REGISTERED COMPANY NUMBER: N1037894 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC 104799 ort of the Trustees and Finaneial Statements for the Year Ended 31 March 2024 for Lower Ormeau Residents Action Grou Acom an Limlted b Guarantee Lynn Drake & Co Ltd Statutory Auditors I st Floor 34 B-D Main Street Moira Co. Am]agh BT67 OLE
Lower Ormeau Residents Action Group_ Contents of the Financial Statements for the Year Ended 31 March 2024 Page Reference and Administrative Details Report of the Trustees 2 to 10 Report of the Independent Audltors Statement of Financial Activities 15 Statement of Financial Position 16 Statement of Cash Flows 17 Notes to the Statement of Cash Flows 18 Notes to the Financial Statements 19 to 36 Detailed Statement of Financial Activitles 37 to 39
Loiver Ormeau Residents Action Grou Reference 8nd Administrative Details f r the Year Ende 31 Mar h 2024 TRUSTEES John GoiThl¢y Marie Cavanagli Lucy Rice lain Cameron Daniela Conte (resigned 9/1112023) Maric Lavery Donna Namukasa Ronan McKenna (resigned 911112023) Einina Faulkner (appointed 911112023) COMPANY SECRETARY Gerard Rice REGISTERED OFFICE Shaftesbury Centre 97 Balfour Ave Belfast Co. Atttrlm BT7 2EW REGISTERED COMPANY NUMBER N1037894 (Northern Ireland) REGISTERED CHARITY NUMBER NIC 104799 AUDITORS Lynn Drake & Co Ltd Statutory Auditors Isi Floor 34 B-D Main Street Moira Co. Amiagh BT67 OLE BANKERS Allied Irish Bank 35 Univ¢rsity Road Belfast BT7 IND CHIEF EXECUTIVES Mr Gerard Rice / Ms Natasha Brennan
Lower Ormeau Resldents Action Grou Re ort of the Trustees for the Y ar Ended l March 2024 The trustees who are also directors of the charity for the purposes of tlie Coinpani¢s Act 2006, present their report with th¢ financial statements of the charity for the year ended 31 March 2024. The trust¢¢s have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to cliarities preparing th¢ir accounts iii accordaiice with the Financial R¢portiiig Standard applicablc in the UK and Republic of Ireland (FRS 102) (effective l January 2019).
Loiver Ormeau Residents Action Grou ort of the Trustees for the Year Ende l March 2 24 OBJECTIVES AND ACTIVITIES Objectives and aims In 2023124 the Lowei. Ornieau Residents Action Group (LORAG) has continu¢d to deliver and enhance a range of important seivices to meet its strategic goals of providing healili, social, leisur¢ and developmental aclivities while developing the socio-ecoiioinkc profile of the ar¢a, Our cor¢ projects in the areas of childr¢ii, youth, health and cohesion have operated extremely successfully, achieving key targets in terms of numb¢rs and diversity as well as the quality and effectiveness of the progranllnes on offer. LORAG as a community development organisation has maintained a "cradle to the grave" approach in ilie organisalion's delivery of services with a key focus around children, young people and families to deliver holistic support to families with children aged from 2-18 years. Cor¢ developm¢nt funding again cam¢ through the Department for Communities Belfast R¢generation Neighbourhood Renewal programine, supporting LORAG deliver childrei), youih-based services aiid the wider development of services from Shaft¢sbury. This includes delivery of an afterschool progranim¢ for 5-1 l-year-olds, 350 sessions for 5-1 l-year-olds over the school year, 10 specific targeted programmes for 65 childr¢n. Al key times of school closures, Suminer, Christmas and Hallow¢¢n, LORAG ran diversionary and Ihemed programmes along with sports camps for children and young people. The Department for Communities funding also allowed for delivery of core youth services including a youth drop in 5 nights per week, delivery of personal development programmes, art programmes and diversionary trip I residential breaks for youth aged 12-25 y¢ars. Youth staff sought to provide a safe spac¢ for young people to develop and build their skills, understand relationships and take part in a range of personal development pi'ogrammes. Funding enabled LORAG to develop rther programmes in partnership with th¢ young people and other key agencies such as Common Youth, Wheelworks and other local organisations. Additional funding was received from the Education Authority to suppoit LORAG'S youth work in the areas of good relations, community safety and diversionary activities, targeting k¢y times when young people are vulnerable to engaging in risk taking b¢haviours. Progi'ainmes focused on both tlie children and youth during the 8 week of suniiiier scliool closure. Early Years under the Pathways fund hav¢ again funded a First Start programine delivered from Shaft¢sbiiry for children aged 2 -4 years and their familics the programme includes Crucial ¢ngagem¢nt with parents throughout the year. This project has been hugely successful and is in high demand within the area delivering 7 plus s¢ssAoiis p¢r week. The project has worked with 62 children delivering structured sessions. The Project also delivered 14 stay and play sessions witli 40 par¢nts attending, 8 fainily tTiPS With 50 families attending at least one trip along with 45 parent and toddler s¢ssions. As a Healthy Living Centre, coiniiiuiiity health and well-being is at th¢ core of all LORAG projects. LORAG continues to dellver bespoke The¢ds led health pi'ogrammes, providing innovative initiatives across Soulh and wider Belfast designed to iinprove coinmunity health and wellbeing outcomes. A broad l'ange of health itnprov¢inent progranimes liave been devis¢d to delivei. thesc outcomes, prograinines such as, Healthy Homes, Functional Fitness, Take 5, Strengili and Balance, Fit to Bi'eathe, Cook it, Couch-to-5k, Talkiiig Therapies, Health-wis¢ for example providing access to gym with specialist one to instruction for attendees. LORAG has been able to deliver thes¢ prograniines by creatii)g key partnerships within the Inner South Neighbourhood Ren¢wal Area. Tliis partnership has linked closely with the Belfast Hcaldi Trust and Publi¢ Health Authority securing funding for the delivciy of these vital healtli and wellbeing seivices.
Lower Ormeau Residents Action Grou Re rt of the Trustees for the Y ar Ended 31 March 2 24 Emotional Wellbeing is a key issue for the comniunity. LORAG has aimed inany programines towards developing this s¢rvice over the years. In 2022123 we launched our first self-referral Talking ilierapies s¢rvice as well as a self-referral complimentary therapy off¢ring services across the Inner South ar¢a suppoited by the Cominunity Foundation Mental Healili fund. Over 240 people benefited from these services delivered oii¢-to-one. The project also delivered a range of group capacity buildiijg prograi)llnes designed to build coinniunity capacity and resilience, This programm¢ was funded for 2-year funded programme from 2022123 2023124. The funds ended in March 2024 leaving a significant gap in S¢lf-referral services for r¢sidenls of the I1¢r South Belfast, The outcoines and inipact of this programme were extr¢inely positive in supporting people and their mental li¢aldi. LORAG will continue to seek otlier avenues to bridge the gap created, BHSCT Continu¢ to lld our GP referral based Talking therapies which has be¢n a massive success with LORAG delivering 1421 on¢-to-one talking th¢rapies sessions. The service is very flexible delivered morning, evenings, weekends froin the Centre or via t¢l¢phone directly to the clieiits at hoine. BHSCT also funded LORAG to act as lead in the delivery of the South One Family Support Hub as part of the overall Belfast Family Support network including a small fund to support families with issues that are identified as "gaps in servic¢. This included the delivery of partnership building, collating refeals, connecting services and evaluating Family Support services and the effectiveness of thes¢ services for famili¢s throughout South Belfasl. The hub is in its ninth yeai. and has gon¢ from strength to strength with 316 ferraIS received from a broad range agencies and fnIll¢S with 314 parents and 135 individual childreii eiigaging in a service. Famili¢s referred have reporl¢d positiv¢ outcomes from th¢ir experience with over 85/0 ¢omplcting the full seIce. Over a third of r¢fettals came from fnIll¢S as self-r¢ferrals which is a very encouraging statistic that clearly evidenc¢s a high level of ¢onfid¢n¢e and support for the services deliv¢red from within th¢ hub. BHSCT through th¢ Belfast City Council liardsliip funds also provided fijnding io th¢ hub over the Wint¢r period to deliver an essential voucher scheme to families in parlicular difficulty. Fundiiig was secured for the 9th year from BHSCT for the delivery of a n¢eds led Family Support s¢rvice across wider South Belfast. Support delivered included 38 fainily support home visits, 52 play therapy and meiitoiing progranunes, supporting 52 children and th¢ir pareiit's experiencing anxiety, stress, 92.5 /0 of families completing the programmes r¢ported impi'oved outcomes in their family relationships with 89.5 /0 of the childr¢n aged 5-1 l years completing tlie mentoring progi?Inmes reporting improved levels of confidence and self-esteem. LORAG continues to give and r¢ceive support from the Healthy Living Allianc¢ {HLA) with LORAG acting as lead partners for the ongoing development of the Better Days Pain Support programme co-ordinating tlie delivery of 45 regional Pain Managem¢nl programmes through a Health Social Cal'e contracl. This fuiiding went out to tender in 2023124 and in January 2024 LORAG s¢cui'ed a 5-year contract with HLA thi'ough Department of Health SPPPG to co-ordinate th¢ regional prograinme.
Lower Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 Mar h 2024 The Creating Cohesive Community / Good Relations project has been able to provide a diverse range of programmes supported by funding froin The Executive Office (TEO) with additional funding from Belfast City Council (BCC), Northern Ireland Housing Executive (NIHE) and the Clanmil Housing Association (CHA). These funds have enabled LORAG to work with key partners delivering Good Relations work withtii th¢ Lower Onneau, Botanic, Market and Don¢gall Pass ai)d wider South Belfast areas. The project has continued to provid¢ opportunilics to expel myths, increase understanding and foster a sens¢ of belonging" within and between the community. Buildiiig good relations aniongsl n¢ighbours through the Men's and Women's Good Neighbour programme and in the delivery of IntercuIra1 festival ev¢nts, such as Intercultural day in August, St Patricks festival in March and the Winter Fest in December. All the festivals have liad in the region of 200-1000 people (with Féile na hAbhann / Festival of the River 10,OOO+ altendees) attending to engage in a wide variety of cultural activities. This project has been key in developing the Lockhouse programm¢ delivered from the new Community Garden, Poly-tunnel and shed. Growing a core group of volunteers to give life to th¢s¢ iinportant Good Relations initiativ¢s. LORAG has continued to work on the John Murray Lockhous¢ project, purchased in 2017, LORAG coinpleted a business cas¢ in 2020121 with a further Good R¢latAons Business Cas¢ cotnpleled and approved by Urban Villages l TEO in 2022. A diverse range of partners and funders Iiav¢ supporl¢d the project which aims to develop a Healthy Living hub focusing on ¢inotional wellbeing, a key issu¢ idetitified during the community consultation. The building will house a café opening on to th¢ towpath, two large activity rooms for wellbeing activities and cookery and a confei'ence room foi. gi'oup5 to meet. This will op¢n out onto a community garden and shed where horticulture and boat building will be the focus through key initial projects. We have also furth¢red our aim to develop onto the water and provide an access point for groups to i¢ downstr¢ain, In 2023124 the Community Garden elein¢nt was coinpleted by Suinmer, WAtlI soft opening around September time for localised volunteer programn]es and development. Planning pennission for the wid¢r build of the Lockhouse was agi'eed in April 2023 and the contract for building was tendered and awarded. Funds are in place and the project build phase is to be managed by B¢lfast City Council for this and the larger house build which aims to be operational in 2024. The Urban Villages l TEO progi'amme fund¢d a small but vital pi'oject litl¢d "Up thc Lagan in a Bubble" linked directly to the Lockhous¢ development supported over 30 young people lo take part in taster sessions on the rivei. with further training paddle sports lead by Sport NI Tollymore Outdoor Centre. Working in partnership with Sport NI'S this programme achieved niucli success in g¢tting young people involved in paddle sports activities. Howev¢r, the engagement also highlighted many chall¢ng¢s for th¢ young people tliat took part, many had spent their early years living very much with their 'backs' to the river. For ihem the Lagan was an unsafe, unclean place, fijll of obstacles and danger. Many we found could not swim, a legacy of the Orni¢au Bath's and Maysfield Leisure Centre closures. Unfortunately, TEO end¢d funding for the programiiie in March 2024. F¢ile na hAbhann was delivered for the fourth ycar as a walenvay celebration festival and illuminated the river lagan and towpath with l 0,000 people attending the family festival event with a further 2000 attending local events across the three core coininuniti¢s. This festival was a partnership with Féile an Phobail and a consortia of South and East Belfast partners, We aim lo build on the f¢stival and its deliv¢ry and to expand over the next few years to creat¢ a liive of activity in tliis area over key pei'iods. Belfast City Council revenue 'ant for the inanageinent of the Centre continued with additional funds for Capacity Bvildiiig aloiig with a range of small programme grants has ineant that LORAG has been able to offer suppoit for other smaller organisations and fledgling groups seeking support in the deliveiy of their programmes, govemaiic¢ and developin¢nt. Shaftesbury the Centr¢ i'emains a safe, welcoiningy wanrl, affordable spac¢ for many of the ¢ity's new and ¢m¢rging groups particularly ov¢i' the weekend pei-iods.
Loiver Ornjeau Residents Action Grou ort of the Trustees for Ihe Year Ended l March 2024 Shaftesbury Coinmunity & R¢creation Centre conlinues to open Monday to Sunday covering 96+ op¢ning hours per w¢¢k, 355 days per year with an average daily footfall of 800 peoples per day is the clearest and purest indication of LORAG'S commitment to deliver quality n¢¢ds lead servkces on behalf of the community. LORAG has sought to grow th¢ Social Economy income gen¢rating model wilh the aim of improving services and the growing demand to improve community health and w¢llbeing. This element is facing huge challenges with the current state of the economy and the pressures this has brOU1t on the community. It is hard to sell gym and fitness class memberships while handing out food parcels and vouchers within a cominunity. Income from the hire of services has allowed LORAG to maintain som¢ financial resources for the replacement of ¢quipment rcpair and renewal, and increased salaries. However, pr¢ssures ar¢ rising with current fuel, gas and electrickty costs up over IOOO/o Putling hiige financial pressure oil the organisation. Grdnt uplifts have been unable to keep in line wlth costs increas¢s. LORAG is increasingly dependent on the income generated from within to ineet addilioiial costs. Th¢ sudden closure of St John Vianney Youth Club which provided much needed Youtli Services within area for the past 40 years clearly shows the impact that redu¢¢d funding coupl¢d with pressure on the voluntary sector to deliver Seic¢S has had on groups of long standing.. Following a public meeting LORAG was tasked with protecting th¢ youth facility and funding that had been available for ih¢ reinstatement of the service. LORAG hav¢ ¢ngaged independ¢nt consultants Sector 3 Solution to undertake an examinalion of the issues that lead to the closure of the setting and to agree a coinmunity response plan. LORAG have met with other cotnn]iinity youth providers, the facility owners Down and Conor Dioc¢se and Education Authority as the statutory ag¢ncy responsible for the delivery of such service. LORAGS plans have been adapted throughout the year to best ineet the communities need for services while ren]aining aware of the inflationary fuel / energy, rising food prices and the impact this is having for many within the community. While LORAG continue to inaintain our aim of delivering coiiiinunity services whil¢ keepkng within our strategic aiins of conlliiunity growth and regeneration, day to day issues, such as thos¢ being expei'i¢Thced are placing huge pressures on the organisation staff and limited resources at this time, Principle actfivities and Future Developn)ent Lower Onneau Residents Action Group (LORAG) is a regi.st¢red charity whose purpose is to proinotc the benefit of the r¢sidents of the Lower Onn¢au area without distinclion of ag¢, sex, race, political. religious or other opinion. LORAG meets these objectiv¢s by liaising with various statutory agencies, voluntary organisations and Belfast City Council and various Stonnont Departinent which have responsibility for the ar¢a,
Lower Ormeau Residents Action Grou ort of the Trustees for th Year Ended 31 IKarch 2024 OBJECTIVES AND ACTIVITIES Public benefit Purpose I Work in partnership to advance education and preserve, protect health aiid wellbeing. The b¢n¢fAt that flows from this purpose is the d¢velopnienl of targeted educational and h¢alth servic¢s for fainilies, increasing family oppoitunities for family ¢duGational altaimnenl, reducing poverty, stress and anxiety for families, increasing family health and wellbeing. The ben¢fits are demonstrated through baseline and final evalualions using a range of measures to collect qualitative and quantitative data across our programines. The data collected includes self-efficacy, w¢llbeing scales alld CORE NET as core data to demonstrate change, as well as Important focus groups, parent fecdback, participant questionnaires and ongoing monitoring by staff and volunteeiB. We monitor family and individual wellbeing, iiicrcased educational attainment, personal dev¢lopnient, redu¢ing poverty, sti'ess, and anxiety for resid¢nts The risk of ham) for service users are car¢fully considered prior to th¢ delivery of services.. Purpose 2 To provide communiiy based facilities in the interests of social welfar¢ for recreation and leisure lime occupation with the object of improving the conditions of life for the said inhabitants. The benefit that flows fi'oin this purpose is the d¢velopment of a family fiiendly community healthy living hub, offering iiicr¢as¢s access aiid greater participation of famili¢s in sport, r¢creation, ai)d leisure services and thus Improving the conditions of life for inhabitants. Shaftesbury Cominunity and Recreation Centre (the Centr¢} is owned by Belfasi City Council and managed by LORAG under a 25 year lease. The Centre is open 7 days a week (96 hours per week) to the public and currently has a daily footfall of approx. 800 people p¢r day. Th¢ age rang¢ of those avaiEing of th¢ Centre 6 months to 92 years of age. The Centre services include Pre and After-schools, Mental Health, Youth Drop-n, Comniunity Coh¢sion, Health Education, Therapi¢s Rooin, Counselling Rooins, Indoor Sports facility, Danc¢ Studio/Minoi' Fitness Hall, Gym, Outdoor 3g Pitch. The benefits are demonstrated through activ¢ participation and feedback from th¢ beneficiaries, community surveys, and increased usage of the Centr¢. The beneficiaries of services and pi'ograinmes delivered will iiiclude primarily but not ¢x¢lusively residents from the Lower Om]cau, Inner South Belfast, South Belfast and wider Belfast areas. STIUTEGIC REPORT Financial Review of the Year Tlie company had net ouigoiiig resources for the year of £33,433 (2023: net outgoing resources of £17,516), which reflected the completion of a number of projects during the y¢ar. Unrestricted ndS decreased by £25,913, while restricted fuiids decr¢ased by £7,520. The charity continues to work tirelessly to secure incoiii¢ from various sources to finance its ongoing activili¢s with key stakeholders. The maiii sour¢¢ of funding are grants received from various bodies as disclosed in not¢ 4 in the financial stat¢inents.
Lower Ormeau Residents Action Grou Re for ort of the Trustees h Year End 31 March 2 24 STRATEGIC REPORT Financial revleiv Reserves policy Unrestricted funds are essential to provid¢ sufficient funds to cover any unforeseeii costs which inay arise and fulfil the legal obligations of the Charity if ¢urrent l¢vels of income are not maintained. The r¢serves policy has been d¢signed to recognise LORAG'S i-equirements for reserves considering the iDain risks to the orgaiiisation. LORAG has established a policy whereby tlie unrestricted funds not coinmitt¢d should equate to 6 months, total resources expended, unrestricted reserves have not r¢a¢hed that level. The aim is to provide sufficient funds lo covei. any unforeseen costs wliich may arise, recognise the volalile grant environment, rising running and salary costs as well as allowing for the payment of any Itabilities which would arise should the company cease lo operate. Any call upon the use of reserves will be at tlie approval of the LORAG Coininilt¢e whicli will exainin¢ the ratioi)ale for doiiig so and agree ali aiiiount where appropriate. On 31 March 2024, the level of free reserves excluding £148,477 of fixed ass¢ts and capital property purchas¢ was £396,618. (2023 £409,529) which equates to 4 months, expenditure. The trustees have assessed the major risks to wliich the charity is exposed and are satisfied that systems are in place to mitigate exposure to the ftnajor risks. Going concern These f5nancial statements have been pr¢pared on the basis that Low¢r Omieau Residents Action Group will ontinue to operate as a going concern for the foreseeable future. The board liave funding in place to meet running costs for the next twelve months. Th¢ board continu¢ to review the financial position of Lower Onn¢au Residents Action Group on a regular basis. Lower Onn¢au Residents Action Group are curr¢ntly and continually assessing alternative funding oplions and hope to continue ¢haritabl¢ opei?lions in whatevei. capacity deemed appropriale by the board, in line with the deed of trust and the charitgs aims and objectives. Lower Om]eau Resideiits Action Group net assets at 31 March 2024 w¢re £544,095. Th¢ fanCIal statements do not contain any adjustmenls that would arise if th¢ financial statements were not drawn up on a going concern basis. If required these adjustments would be inade lo the balance sheet of the Charity to increas¢ or reduc¢ the value of assets to th¢ir recov¢rable amount, to pi'ovide further liabilities that may arise and to reclassify fixed assets and long term liabilities as CUiTent assets and liabilities. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveriiing document Th¢ charity is conts'olled by its governing document, a deed of trust, and Const1ceS a limited Company, limited by guarantee, as defiiied by the Companies Act 2006. Governance of the Charity During the period und¢r review the directoiE met monthly. Trusteesldirectors ore appointed by iioniinations made in writiiig by any existing director. At the Gen¢Tal Meeting nominated directois arc appointed by election.
Lower Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk n)anagemeiit The principles of good governance are embedded within all aspecls of Lower Ormeau Residents Action Group's operations with mai)ageineiit and staff beiijg k¢¢nly aw8r¢ of the Boards responsibility of ensurliig that the organi5ation protects itself from financial exposure and reputational damage, A clos¢ working relationship is maintained betwe¢n the Board and managcm¢nt to ensure that operationally staff are aware of the standards requiird of them by the Boai'd and the Board are always in a position to provid¢ guidance and support to inanag¢ment iii the discharg¢ of tlieir duties. Tliis two way relationship is the key leature of Lower Onneau Residents Action Group governance arrangements and is a key strength in th¢ company. A conscientious approach to ensuring that contraciual project requirements are achieved has been maintained at all times both in the accounting period being reported on and since Lower Om]eau Residents Action Group's establishment. Very tight fiiiancial controls on expenditure and all financial coinmitm¢nts ar¢ maintain¢d at all limes and project staff Iiave been trained and have b¢come experienced in budgetary controls. In both these areas ie Project delivery and financial coThlrols managein¢nt all staff have established close working relationships with funding organisalions to ensure all mandatory standards ar¢ consistently achieved. Board representatives also activ¢ly engag¢ with funding bodies. Th¢ Board, management and staff a fully aware that the nature of the work in which Lower Omieau Residents Action Group is involved can bring with it a high l¢v¢l of scrutiny to ensure that all activities are fully compliant with funding requireinents and therefore, beyond reproach. The Board of Lower Oimeau Residents Action Group is, therefore. greally reassured of the company's ¢oinplian¢e with the highest of standards of governance on the basis that all monitoring and evaluation of project delivery demonstrates achievement of all thnd¢rs objectives and that fuiiders, audits and vouching of financial expendittire and the statutory audit confimi compliance with both pi'obity and regularity fin the use of monies received. EVENTS SINCE THE END OF THE YEAR Infoiination relating to events sinc¢ the end of the year is giv¢n in the notes to the financial stalements. TRUSTEES, RESPONSIBILITY STATEMENT Th¢ trustees (who are also the directors of Lower Omieau Residents Action Group for the purposes of company law) are r¢sponsibl¢ for preparing the R¢port of the Trustees and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 Th¢ Financial Reporting Standard applicable in the UK and Republic of Irelaiid Company law requires the trustees to prepare financial statements for eacli financial yeai. whicli give a true and fair view of the state of affairs of the charitable coinpany and of the incoming resources aiid application of resources, including the income and expenditure, of the charitable company for that period. In pr¢pai'ing those financial statements, the trustees are required to select suitable accounting policies and ihen apply thein consistently? observe the methods and principles in th¢ Charity SORP. tnake judgements aiid estimates that are reasonable and prudent. state whether applicable accounting standards hav¢ been followed, subject lo any material departures disclosed and explained in tlie financial statements; prepare the financial stat¢n]ents on th¢ going concern basis unless it is inappropriale to presume that the charitable Company will continu¢ in business.
Lower Ormeau Residents Action Grou ort of the Trustees for the Year Ended l March 2024 TRUSTEES, RESPONSIBILITY STATEMENT - contlnued The trustees are responsibl¢ for keeping prop¢r accounting records which disclos¢ with rcasonabl¢ accuracy at any time the financial position of the charitable company and to enabl¢ them to ensure that the financial stateinents coniply with the Companies Act 2006, They are also responsible for safeguardiiig the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulariti¢s. In so far as the Irustees are aware: Iherc is no relevant audit inforniation of which the cliaritable company's auditors are unaware. and th¢ trustees have tak¢n all steps that they ought to have taken to make themselves aware of any r¢levant audit infomiation and to establish that Ili¢ auditors are awar¢ of ihat information. AUDITORS The auditors, Lynn Drake & Co Ltd, will be proposed for re-appoiiitn]ent at the forthcoming Annual G¢n¢ral Meeting. Report of the tNstecs, incorporating a strategic report, approved by order of th¢ board of trustees, as the company directors, on 22 October 2024 and signed on the board's behalf by.. John Gonnley - Tnte¢ 10
ort of the Inde endent AudAtors to the Truste Low r Ormea Residents Action Grou s and Members of Opinion We have audited tlie financial stal¢nients of Lower Omieau Residents Action Group (the 'charitabl¢ conkpany,) for the year end¢d 31 March 2024 which compris¢ the Statcinent of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to tlie finaiicial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in tlieir preparation is applicable law and United Icingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Fiijancial Reportiiig Standard 102 'Thc Financial Reporting Standard applicable in th¢ UIC and Republic of Ireland,. In our opinion the financial statements: give a tru¢ and fair view of the state of the charitable ¢oinpany's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then elided. have been properly prepared in accordance with United Kingdom G¢n¢rally Accepted Accounting Practic¢, including Financial Repoiting Standard 102 'Tlie Financial Reporting Standard applicable in the UK alld Republic of Ireland and hav¢ been prepared in accord8nce with the requirements of the Compani¢s Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicabl¢ law. Our responsibilities under ihose standards are rther described in the Auditors, responsibilities for the audit of the financial stateinents section of our report. We are independent of tlie charitable con]pany in accordance with the ethical requirements that are r¢levant to our audit of the financial statements in th¢ UK, including the FRC'S Ethical Standard, and w¢ have fulfilled our other ¢thical responsibilities iii accordance with these requiremenls. We believe that the audit evidence w¢ have obtained is suffici¢nt and appropriate lo provide a basis for our opinton. Conclusions relating to going concern In auditiiig 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 Iiave perfonn¢d, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signiflcant doubt on the charitable company's ability to ontinue as a going concern for a period of at least twelve months from when th¢ financial statements are autliorised for issue. Our responsibilities and the responsibilfities of the trustees with resp¢¢t to going concern arc described in the relevant sections of this report. Other Inforxnation The trustees ar¢ responsible for the other inforination. The other infonnation coinprises the infomiation included in th¢ Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial slateinents does not cover the otlier inforniation and, except to tlie extent otlienvise explicitly stated in our report, w¢ do not express any fonn of assuranc¢ conclusion th¢reon. In connection with our audit of the financiaR statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other infonnation is materially inconsistent with the financial stateineiits or our knowledge obtaiiied in the audit or othenvise appears lo be inat¢rially iiiisstated. If w¢ identify such mat¢rial incoiisistencies or appai'ent niaterial inisstatemei)ts, we are requii'ed to determine wh¢ther this gives rise to a material iiiisstateineiit An tli¢ financial stateinents themselves. If, based on the work we have p¢rfom]¢d, we Conclude that tliere is a niateA'ial iTJiSStatement of this other inforLnation, we ar¢ required to report that fact. We have nothing to report in this regard.
ort of the Inde endent Auditors to the Trustees and Members of Loiver rmeau Residents Action Grou Opinions on otlier matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the coiirsc of the audit,. th¢ infom)atioii given in the Repoit of the Trustees for the financi81 year for which the financial statements are prepared is consistent with the financial stateinents; and the Report of Ilie Trustees has been prepar¢d in accordance with applicable legal requirenients. Matters on ivhich ive are required to report by exception In the light of the knowledge and understandiiig of the charitabl¢ company and its environinent obtained in the course of the audit, we hav¢ not identified material misstatements in the Report of lh¢ Trust¢¢s. We have nothing to report in respect of the following matters wher¢ the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audlt hav¢ nol b¢en received from branches not visit¢d by us. or the fiiiancial stateinents are iiot in agr¢einent with the accouiiting records and returns. or certain disclosures of trustees, reiiiuneration specified by law are not made; or we have not received all the inforniation and ¢xplaiiations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the trustees (who are also the directors of the charitable company for tlie purposes of coinpany law) are responsible for the preparation of the financial statements and for being satisfied that they giv¢ a true and fair view, and for such internal control as th¢ trnstces determine is necessary lo enable the pirpaialion of financial statements that ai'¢ free from Inatei'ial inisslat¢menl, whether due to fraud or error. In preparing th¢ fii)ancial stateinents, the trustecs are responsible for assessing the charitable company's ability to continue as a going concern, disclosing) as applicabl¢, matters related lo going concern and using tlie going conceni basis of accounting unless the trustees eitlier intend to liquidate the charitable company or to c¢ase operations, or have no realistic alternative but to do so. 12
ort of the Inde endent Audfitors to the Trustees and Members of Loiv r Ormea Residents Action Grou Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financlal stat¢m¢nts as a whole arc free from inaterial misstat¢inent, whether due to fraud or error, and to issue a Report of the Independent Auditors that includ¢s our opinion. Reasonable assuranc¢ is a high level of assurance, but is not a guarantee tliat an audit conducted in accoi'dance with ISAS (UK) will always detect a Inaterial Inisstatem¢nt when it exists. Misstateiiieiiis cali arise froiii fraud or errol. and are considered material if, individually or in the aggregate, Ihey could i'easonably be expected to influ¢n¢e the economic decisions of users taken on the basis of these fiiiancial s¢at¢incnts. The extent to wliich our procedur¢s are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliaiice witli laws and regulations. We design procedures in liiie with our r¢sponsibilities, outlined above, to detect material misstatements in respecl of irr¢gulariti¢s, including fraud. The extent to which our procedures ai'¢ capable of detecting irregularities, includii)g fraud is detailed below: Based on our understanding of lh¢ company aiid industry, we identified the principal risks of non-compliance with laws and regulations as those ihat have a direct impact on the delcnnination of material amounts and disclosures in the financial statements. We evaluated managein¢nt's incentives and opportunities for fraudulent manipiilation of ihe financial statements and deteiinined that the principal risks related to rcv¢nue recognition. We communicated the idcntified laws and regulations throughout the audit teain and remaincd alert to any indications of non-coinpliance tl]Toughout the audit. Audit procedures perfonned included, but were not limited to: Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud: Reviewing the financial statem¢nt disclosures and testing to supporting documentation. Review of board iiieeting minutes of those charged with govcmance; Iii addressing the risk of fraud through manageinent overid¢ of controls, testing the appropriateiiess of journal entries and oth¢r adjustments. As part of an audit in accordan¢¢ with ISAS (UK), w¢ exercise professional judgment and maintain professional scepticism throughout the audit. We also'.- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or eor, design and perforni audit procedures r¢sponsiv¢ to those risks, aiid obtain audit evidence that is sufficient and appropi-iatc to provide a basis for our opinion. Th¢ risk of not detecting a material Inisslatement resulting froin fraud is higher than for on¢ resulting from error, as fraud may iiivolve collusion, forgery, intentional omissions, misrepresentations, or the overrid¢ of internal control. Obtain an understanding of intcmal control r¢l¢vant to the audit in ord¢r to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charities internal control. Evaluate lh¢ appropriaten¢ss of accounting policies used and th¢ reasoiiableiiess of accouiiting esliinates and relat¢d disclosures made by the truslees. Perform analytical procedures to id¢ntify any unusual or unexpected relationships that may indicate risks of material inisstatement due to fraud or errol-. 13
Re ort of the Inde endent Auditors to the Trustees and Members of Lower Ormeau Resident Action rou Conclude on the appropriateness of tlie trustees, use of ihe going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that n]ay cast significant doubt 011 the charilies ability to continue as a going concern. If we Conclud¢ thal a material uncertainty exists, we are required to draw attention in our auditor's report to th¢ related disclosures in the financial staÉ¢menls or, if such disclosui'es are tnadequat¢, to modify our opinion. Our conclusions are based oil the audit evideiice obtained up lo the date of our aiiditovs repoit, However, future events or conditions may caus¢ the charity to cease to continue as a going concern. Evaluate the overall pr¢sentation, structure, and content of the financial statements, including the disclosures and whether the financial statements represent Ilie underlying transactions aiid events in a manner ihat achi¢ves fair prescnlation. We communicate with those charge with governance regarding, among other matters, the planned scope and timing of ihe audil and significant audit findings, including significant deficiencies in internal control ihat we identify during our audit. A further description of our responsibilities for the audit of the financial stateinents is located on th¢ Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description fonns part of our Report of ihe Independent Auditors. Use of our report This report is inad¢ 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 woi'k has been undertaken so that we might state to the ¢haritabl¢ ¢on]pany's m¢iiibers those matters we are required to stal¢ to thein in an auditors, report and for iio other purpose. To the fullest extent permitted by law, we do not ac¢ept or assume responsibility lo anyone other thai the charitable coiiipany and the cliarilable company's memb¢rs as a body, for our audit work, for this r¢po or for the opinions we have fonned. Billy Dra enior Statutory Auditor) for and on be f of Lyt Drake & Co Ltd Statutory Auditoi 1st Floor 34 B-D Main Str¢¢t Moira Co. Annagh BT67 OLE 22 October 2024 14
Loiver Ormeau Resldents Action Grou Statement of Financial Activities or oratin an Income and Ex for the Yevdr Ended 31 March 2024 en re Account 31.3.24 Total funds 31.3.23 Total funds Unrestrict¢d Restricted funds fujids Notes INCOME AND ENDOWMENTS FROM Doiialions and legacies 1,254 1,254 307 Charitable activilies Granls Receivable 177,746 654,368 832,114 957,716 Earn¢d Income 180,297 180,297 158,274 Total 359,297 654,368 1,013,665 1,116,297 EXPENDITURE ON Charitable activities Direct Charitable Expenditure Governance 354,208 31,002 661,888 1,016,096 31,002 1,111,730 22.083 Total 385,210 661,888 1,047,098 1,133,813 NET INCOMEI(EXPENDITURE) (25,913) (7,520) (33,433) (17,516) RECONCILIATION OF FUNDS Total funds bi'ought fonvard 571,008 7,520 578,528 596,044 TOTAL FUNDS CARRIED FORWARD 545,095 545,095 578,528 The notes forn] part of these financial statements 15
Lower Orm au Residents Action Grou SlatemeDt of Financial Position 31 March 2024 31.3.24 31.3.23 Notes FIXED ASSETS Tangible assets 172,952 185,954 CURRENT ASSETS Debtors Cash ai bank 12 203,105 216,572 133,372 310,346 419,677 443,718 CREDITORS Amounts falling due within one y¢ar 13 (47,534) (51,144) NET CURRENT ASSETS 372,143 392,574 TOTAL ASSETS LESS CURRENT LIABILITIES 545,095 578,528 NET ASSETS 545,095 578,528 FUNDS Unrestricted funds Restricted ndS 15 545,095 571,008 7,520 TOTAL FUNDS 545,095 578,528 The financial statements were approved by lh¢ Board of Trustees and authorised for issue on 22 October 2024 and wer¢ s1cd on its behalf by.. John Gonnl¢y - Trust¢e Marie Cavanagh - Trustee The notes forni part of th¢se financial stateinenls 16
Lower Ormeau Residents Action Grou Statement of Cash Flows for the Year End 31 March 2024 31.3.24 31,3.23 Notes Cash flows from operating activities Cash generated froi)i operatioi (86,151) (127,004) Net cash used in operatiiig activities (86,151) (127,004) Cash floivs from investing activities Purchase of tangible fixed assets (7,623) (1,173) Net cash used in investing activiti¢s (7,623) (1,173) Change in cash and CY4sh equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (93,774) (128,177) 310,346 438,523 Cash and cash equlvalents aÉ the end of the reporting period 216,572 310,346 The notes forni part of tliese financial statein¢nts 17
Lower rmeau Residents Aetlon Grou Notes to the Statement of Cash Floivs for the Year End 31 March 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.24 31.3.23 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Increase in debtors D¢creas¢ in creditors (33,433) (17,516) 20,625 (69,733) (3,610) 22,396 (39,609) (92,275) Net cash used in operxtlons (86,151) (127,004) ANALYSIS OF CHANGES IN NET FUNDS At 114123 Cash flow At 3113124 Net cash Cash at bank 310,346 (93,774) 216,572 310,346 (93,774) 216,572 Total 310,346 {93,774) 216,572 Tli¢ notes forni part of these financial stateinents 18
Lower Ormeau Residents Action Grou Notes to the FinAneial Statements for the Y ar Ended l March 2024 ACCOUNTING POLICIES Summary of significant accounting policies (a) General information and basis of preparatlon Lower Onn¢au Residents Action Group is constituted as a company liinited by guarantee incoiporaled in Northern Ireland (N1037894). In th¢ event of the charity being would up, the liability in respect of the guarantee is liniited to £1 per member of th¢ charity. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting ond R¢portiiig by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102), tlie Financial Reporting Standard applicable in the United Kingdoin and Republic of Ireland (FRS 102), the Chai'ities Act (Noiihern li'eland) 2013, the Compani¢s Act 2006 and UK Generally Accepted Practice as it applies froin l January 2015. Tli¢ financial statements ar¢ prepared on a going concern basis und¢r the historical cosl convenlion, modified to includ¢ certain items at fair value. The financial statements are presented in sterling which is th¢ functional currency of the charity.. The significant accounting policies applied in the prepai'ation of Ih¢se financial statements are s¢t out below. These policies have been consist¢ntly applied to all years presented unless oth¢nvise stoted. (b) Funds Unrestricted funds are available for use at the discretion of tlie Irustees in furtherance of the general objectives of the charity and which hav¢ not bccn designated for other purpos¢s. Designated ndS coinpiise ui]restricted funds that hav¢ been set aside by thc tniste¢s for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted ndS are funds which are to be used in accordance with specific restrictions impos¢d by donors or whicli have been rais¢d by the charity for particular purposes. The cost of raising and adLninistering such funds are cliarged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial slateinents. Further explanation of the natui'e and purpose of each fund is included in the noles to tlie financial stat¢inenis. (c) Ineome recognition All incoming resources are includ¢d in the Statement of Financial Activities (SOFA) when the charity is l¢gally entitled to the incoine after any perfonnance conditioiis have been met, the amouiit cali be measuied reliably and it is probable that th¢ income will b¢ received. 19 contiiiued...
wer Ormeau Residents Action Grou Notes to the Financial Statenjents - continued for Ihe Year Ende l March 2024 ACCOUNTING POLICIES - continued Summary of significant accounting poli¢les For donations to b¢ recognised th¢ chai-ity will have been notified of the amounts and the s¢ttlem¢nt dat¢ in writing. If ther¢ are conditions attached to the donatioii and this requir¢s a level of p¢i'fomiance before entitleinent can b¢ obtained then income is deferred until thos¢ conditions are fvlly met or the lfIlment of those conditions is wlthin the coiitrol of the charity and it is probabl¢ that they will be fulfilled. Voluiilary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. Income received from collections is re¢ognis¢d when received. Donated facilities and donated professional servi¢¢s are recognised in income at their fair value when their ¢conomi¢ ben¢fit is probable, it can be ineasured reliably, and lh¢ charity has conlrol over th¢ item. Fair value is det¢niiined oil th¢ basis of the value of the gift to the charity. For example, the amount the charity would b¢ willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in ihe financi81 statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. For legacles, entitlcment IS the earlier of the charity being notified of an impending distribution or the legacy being received. At this point incoine is recognised. On occasion legacies will be nolified lo the charity however it is not possible to measure the amount expected to b¢ distributed. On th¢se occasions, the l¢gacy is ti'eated as a contingent asset and disclosed. Income from earned income includes income earned from fundraising ¢vents and earned incoine activities to raise funds for the charity. Income is receiv¢d in exchange for supplying goods and services in order to raise funds and is recognised when ¢ntitlcment has occurred. The charity receives governi)ient grants which are detailed within the notes to these financial statemenls. Income fi'om gov¢rnm¢nt and oth¢i' grants ar¢ recognised at fail- value when th¢ charity has entitlement after aiiy perfoniiance conditions have been met, it is probable that the income will bc received, and the amount can be measured reliably. If entitlement is not met, then these amounts are defeffed. (D) Expenditure recognition All expenditure is accounted for on an accruals basis inclusiv¢ of VAT which cannot be recovered and lias been classified under headiiigs that aggregate all costs related to the category. Expeiiditure is recognised wh¢re there is a legal or constructiv¢ obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of lh¢ obligation can be measured reliably. li is categorised under the following headings.. Costs of raising funds includes th¢ costs associated with attracting voluntary incomes. Expenditure on charitabl¢ activities includes those costs incurred by the charity in ilie delivery of its activiti¢s and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indii'ect nature necessary to support tliem. and Other expenditure represents those iteiiis not falling iiito th¢ categories above. ILTecoverable VAT is charged as an expense against the activity for wliich expenditure arose. 20 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements - continued f r the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Summary of significant accounting policies Grants payable to tliird parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is iiotified of th¢ grant, as this gives rise to a reasonable expectation that ihe recipient will receive the grants. Where grants are conditional relating to perforniance then the graiit is only acced wheii any UnlfIlled conditions are outside of the control of the charity. (e) Support costs allocation Support Costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governanc¢ costs, administrative payroll costs. They are incurr¢d directly iii support of expenditure oli lh¢ objects of the charity and include project manag¢inent arried out at Headquarters. Wh¢re support cosls cannol b¢ directly attribuled to particular headings they have been allocated to cost of raising funds and ¢xpenditurc on charitable activities on a basis consistent with us¢ of tlie resoui'ces. Premises overheads have been allocated on an insert detail basis and other overheads have been allocated on a basis consistent with the usc of resources. Fund-raising costs are ihose incurred in seeking voluntary contributions and do not include the costs of diss¢tninating inforn]ation in support of the charitable activities. (Q Tangible fixed assets Tangible fixed assets are stated at cost less a¢¢umulat¢d depreciation and accumulated iinpainneiit loss¢s. Cost includes costs directly attributable to making th¢ asset capable of operating as inteuded. Dcpreciation is provided on all tangibl¢ fixed assets, at rates calculated to writ¢ off th¢ Cost, less estiniated residual value, of each assel on a systematic basis over its expected useful life as follows.. Land & Buildings 4/0 Straight llne Fixtures and fittings 250/0 Reducing Balance Compuler Equipm¢nt 250/0 Reducing Balanc¢ Motor Vehicles 250/0 Reducing Balance Sports Project 25 /0 ReducAng Balance (g) Financial Instruments A financial asset or a fiiiancial liability is recognised only when the charity becomes a party to th¢ ontractual provision of the instiument. Basic financial instNnients are initially recognised at the amounls r¢r¢ivable or payable including any related ti'ansaction costs. Cuent assets and CUiTent liabilities are subsequ¢iitly measured at the cash or other consideration ¢xpected to be paid or r¢lived and not discounted. Debt instruments ar¢ subsequeiitly in¢asiired at ainortised cost. 21 conlinued...
Loiver Ormeau Residents Action Grou Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Summary of signRficant accounting policies Whe1¢ investments in shares are publicly traded or their fair value can othenvise be measuied reliably, the investment is subsequeiitly measured at fair value with chatiges in fair value recognised in illcome and expenditure. All other such inveslinenls are subsequently measurcd at cost less impaim]ent. Other financial instruments, including derivatives, ar¢ initially recognised at fair value, unless paymeni foi. an ass¢t is def¢rr¢d beyond nomial busl Thess temis or financed at a rate of interest that is not a inarket rate, in which case the asset is measured at tlie present value of the future payinents discounted at a market rate of interest for a similar d¢bt instrument. Other financial iiistrunients are subsequ¢iitly m¢asured at fair value with any changes recolS¢d in th¢ statement of financial activities, with the exception of hedging instruments in a designed hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objectiv¢ evidence of impaiirnent at the end of each reporting date. if ther¢ is objective evidence of impainncnt an impaimient loss is recognised under tli¢ approprTrate heading in tlie stat¢iMent of financial activities in which th¢ initial gain is recognised. For all equity instruinents regardless of significance, and other financial assets that ar¢ individually significant, thes¢ are assessed individually for impainn¢Tht. Othei. financial assets are ¢ither assessed individually or grouped on the basis of similar credit risk characteristics. Any i'eversals of impainnent are recognised immediately, to tlje extent thal the reversol does nol r¢sult in a carryfftng amount of the financial asset that exceeds what th¢ carrying amount would have been had the impainnent not previously been recognised. (h) Impairment Ass¢ts not measured at fair value ar¢ reviewed for any indication that the asset may b¢ impaired at each balance sheet date. If such indication exists, the recoverabl¢ amount of tlie asset, or the asset's cash generating unit, is estimated and compared to the CaIng amount. Where the carrying amount exceeds its recoverable amount, an iinpaiment loss is recognised in profit or loss unless tlie asset is carried at a revalued amount where the impaimi¢nt loss is a revaluation decrease. (i) Provisfions Provisions are reColiS¢d when the chaTity has an obligation at the balance sheel date as a rcsult of a past event, it is probable Ihat an outflow of economic benefits will b¢ required in s¢tilem¢nt and the amount caii bc reliably estimated. (i) Leases Assets acquired under financ¢ leases are capitalised and depreciated over the shorter of th¢ lease terni and the expected useful life of the asset. Miiiiniuiii lease payineiils are apportioned b¢tween the finance charge and the reduction of ihe outslanding lease liability using the ¢ffectiv¢ interest method. The related obligations, net of fure finaiice charges, are included in creditors. 22 continued...
Lower Ormeau Residents Acthon Grou Notes to the FinAneial Statements - contin ed ror the Y ar Ended 31 March 2024 ACCOUNTING POLICIES - continued Summary of significant accounting policies Rentals payable aiid receivable under opeiBting leases are charged to the SOFA on a straight line basis over the period of the leas¢. (k) Tax No provision is required for taxation as the coinpany is defined as a charity for taxation purposes. The charÉty is a registered charity and so such is entitled to certain tax exeinptions on income and profiis from investtnents and Surpluses on any earned income activities carried on in furtherance of th¢ charity's prlmary objectives. if thes¢ profits atLd surpluses are applied solely for charitable purposes. (l) Going concern Th¢ financial statem¢nts have bc¢n prepared on a going concern basis as the Irustees believe that no Inaterial un¢ertainti¢s ¢xist. Th¢ trustees have considered the level of funds Iield and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserv¢s for the cliarity to be able to continue as a going concem. (m) Judgements estimates The following judgements including those involving estimates tliat hav¢ been niade in the process of applying the above accountÉng policies that have had the most significant effect on the amounts i'ecognised in the finai)cial stateinents and that liave a significaiit risk of causing a material adjustsn¢nt to the canying amounts of assets and liabilities within the next financial year: (i) depreciation iiiethod and asset useful lfives (li) principal assumptions used to ineasure inulli-einploy¢i- defined benefit pension sch¢mes' liabilities, sensitivities to changes in assuinptions and fumre funding obligations The estiinates and assuinptions ar¢ reviewed on an ongoing basis considering the current and future mark¢t conditions. Pension costs and other post-retirement benefits Tlje charitable company operates a defined contribution pension sch¢me. Contributions payable to the charitable company's pension scheme ar¢ charged to the Stateiiient of Financial Activities iii the period to which they relate. Income All income is recognised in the Statement of Financial Aclivilies once the charity has eiitiilein¢nt to the nds, it is probable that the income will be received and the ainount can b¢ measur¢d reliably. Expenditure Liabilities are recognised as expenditure as soon as iher¢ is a legal or constructive obligation coirnnitting the charity to that expenditure, it is probable that a trai)sfer of ¢¢onoinic benefits will bc required in settlement and the amount of the obligation can b¢ measui'¢d i'eliably. Expenditure is ccounted for oil an accIalS basis and has been classified under headings that aggregate all cost related to the category. Wl)ere cosls cannot bc directly atlributed to particular headings they have been allocated to activities on a basis consistent witli Ilie use of resources. 23 contiiiued...
Loiyer Ormeau Resldents Action Grou Notes to the Financial Statenients- continued for the Y ar Ended l March 2 24 ACCOUNTING POLICIES - continued Share capital The Company in Limited by Guarantee and has no Share Capital Fund accounting The Charity has various types of thnds for which it is responsible, and which require separate disclosure. These are as follows: (i) Rcstricted Funds Grants or donations received, which are eamarked by the donor for specific purposes wiihin the overall aims of the organisation. (li) Unrestricted Funds Funds which al'e expendable at tlie discretion of the Dir¢¢tors in furtherance of the objects of the charity. Such funds inay be held in ordei. to finance capital investm¢nt aiid working capital DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations & Fundraising 1.254 307 EARNED INCOME 31.3.24 31.3.23 Project EThty Fees Drink Sales Commission Dance Studio Gyni 3G Pitch Main Hall CRI Building Rent Rent 13R Riv¢r Terrace St Malachys Playgroup Manageinent Fees Co-Op¢ration Ireland Todds Leap 7,360 1,488 8,789 47,759 58,477 23,021 13,550 2,600 6,799 7,240 3,214 4,384 2,416 8,580 50,435 46,721 14,566 6,250 5,400 4,664 6,044 6,000 2,814 180,297 158,274 24 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements- continued f r the Year Ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Grants Receivable Grants 832,114 957,716 Grants received, included ii) the above, are as follows: 31.3.24 31.3.23 Belfast City Council - Revenue BHSCT Publi¢ Health Agency Early Years - Pathway fund Coiilliiunity Foundation NI NI Housing Executive - General Active Belfast Belfast City Council - Small Projects Belfast City Couijcil - (Capacity Build) Bclfast City Council - Business Cluster Belfast City Council - Good Relations Department of Communities {DFC) Th¢ Execulive Office - TEO Educalion Authority - Belfast Region Belfast City Council - Summer Schem¢ Jog Belfast Bogsid¢ and Brandywell Health Forum Fonvard South Dev. Funds Fcil¢ An Phobail Belfast City Council - Covid Podium 4 Sports Clamnill Housing for Health Belfast City Council - (Medium) Belfast City Council - (Africa Cup) Public Health Agency - Healthwise Urban Villages Healthy Living Allianc¢ (Pain) IFA Corrymeela Project Queens University Belfast City Council - ADF Belfast City Council - Fuel Support Belfast City Coujicil - Aclive Belfast B¢lfast City Council - Emerging Needs Belfast City Council - Micro Keep Nl (KNIB) Sport NI The Hai'bour Commission Belfast City Council - SSF Belfast City Council Uplift 69,944 177.746 87,910 30,000 49,101 9,148 64,346 153,588 52,260 29,993 49,101 4,837 10,624 2,924 42,000 19,621 3,730 106,116 46,987 11,942 2,500 6,000 48,221 11,242 3,053 24,000 3,000 4,120 1,600 39,996 9,512 85,298 529 18,198 1,000 l4,728 69,677 2,716 50,483 6,961 118,463 44,910 11,659 6,000 12,728 2,239 5,312 21,682 80,365 12,092 1,483 1,476 1,400 1,186 500 9,800 1,000 6,106 23,590 3,087 832,114 957,716 25 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements - continued for the Year En d 31 March 2 24 CHARITABLE ACTIVITIES COSTS Support costs (s¢¢ note 6) Direct Costs Totals Direct Charitabl¢ Expenditure Governance 1,016,096 1,016,096 31,002 31,002 1,016,096 31,002 1,047,098 SUPPORT COSTS Governance costs Governance 31,002 NET INCOMEI(EXPEIYDITURE) Net income/(expenditur¢) is stated after chargingl(crediting): 31.3.24 31.3.23 Accounlancy Audit Fee Depreciation - owned ass¢ts 2,400 3,000 20,625 2,000 2,662 22,396 TRUSTEES, REMUNERATION AND BENEFITS There were no trnstees, reinuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses Thei'e were no trustees, expenses paid for the year ended 31 March 2024 nor foi. the year ended 31 March 2023. 26 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements - continued for the Year Ended 31 March 2024 STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security Costs Other pension costs 502,084 31,126 7,999 480,802 29,044 6,565 541,209 516,411 Tlie average monthly number of einployees during the year was as follows: 31.3.24 25 31.3.23 26 Manageinent & Administration No employees received emoluments in excess of £60,000. The key managcm¢nt personnel of thc charity coinprise of the Chief Ex¢cutive and Senior management team. The salaries paid io key Inanageinent personnel being the Chief Executive Offic¢r, Programme Co-ordinators and Financ¢ Manager, during th¢ year totalled £175,970. (2023.. £190,595). 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted R¢stricted funds funds Total fuiids INCOME AND ENDOWMENTS FROM Donations and legacies 307 307 Charitable activities Grants Receivable i 0,000 947,716 957,716 Earned Income 158,274 158,274 Total 168,581 947,716 1,116,297 EXPENDITURE ON Charitable aetfivities Dir¢¢t Charitable Exp¢nditure Governance 168,490 22,083 943,240 1,111,730 22,083 Total 190,573 943,240 1,133,813 NET INCOMEI(EXPENDITURE) (21,992) 4,476 (17,516) RECONCILIATION OF FUNDS Total ndS brought fonvard 593,000 3,044 596,044 27 continued..
Lower Ormeau Resfidents Action Grou Notes to the Financial Statements- Continued ror the Year Ended 31 March 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restiicted funds funds Total nds TOTAL FUNDS CARRIED FORWARD 571,008 7,520 578,528 11. TANGIBLE FIXED ASSETS Sports Equipment Land & Buildings Coinputers & Equipment COST At l April 2023 Additions 2,442,960 1,192 185,575 91,314 136 At 31 March 2024 2,444.152 185,575 91,450 DEPRECIATION At l April 2023 Charge for year 2,404,207 9,100 44,538 7,423 86,354 2,161 At 31 March 2024 2,413,307 51,961 88,515 NET BOOKVALUE At 31 Marcli 2024 30,845 133,614 2,935 At 31 March 2023 38,753 141,037 4,960 Motor vehicles Fixtures & Fitting5 Totals COST At l April 2023 Additions 15,519 5,689 6,295 2,741,057 7,623 At 31 March 2024 15,519 11,984 2,748,680 DEPRECIATION At l April 2023 Cl)arg¢ for year 15,519 4,485 1,941 2,555,103 20,625 At 31 Marcli 2024 15,519 6,426 2,575,728 NET BOOK VALUE At 31 March 2024 5,558 172,952 At 31 March 2023 1,204 185,954 28 contiiiued...
Loiyer Ormeau Resfidents Action Grou Notes to the Financial Statements - continued for th Year Ended 31 March 2024 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 The Executive Offic¢ HLA (Pain) Fell¢ An Phobal Belfast City Council Community Foundation PHA Spoits NI Dept of Communities CRI Building- Rent Other Grants Due Prepayin¢nts and accrued income 69,239 (5,194) 5,292 6,491 49,101 35,178 3,053 21,373 30,376 9,800 17.237 6,250 30,122 10,000 20,395 17,659 10,105 203,105 133,372 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Social s¢¢urity and other taxes Cr¢dit Card COronaviS BBL (Loan) Pension Accruals 7,729 7,301 22,418 4,416 5,670 2,104 9,103 32,357 2,390 5,190 47,534 51,144 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Fixed assets Current assets CuLTent liabilities 148,477 444,152 {47,534) 24,475 (24,475) 172,952 419,677 (47,534) 185,954 443,718 (51,144) 545,095 545,095 578,528 29 continued...
Lower Ormea Residents Action Grou Notes to the Financial Statements - continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS Net movement in funds Transfers betw¢¢n funds At 3113124 At 114123 Unrestrlcted funds General Fund Designated Fund 175,008 396,000 (25,913) 231,000 (231,000) 380,095 165,000 571,008 (25,913) 545,095 Restricted funds Department of Communiti¢s (DFC) 7,520 (7,520) TOTAL FUNDS 578,528 (33,433) 545,095 30 continued...
Loiver Ormeau Residents Action Grou Notes to the FinAncAal Stat ments- continued for the Year End l March 2024 15. MOVEMENT IN FUNDS - continued Net movement in funds, includ¢d in the above ar¢ as follows: Incoming resources ReSoUeS expend¢d Movemeiit in funds Unrestricted funds General Fund BHSCT 181,551 177,746 (207,464) (177,746) (25,913) 359,297 (385,210) (25,913) Restricted funds Belfast City Coui)cil -Rev¢iiue Early Years - Pathway nd Public Health Agency Community Foundation Nl Nl Housing Executive - General Belfast City Council - Small Projects Belfast City Council - (Capacity Build) Belfast City Council - Good Relations Departmenl of Communities (DFC) The Executiv¢ Office - TEO Education Authority - Belfast Region Jog Belfast Fonvard South Part Dev. Funds Feile An Phobail Belfast City Council - (Medium) Urban Villages Healthy Living Alliance (Pain) C011ymeela Project Belfast City Council - Active Belfast Belfast City Council - Fuel Support Belfast City Council - SSF 69,944 30,000 87,910 49,101 9,148 2,716 50,483 6,961 118,463 44,910 11,659 6,000 J2,728 2,239 5,312 21,682 80,365 18,198 1,476 1,483 23,590 (69,944) (30,000) (87,910) (49,101) (9,148) (2,716) (50,483) (6,961) (125,983) (44,910) (11,659) (6,000) (12,728) (2,239) (5,312) (21,682) (80,365) (18,198) (1,476) (1,483) (23,590) (7,520) 654,368 (661,888) (7,520) TOTAL FUNDS 1,013,665 (1,047,098) (33,433) 31 contiiiued..
Lower Ormeau Residents Aetion Gro Notes to the Financial Statement$ - continued f r Ihe Year Ended 31 March 2024 15. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in ndS Trai)sf¢rs belw¢en funds At 3113123 At 114122 Unrestricted fuiids Geiieral Fund Designated Fund 489,000 104,000 (21,992) (292,000) 292,000 175,008 396,000 593,000 (21,992) 571,008 Restricted funds Capilal Grant Fund Departinent of Communities (DFC) 3,044 (3,044) 7,520 7,520 3,044 4,476 7,520 TOTAL FUNDS 596,044 (17,516) 578,528 32 continued...
Lower Ormeau Residents Action Grou Notes to the fi inancial Statements - continue ror the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - continued Comparativ¢ net movement in funds, included in the abov¢ are as follows: Iticoining resources R¢soiirces expended Moveinent in funds Unrestricted funds General Fund Harbour Commission Clanmill 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 -Revenu¢ BHSCT Early Years - Pathway fund Pubkic Health Agency Community Foundation Nl NI Housing Executive - General Active Belfasl Belfast City Council - Sinall Projects Belfast City Council - (Capacity Build) Belfast City Council - Business Cluster Belfast City Council - Good Relations D¢parttnent of Communities (DFC) The Executive Otyice - TEO Education Authority - Belfast R¢gioi) Belfast City Council - Summ¢r S¢heine Bogside and BraTrdywell Health Forward South Part D¢v. Funds Bclfast City Council - Covid Podium 4 Sports Feile An Phobail Belfast City Coun¢iR - (Medium) Belfast City Council - (Africa Cup) Public Health Agency - Healtliwise Urban Villages Healthy Living Allianc¢ (Pain) IFA Coriymeela Proj¢ct Belfast City Council- ADF Queens University Belfast City Council - Fuel Support Belfast City CouncAI - Emerging Needs Belfast City Council - Micro Keep Northeni Ireland Beautiful Spoit NI Belfast City Council Uplift (3,044) (64,346) (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) (48,22 l ) (11,242) (3,044) 64,346 153,588 29,993 52,260 49,101 4,837 10,624 2,924 42,000 19,62E 3,730 106,116 46,987 11,942 2,500 48,221 I I,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 3,087 (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) (3,087) 947,716 (943,240) 4,476 33 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements- eontinued for the Year Ended 31 March 2024 IS. MOVEMENT IN FUNDS - continued TOTAL FUNDS 1,116,297 {1,133,813) (17,516) 16. CONTINGENT LIABILITIES A contingent liability exists to repay grants received should certain condltions not be fulfilled by the charity. 17. COMPANY CHARGE On 12 February 2024 an all nionies charge was created by The Executive Office. 18. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 19. POST BALANCE SHEET EVE]YTS There were no events after the reporting period therefore no rnaterial issues n¢ed disclosed. 20. DESIGNATED FUNDS In accordance with best practice the company directors have agreed a comprehensive reserves policy. As siich, the designated fund is the result of the company's strategic objective to establish rcs¢rves which can be used to fund futui'e expenditure on refurbishm¢nt or replacement of capital iteiiis. Such capital iteftns include lh¢ football pitches, IT Systems and gym ¢quipm¢nt, along with ancillary running costs. The aini is also to provide sufficient funds to covei. any working capital r¢quir¢ments associated with receiving graiit funding in arrears, any unforeseen costs which may arise, as well as allowing for th¢ payment of any liabilities which would arise should the coii)pany cease to operat¢. Although Lower Orn]eau Residents Action Group may not be in a position to tnaintain this level of reserves at a particular point in time, it will strive to achieve a reserve which equates lo this level. D¢signatcd funds ar¢ made up as follows - 3110312024 Running Costs Pitch caet Replacement Replacement Gym Equipment Maiiitenance IT Systeins Non Fund¢d Salaries 50,000 35,000 20,000 20,000 40,000 (3 Years ) TOTAL 165,000 The trustees previously designated uiresti'icted funds of £186,000 for the purchase of the Johii Murray Lockhouse for the development as a Heallhy Hub, providing 2 significant activity studios, conf¢reiice room, café, calering kitcliet) to undertake hospitality aiid healthy eating training services. 34 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements - contiiiued for th Year End d l March 2024 20. DESIGNATED FUNDS - continued The Lockliouse will link with a cominunity gai'den, poly-lunnel and shed, providing much needed access to greeii spaces. The build element is to be project maiiaged by Belfast City Council in line with Urban Village Capital programme. Following suc¢¢ssl tender proc¢ss BCC and LORAG jointly appointed Hugh J O'Boyle as the lead contractor witli construction to comm¢n¢e in March 2024 and completion set for April 2025. Total construction budget has been set at £2.9 million. Project nderS in order of ndS are The Executive Office / Urban Villages, Department for Communiti¢s, Departm¢nt for Environment Green & Blue Ways, Belfast City Council & Ulster Gardeii Villages. LORAG'S contribution of £186,000 for the initial purchase of the property will fomi part of a title deed of covenant with The Executive Office for a period of 25 years. The final phase 4 of the ov¢rall development will see the delivery of a footbridge and slipway providing a new public river access point, linked to a nearby boat storage area secured by LORAG within a 99 y¢ar lease for th¢ site at a purchase cost of £12,000. St John Vianney is lh¢ parish-bas¢d Youth Club respoi)sible for the delivery of cor¢ area-based youth services since 1984. The setting closed in September 2023 following a Change in the EA funding Inodel for the voluntary youtli sector. Reduced funding coupled with aging committee membership saw the decision by the parish not to continue the service which signalled the closure of the Centre. Following a community public meeting LORAG was tasked wilh retaining the EA area-based youth service TrdIng and th¢ prolection of youth facility for the futur¢ delivery of the service. LORAG has engaged S¢ctor 3 Solutions to undertake an independent assessinent of Th¢ed for the servic¢s and to examine possible future delivery niodel for th¢ service. This is likely to I'esult in a commitment from LORAG to future support the development of any new model for the delivery of the service. LORAG rcmains conscious of ih¢ ongoing cost of living crisis and the iinpact this is having for the delivery of community services and the impact this is having for local families. LORAG will contfftnue to act as the Lower Onneau lead for delivery of any relief services that Inay be made availabl¢ by statutory agencies as we did during the Covffid crisis. LOIL4G also reniain alert to the legacy of the Covid crisis aiid the iinpacl tliis has had on coinmunity wellb¢ing and th¢ delivery of Community health r¢lated services. 35 contiiiued...
Loiver Ormeau Residents Action Grou Notes to the Fxnancial Statement - continued for th Year En ed 31 March 2024 21. WtNDING UP Every member of th¢ Company und¢rtakes to contribute to the assets of tlie Company, in the event of the same being wound up while it is a meinber, or witliin one year aftei. it ceases lo be a meinber, for payinent of the debts ai)d liabilities of the Coiiipany contracted before it ceases to be a inemb¢r, aiid of the costs, charges and expenses of winding UP> and for the adjustinent of the rights of the contributoi s ainong themselves, such amount as may be required not exceeding one pound. 22. SHARE CAPITAL Tlie Company is Limited by Guarantee aiid has no Share Capital 36
Loiy r Ormeau Residents Action Grou Detailed Statement of Financial Aetivities for the Year Ende l March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donatlons and legacies Donations & Fundraising 1,254 307 Earned Income Project Enty Fe¢s Drink Sales Commission Danee Studio Gym 7,360 1,488 8,789 47,759 4,384 2,416 8,580 50,435 É li 3G Pitch Main Hall CRI Building Rent Rent 13R River Terrace St Malachys Playgroup Management Fees Co-Op¢ration Ireland Todds Leap 58,477 23,021 13,550 2,600 6,799 7,240 3,214 46,721 14,566 6,250 5,400 4,664 6,044 6,000 2,814 180,297 158,274 Charitable activities Grants 832,114 957,716 Total incoming resources 1,013,665 1,116,297 EXPENDITURE Charitable activities Wages Social security Pensions Ral¢s and water Insui?nc¢ Premium Electiicity Telephon¢ Printing and Stationery Support Costs Heating Costs Minbus Expenses Computer and IT Advertising and Publications Carried fonvard 502,084 31,126 7,999 2,944 8,801 27,583 5,368 6,271 480,802 29,044 6,565 1,414 4,241 30,095 2,570 7,507 915 18,505 3,298 10,030 1,915 596,901 25,645 4,363 7,243 1,046 630,473 Tliis page does not fonn part of the statutory financial statements 37
Lower rmeau Residents Actlon Grou Detailed Statement of Financial Activities ror the Y ar Ende 31 March 2024 31.3.24 31.3.23 Charitable activitles Brought fonvard Unifoiins Travelling R¢pai13 and Maintenance Licens¢ Fees Urban Villages Lagan H¢alth Proj¢ct Costs Queens Ethnic Minority Older & Active Project PHA Pi'oj¢¢t Co-operation Ireland Project BCC Covid Sports Packs BCC Asylum Dispersal Jog Belfast Project Cost Community Fund Project (PCSP) BHSCT Events Nl Housing Ex¢cuÉive Cliildrcn's Projcct Costs HLA Pain Allianc¢ Small Projects Cost Corrymeela Pi'oject Costs Fonvard South Dev Fund Project Youtli Project Costs Community Foundation Clanmil Housing Project Sports NI LOTA Project Costs SBDF- Project Costs Educalion Authoi'ity Belfast Region TEO Project Costs Feile An Phobail Project BCC Winter Vouchei. Support BB Health Project Cosls Depreciation 630,473 2,243 95 20,961 159 5,248 596,901 4,199 24,085 11,138 1,720 862 13,243 5,547 8,046 ,641 24,000 7,460 2,005 13,168 107,630 5,977 6,264 21,621 60,603 10,610 16,754 7,230 19,234 19,404 9,181 2,090 97,090 9,928 13,947 29,878 3,507 10,895 5,440 26,559 54,946 6,418 9,980 760 1,356 5,403 12,197 5,292 23,780 4,032 20,625 13,868 13,278 3,653 65,422 7,384 22,396 1,016,096 1,111,730 Support costs Governance costs Accountancy Audit Fee Carried fonvard 2,400 3,000 5,400 2,000 2,662 4,662 This page does not forni part of the statutory financial stalements 38
Low r Ormeau Residents Action Grou Detailed Statement of Financial Activities for the Y ar End d 31 March 2024 31.3.24 31.3.23 Governance costs Brought forward Cleaning and Consuinables Professional aiid Legal Fees Bank Charges 5,400 9,188 12,839 3,575 4,662 8,696 4,998 3,727 31,002 22,083 Total resources expended 1,047,098 1,133,813 Net expenditure (33,433) (17,516) This page does not fom part of the statutory financial statements 39