily Liviiig (WWC) Belfast City Coiincil - Covid 19 HMRC - CJRS (Salai'ies) Belfast City Couiicil (Coiii Kitchen Equipnient) Belfast City Council - {Mediutn) Belfast City Council - (Mens Futui'e D¢v.Programiiie) Belfast City Coiiiicil - (Africa Cup) PLiblic Health Agency - H¢althwise Public Healih Agency - Wellbeing Prograinme UrbaIi Villages Healtliy Living Alliance (Pain) IFA Bi'itisli Red Cross Coriyineela Project Queens Uiiivei'sity Belfast City CoLiiiciI - ADF 67,433 153,588 52,260 29,993 49,101 4,837 61,200 178,182 40,658 29,993 2,312 3,748 6,745 1,021 45,150 10,624 2,924 42,000 19,621 3,730 106,116 46,987 11,942 2,500 6,000 48,221 105,386 47,853 17,000 12,300 43,427 522 5,140 10,025 11,242 3,053 24,000 3,000 3,000 83,357 57,453 1,844 2,320 4,830 6,400 38,480 4,432 12,682 35,972 1,563 3,950 3,060 4,120 1,600 39,996 9,512 85,298 529 18,198 1,000 14,728 Carried foiivard 874,153 870,005 24 contiiiued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements- continued for the Year Ended 31 March 2023 INCOME FROM CHARITABLE ACTIVITIES - continued 31.3.23 31.3.22 Brought foiwai'd Belfast City Council - Fiiel Support Belfast City Coiincil- Emei'ging Needs Belfast City Coui)cil - Micro Keep Nl (KNIB) Spoit NI The Harbour Commission 874,153 69,677 1,400 ,186 500 9,800 1,000 870,005 957,716 870,005 CHARITABLE ACTIVITIES COSTS Support osls (se¢ iiote 6) Direct Costs Totals Direct Charilable Expenditure Governance 1,111,730 1,111,730 22,083 22,083 1,111,730 22,083 1,133,813 SUPPORT COSTS Govemaiice costs Goveniance 22,083 NET INCOMEI(EXPEINDITURE) Net incoinel(¢xpeiiditui-e) is stated aftei. chargingl{crediting): 31.3.23 31.3.22 Accoiiiilancy Audit Fee Deprecialion - owned assets 2,000 2,662 22,396 2,000 2,344 26,996 25 coiitinued.-.
Loiver Ormtau Residents Action Grou Notes to the Financial Statenients - continued ror the Year Ended 31 March 2023 TRUSTEEI S, REMUNERATION AND BENEFITS There were iio Istee8, r¢inuneration or other benefits for the yeai- ended 31 March 2023 nor for the yeai. ended 31 MarLh 2022. Trustees, expenses Thei'e wei'e no twstees, expenses paid tor the y¢ar ended 31 March 2023 1101. foi. the year ended 31 March 2022. STAFF COSTS 31.3.23 31.3.22 Wages and salaries Social security costs Other pension costs 480,802 29,044 6,565 471,257 29,264 7,037 516,411 507,558 The average montlily numb¢i' of einployees during the year was as follows: 31.3.23 26 31.3.22 27 Manag¢iiient & Administi'ation No employees received emoluinents in excess of £60,000. Tlie key manageinent personnel of the cliarity comprise of the Chief Executive and Senior Inanagetiieiit teain. The salai-i¢s paid to key iiiaiiageiiienl pei'sonnel beiiig the Chief Exccutive Officer, Prograiniiie Co-oi'dinatoi's and Finance Manag¢i', dui-ing the year totalled £190,595. (2022.. £203,467). 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Utll'esti-icted Restricted tunds nds Total fiinds INCOME AND ENDOWMENTS FROM Donations and legacies 1,016 1,016 Charitable activities Grants Receivable 57,453 812,552 870,005 Earned liiconie 159,783 159,783 Total 218,252 812,552 1,030,804 EXPENDITURE ON Charitable activities Direct Chai'itable Expeiidittire Governance 121,612 862,432 18,225 984,044 18,225 26 Coiitiiiued..
Loiyer Ormeau Residents Action Grou Notes to the Financial Staten)ents - coiitinued for the Year En ed 31 March 2023 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontinued Unreslricted Restricted nds funds Total funds Total 121,612 880,657 1,002,269 NET INCOMEI(EXPENDITURE) 96,640 (68,105) 28,535 RECONCILIATION OF FUNDS Total funds bi"ouglit foiwai'd 496,360 71,149 567,509 TOTAL FUNDS CARIUED FORWARD 593,000 3,044 596,044 TANGIBLE FIXED ASSETS Sports Equipinent Laiid & Buildings Computeis & Equipiii¢nt COST At l Api-il 2022 Additions 2,442,161 799 185,575 90,940 374 At 31 March 2023 2,442,960 185,575 91,314 DEPRECIATION At l Api'il 21122 Charge for year 2,392,471 11,736 37,115 7,423 83,519 2,835 At 31 Marcli 2023 2,404,207 44,538 86,354 NET BOOK VALUE At 31 March 2023 38,753 141.037 4,960 At 31 March 2022 49,690 148,460 7,421 27 coiitiiiued.-.
Lower Ormeau Residents Action Group Noles to the Finaneial Statements- contiiiued for the Year Ended 31 March 2023 I I. TAIqGIBLE FIXED ASSETS - eontinued Motor vehicles Fixtui-es & Fittings Totals COST At l Api'il 2022 Additions 15,519 5,689 2,739,884 1,173 At 31 Marcli 2023 15,519 5,689 2,741,057 DEPRECIATION At l April 2022 Cliai'ge for year 15,519 4,083 402 2,532,707 22,396 At 31 mai.ch 2023 15,519 4,485 2,555,103 NET BOOK VALUE At 31 March 2023 1,204 185,954 At 31 Marcli 2022 1,606 207,177 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Urban Villages Tlie Executive Office - TEO Feile Ali Phobal Belfast City Coiiiicil Woinen's Group Proj¢¢t PHA Spoits NI Depi of Communities CRI Building - Relit Prepayineiits and accrued inconie 12,682 22,496 3,053 21,373 12,682 23,317 27.680 1,563 30,376 9,800 17,237 6,250 10,105 14,553 10,000 3,968 133,372 93,763 28 coiitinued..
Loiver Ormeau Residents Action Grou Notes to the Financial Statenieiits - continued for the Year Ei nded 31 March 2023 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.23 31.3.22 Social securiiy aiid othei. taxes Ci'edit Card Coronavii'us BBL (Loan) Pension AccNals Grants in Advance 2,104 9,103 32,357 2,390 5,190 5,810 42,054 1,511 44,943 49,101 51,144 143,419 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.23 Total funds 31.3.22 Total funds Uiirestricted nds Restricted ftinds Fixed assets CLiri'¢nt ass¢ts Current liabilities 161,479 460,673 (51,144) 24,475 (16,955) 185,954 443,718 (51,144) 207,177 532,286 (143,419) 571,008 7,520 578,528 596,044 15. MOVEMENT IN FUNDS Net nioveinent in funds Transfers between funds At 3113123 At 114122 Unrestricted funds General Fiiiid Designated Fund 489,000 104,000 (21,992) (292,000) 292,000 175,008 396,000 593,000 (21,992) 571,008 Restricted funds Capital Grant Fuiid D¢paitinent of Coinmiiiiities (DFC) 3,044 (3,044) 7,520 7,520 3,044 4,476 7,520 TOTAL FUNDS 596,044 (17,516) 578,528 29 continued..-
Loiver Ormeau Residents Action Grou Notes to the Financial Statements - contiiiued for the Y ar Ended 31 March 2023 15. MOVEMEI NT IN FUNDS - continued Net movenient in funds, included in the above are as follows: Incoiiiiiig resources Resoiirces expended Moveinei)t in funds Unrestricted funds G¢neral Fuiid HbOllr Coinmission Claiiinill Housing 164,581 1,000 3,000 (186,573) ( 1,000) (3,000) (21,992) 168,581 (190,573) (21,992) Restricted funds Capital Grant Fund Belfast City Couiicil -Revenue BHSCT Early Years - Pathway fund Public Health Agency Cominunity Foundatioii Nl Nl Housing Executive - General Active Bclfust Belfast City Couiicil - Sinall Projects Bclfast City Council - (Capacity Build) Belfast City Coiincil - Busiiiess Clusler Belfast Cily Council - Good Relations Depaitin¢nt of Conimiinities (DFC) The Executiv¢ Offic¢ - TEO Education Auiliority - Belfast Region Belfast City Council- Suininer Scheine Bogside and Bi'andywell Health Fonvai'd South Parl Dev. Fuiids Belfast City Council - Covid Podiuin 4 Spoils Fell¢ An Phobail Belfast City Coiincil - (Mediuin) Belfast City Couiicil - (Africa Cup) Public Health Agency - Healthwise Urban Villages Healtl)y Living Alliance (Pain) IFA Coriymeela Project Belfast City Couiicil - ADF Queens Univei'sity Belfasi City Coiiiicil - Fuel Siippoit Belfast City Council - Em¢rgiiig Needs Belfast City Coui)cil - Mici'o Keep NoriheL'lI Ireland Beaiiliful Spoit Nl (3,044) (67,433) {153,588) (29,993) (52,260) (49,101) (4,837) (10,624) (2,924) (42,000) (19,621) (3,730) (98,596) (46,987) (11,942) (2.500) (48,221) (11,242) (3,044) 67,433 153,588 29,993 52,260 49,101 4,837 10,624 2,924 42,000 19,621 3,730 106,116 46,987 11,942 2,500 48,221 11,242 7,520 24,000 3,053 4,120 1,600 39,996 9,512 85,298 529 18,198 14,728 1,000 69,677 1,400 1,186 500 9,800 (24,000) (3,053) (4,120) (1,600) (39,996) (9,512) {85,298} (529) (18,198) (14,728) ( 1,000) (69,677) (1,400) (1,186) {500) (9,800} 947,716 (943,240) 4,476 30 contiiiued.
Loiver Ormeau Residents Action Grou Notes to the Financial Statements - continued for the Year Ended 31 March 2023 IS. MOVEMENT IN FUNDS - ¢ontiniied TOTAL FUNDS 1,116,297 (1,133,813) (17,516) Comparatives for movement In funds Net iiioveinent in ndS Transfeis between fuiids Al 3113122 At 114121 Unrestrieted fuiids General Fund Des1}ated Fund 287,363 208,997 96,640 104,997 (104,997) 489,000 104,000 496,360 96,640 593,000 Restricted funds Capital Grant Fiind Public Health Agency Belfast City Couiicil - Covid 19 UCIL Ltd. Covid Social Enterprise Fund 13,703 6,000 33,934 (10,659) (6,000) (33,934) 3,044 17,512 (17,512) 71,149 (68,105) 3,044 TOTAL FUNDS 567,509 28,535 596,044 31 coiitinued...
Lower Ormeau Residents Action Grou Notes to the Financial Statenients- contiiiued for the Year Ended 31 March 2023 Is. MOVEMENT IN FUNDS - continued Comparative net Inovement in nds, included in th¢ above al'e as follows.. Incoilling resources Resources expended Moveineiil in funds Unrestricted funds General Fund 218,252 (121,612) 96,640 Restricted funds Capital Gi?nt Fund B¢lfast City Couiicil -Rev¢nue BHSCT Eai'ly Yeai's - Pathway fund Public Health Agency NI Housing Executive - General Co-operation li'eland Active B¢lfast Belfast City CoLincil - Sinall Pi'ojects Belfast Ciiy Couiicil - (Capacity Build) Depaitment of Coiiiinunilies (DFC) The Executive Otrice - TEO Educatioii Authoi'ity - Belfast Region Jog Belfasl Bogside and Brandywell Health Albert Street Covld Progi'atnine Forward Soiith Part Dev. Funds Feile An Pl)obail Creggan Healthy Liviiig (WWC) Belfast City Coiincil - Covid 19 UCIL Ltd. Covid Social Eiiteryrise Fund Belfast City Council - (Mens Futiire Dev. Prograniiiie) Belfast City Coiiiicil (Mediuin) Belfast City Couiicil - (Africa Cup) Belfast City Couiicil (Coiii Kitchen Equipinent) Public Health Agency- Healthwise Public Health Agency - Wellbeing Prograniiiie Urban Villages Healthy Living Alliance (Pain) IFA Bi'itish Red Cross Coiiyineela Project (10,659) (61,200) (178,182) (29,993) (46,658) (2,312) (3,748) (6,745) (1,021) (45,150) (105,386) (47,853) (17,000) (12,300) (43,427) (522) (5,140) (10,025) (3,000) (117,291} (10,659) 61,200 178,182 29,993 40,658 2,312 3,748 6,745 1,021 45,150 105,386 47,853 17,000 12,300 43,427 522 5,140 10,025 3,000 83,357 (6,000) (33,934) (17,512) (17,512) 4,830 2,320 6,400 (4,830) (2,320) (6,400) 1,844 38,480 (1,844) (38,480) 4,432 12,682 35,972 1,563 3,950 3,060 (4,432) (12,682) (35,972) {1,563) (3,950) (3,060) 812,552 (880,657) (68,105) TOTAL FUNDS 1,030,804 (1,002,269) 28.535 32 contiiiued...
Lower Ormeau Residents Action Grou Notes to the Finaiicial StAtements- contiiiued for the Year Ended 31 March 2023 16. CONTINGENT LIABILITIES A contijigent liability exists lo r¢pay grants received should certain conditions not be fulfilled by the charity. 17. RELATEI D PARTY DISCLOSURES There were no relaled paity Iransaclions for tl)e year ended 31 March 2023. 18. POST BALANCE SHEET EVENTS There were no events after the i'eporting period Ilierefore no niaterial issues need disclosed. 19, DESIGNATED FUNDS In accordance with best pi'aclice tlie coinpany directors Iiave agreed a compi-elieiisive reserves policy. As sucli, the designated fund is lh¢ result of tlie coinpany's strategic objective to eslablisli Irserves whicli can be used to fund future expeiiditui'e oli refurbishinent or replacemeiit of capital iteins. Siich capital itenis include the football pitches. IT Systems and gym eqiiipinent, aloiig with ancillary running costs. The aim is also to provide sufficient funds to cover aiiy working capital requiL'ements associated willi i'eceiving graiit funding in aii-ears, any unfoirseen costs which may ai-ise, as well as allowing foi. the payinent of aiiy liabilities which would arise should the compaiiy c¢ase to operale. Although Lower Ornieau Residents Action Gi'oup may iiot be in a position to maintain this level of reseives at a particular point in tiine, it will strive to aclii¢ve a reseive whicli eqiiates to tliis level. Desigiiated fuiids are inade up as follows - 3110312023 Running Costs John MuiTay Lockhouse Pi'oj¢ct Pitcli Replaceiiient IT Systeins Fuimishings Projected Salaries Shoitfall 50,000 186,000 35,000 20,000 55,000 50.000 TOTAL 396,000 The trustees pi-¢viously designated utu-esti'icted funds of £186,000 for the puichase of tlie Johii Murray Lockliouse for the developnieiit as a Healthy Hub providing, 2 spaces activity Studios, coiifereiice i-ooin, café with access to a significant kitcl)en catering to a gl'owing catering aiid li'aiiiing seivice. The Lockhouse will link witli a coininunity gardeii, poly-tLiniiel and shed, providing niuch needed access to gi-een space. The final pliase of tlie ov¢i'all d¢velopinent will see the delivery of a footbi-idge and slipway for a new public rivei- access point, and iiearby boat stoi'age area. LORAG contributioii of £186,000 for the iiiitial purcliase of tlie propety will fonn pai't of a title with The Executive Office foi. tlie period of 25 yeai-s. 33 contiiiued..
Lower Oi'meau Residents Action Grou Notes to the Financial Staten)ents- continued for the Year Ended 31 March 2023 19. DESIGNATED FUNDS - continued Moving foiivai-d into 2023124 as a commuiiity lead charity LORAG are coiiscioiis of Ilie ongoing legacy of COVID 19 and Ilie cuirent ecoiiomic climate and Ilie potential challenges Ihese will plac¢ on the orgaiiisation iiioviijg foiwai'd. 20. WINDING UP Every meinber of the Coinpaiiy ui)dertakes to coiilribiite to the assets of the Coinpany, in the eveiit of the same being wound up while il is a inember. oi- wiiliin oiie yeai. after it ceases to be a member, for i)ayinent of tlie debts aiid liabilities of tlie Con)pany contracted before il ceases to be a member, and of the cosls, charges and expenses of winding up, and for the adjustment of the rights of the contributols amoiig tlienis¢lv¢s, sucli ainoiint as inay b¢ i'equired not ¢xceeding one pound. 21. SHARE CAPITAL The Coiiipany 15 Limited by Guai'antee aiid has no Shal'e Capital 22. COVID-19 The trustees continue to monitor tlie impact of Covid 19. The trustees believe Iliere is no adjustilig events to repoit aftei. the i'epoiting date.The tivslees will continue to Inonitoi- the situatuion closely lo secure the viability of the orgaiiisatioii. 34
Lower Ormeau Residents Action Grou Detailed Statement of Financial Activities for the Year Ended 31 March 2023 31.3.23 31.3.22 INCOME AND ENDOWMENTS Donations and legacies Donations & Fundraising 307 1,016 Earned Income Project Entry Fees Drink Sales Coimtnission Dance Studio Gym 3G Pitch Mail) Hall Contracted Inconie CRI Building Rent Rent 13R River Tei'i'ace St Malachys Playgroup Management Fees Co-operation li-eland Todds Leap 4,384 2,416 8.580 50,435 46,721 14,566 1,657 878 9,095 47,033 46,530 16,527 18,507 10,000 6.921 2,635 6,250 5,400 4,664 6,044 6,000 2,814 158,274 159,783 Charitable activities Grants 957,716 870,005 Total incoming resources 1,116,297 1,030,804 EXPENDITURE Charitable activities Wages Social security P¢nsions Rates and water Insuraiice Pi'emium Electricity Telephone Priiitiiig and Slalionery Suppoi-l Costs Sundiies Heating Cosls BCC Capacity Carried foiward 480,802 29,044 6,565 1,414 4,241 30,095 2.570 7,507 915 471,257 29,264 7,037 4,502 5,866 26,868 2,052 7,717 3,131 15 9,116 18,505 13,168 594,826 566,825 Tliis page does not forjii part of tlie statutoiy finaiicial statements 35
Loiver Ormeau Residents Actlon Gi'ou Detailed Statement of Financial Activities for the Year Ended 31 March 2023 31.3.23 31.3.22 Charitable activities Brought forward Coiiiputei. Traiiiing aiid IT St Patrick's Day Events Youth Project Costs Children's Project Costs Softwar¢ and Mainlenance Corrymeela Pi'oject Cost Urban Villages Lagan in a Bubble Minibus Expenses Healtli Project Costs Queens Ethnic Miiiority Oldei- & Active Project Woinen's Group Pi'oject Co-Opei?tion Ireland Project BCC Covid Sports Packs BCC Africa Cup BCC Asyluin DispeiBal Jog Belfast Project Cost Fainily Suppoit Pi-oj¢ct - BHSCT Housiiig Executive Project HLA Pain Alliance Small Projects Cost Forward South Dev Fund Project Pathway Project Costs Repairs and Maintenance Community Fouiidation Advertising & Publications Sports Nl Canoes Uniforms Donations Paid Education Auihority Belfast Region TEO Pi'oject Costs BRC - Events Pi'oject Costs F¢ile An Phobail Project OFMDFM Pi"oject Cost BCC Wiiiter Voucher Suppoit BB Health Project Cosls Depreciatioii 594,826 10,030 566,825 15 40 845 33,949 31,949 4,426 1,317 5.977 19,234 21,621 16,754 11,138 3,298 1,720 862 13,243 4,765 5,551 3,141 1,563 1,641 24,000 58,480 8,135 7,460 2,005 107,630 6,264 60,603 10,610 7,230 841 87,738 2,161 46,219 16,233 1,109 1,680 17,556 24,085 19,404 1,915 9,980 4,199 2,749 2,912 597 2,064 7,674 3,471 17,356 18,413 2,988 4,286 26,996 13,868 13,278 3,653 65,422 7,384 22,396 1,111,730 984,044 Support costs Tliis page does not fonn pait of tl)e statutory finaiicial slatements 36
Loiver Ormeau Residents Action Grou Detailed Slatemeiit of Finaneial Activities for the Year Ended 31 March 2023 31.3.23 31.3.22 Support Costs Covernance costs Accountancy Audit Fee Cleaiiing aiid Consuniables Professional and Legal Fees Sky TV subscriptions Baiik Charges 2,000 2,662 8,696 4,998 2,000 2,344 7,287 2,216 917 3,461 3,727 22.083 18,225 Total resoui'ces expended 1,133,813 1,002,269 Net (expenditure)/income (17,516) 28,535 Tliis page does not forni pait of the 8tatulory financial stateineiits 37