REGISTERED COMPANY NUMBER: N1037894 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC 104799 ort of the Trustees and Financial Statements for the Year Ended 31 March 2025 for Lower Orm Acom Residents Action Grou Limited b Guarantee an Lynn Drake & Co Ltd Statutory Auditors 1st Floor 34 B-D Main Street Moira Co. Ai'magh BT67 OLE
Lower Ormeau Residents Action Grou Contents of the Fin nei I Statements for the Year Ended 31 March 2025 Page Reference and Administrative Details Report of the Trustees 2 to 10 Report of the Independent Auditors 11 to 14 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 ActivitAes 37 to 38
Low r Ormeau Residents Aetion Grou Reference and Adminis tiv for the Year Ended 31 March 2025 TRUSTEES John Gonnley Marie Cavanagh Lucy Rice lain Cameron Marie Lavery Donna Namukasa Emma Faulkner COIIIPANY SECRETARY Gerard Rice REGISTERED OFFICE Shaftesbury Centre 97 Balfour Ave Belfast Co. Antrim BT7 2EW REGISTERED COMPANY NUMBER N1037894 (Northern Ireland) REGISTERED CHARITY NUMBER NIC 104799 AUDITORS Lynn Drake & Co Ltd Statutory Auditors I st Floor 34 B-D Main Street Moira Co. Annagh BT67 OLE BANKERS Allied Irish Bank 35 University Road Belfast BT7 IND CHIEF EXECUTIVES Mr Gerard Rice / Ms Nalasha Brennan
Lower Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report wlth the financial statements of the charity for the year ended 31 March 2025. The triistees have adopted the provisions of Accounting and Repoiting by Charlties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in ihe UK and Republic oflreland (FRS 102) (effective l January 2019).
Lower Ormeau Residents Action Grou Re heTr stees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIVITIES In 2024125 the Lower Ornieau Residents Action Group (LORAG) has continued to deliver and enhance a range of important services to meet its strategic goals of providing healih, social, leisure and developmental activities while developing the socio-economic profile of the ar¢a, Our core pi'ojects in the areas of children, youth, health and cohesion have operated extremely successfully, achieving key Largets in temis of numbers and diversity as well as the quality and effectiveness of the programmes on off¢r, LORAG as a community development organisation continues to maintain a cradle to the grave approach tn the organisation'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. A clear example of this has been LORAG efforts to reintroduce Education Authority area-based services to the community following the closure of St John Vianney Youth Club. LORAG, in partnership with the Parish, Down Conor Diocese and youth partners undertook a plan to have the facility reopened. The aim of the plan is to establish a New Company to support the delivery of youth services and their providers. The ew Com, will eventually act as lead supported by LORAG and the Diocese, in the interim LORAG will oversee the transition. The plan enabled the EA area-based funding to be reinstated, facilitating the employment of a fulltime Senior Youth Worker in charge and a parttime Youth Work Assistant, along with some programme and running costs until 2026. The youth services recon]menced from Shaftesbury from December with the plan to reopen the Youth Centre in the St John Vianney building in early April. As part of the plan a facility audit was undertaken which identified a range of key capital works required to enable the facility to fully function. These works will require a capital injection of £120,000 to £150,000. Capital works been categorised at Urg¢nt, Essential or Functional. No capital funds can be sourced until a new legal title for the facility Can be agreed. The legal title is with Belfast City Council who have in place a long-terni lease with the Diocese for the site to b¢ used for the provision of youth services to the coinmunity. The Diocese has agreed to reassign th¢ existing lease to LORAG while the 'New Com, is established. LORAG and ihe Diocese have engaged with Belfast City Council sc¢king the reassignment of the lease to LORAG as an interim measure. A request has been made to Belfast City Council and the Department for Communities for support with capital funding to und¢rtak¢ the urgent to essential works required to get the facility reopened. Core development funding continues through the Department for Communities Belfast Regeneralion Neighbourhood Renewal programme, supporting LORAG'S d¢liv¢ry of children and youth-based services and the wider development of services from Shaft¢sbury. This includes delivery of an afterschool programme for 5-1 l-year-olds, 350 sessions for 5-1 l-yeai'_olds over the school year, and 10 specific targeted programmes for 65 children. At key times of school closures, Summer, Christmas and Hallowe'en, LORAG ran diversionary and themed programm¢s 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 trips I residential breaks for youth aged 12-25 years. Youth staff sought to provide a safe space for young people to develop and build their skills, understand relationships and take part in a range of personal development programmes.
Loiver Ormeau Residenls Action Grou ort of the Trustees for the Year Ended 31 March 2025 With LORAG undertaking the role as lead for the reestablishment of the area-based youth services, this has meant that LORAG has had to take on services that would previously have been supported by the Education Authority, wilh a ¢ons¢qucntial negative impact on LORAG'S youth work in areas such as good relations, community safety and diversionary activities. LORAG has had to prioritise the delivery of day-to-day youth services over the delivery of support for those not engaging in normal youth service provision. only adding to the isolation of those young people not engaged. Early Years under the Pathways fund has again funded a First Start programme delivered from Shaftesbury for children aged 2 -4 years and their families. The programme includes crucial engagement with parents throughout the year. This project continues to be hugely successful and is in high demand within the area delivering 7 plus sessions per week. The project has worked with 55 children deliverffing structured sessions. The project also delivered 14 stay and play sessions with 40 parents attending, 8 family trips with 50 families attending at least one trip along with 45 parent and toddler sessions. As a Healthy Living Centre, community health and well-being are at the core of all LORAG projects. LORAG continues to deliver bespoke needs-led health programmes, providing innovative inffitiatives across South and wider Belfast designed to improve community health and wellbeing outcomes. A broad range of health improvement programines have been devised to deliver these outcomes, comprising programmes such as Healthy Homes, Functional Fitness, Take 5, Strength and Balance, Fit to Breathe, Cook it, Couch-to-5k, Talking Therapies, Health-wise for example, providing access to the gym with specialist one-to-one instruction for attendees. LORAG has been able to deliver these programmes by creating key partnerships within the Inner South Neighbourhood Renewal Area. These partnei'ships have linked closely with the Belfast Health Trust and Public Health Authority securing funding for the ongoing d¢liv¢ry of these vital health and wellbeing services. BHSCT continue to fund our GP referral based Talking Therapies which has been a massive success with LORAG deliverlng 1421 one-to-one talking therapies sessions. The LORAG service is very flexible, delivered morning, evenings and weekends from the Centre or via telephone directly to the clients at home. 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 service. This included the delivery of partnership building, collating refeals, connecting services and evaluating Family Support services and the effectiveness of these services for families throughout South Belfast. The hub is in its 10th year and has gone from strength to strength with 303 referrals received from a broad range of agencies and families with 273 parents and 95 individual children engaging in a service. Families referred hav¢ reported positive outcomes from their experience with over 88 % completing the full service. Over a third of referrals came from families as self-referrals which is a very encouraging statistic that clearly evidences a high level of confidence and support for the services deliv¢r¢d from within the hub. Through the Belfast City Council hardship funds BHSCT also provided funding to the hub over the year to deliver an essential voucher scheme to families in particular difficulty. Funding was secured for the i oih year from BHSCT for the delivery of a needs-led Family Support service across wider South Belfast. Support delivered included 38 farnily support home visits, 52 play therapy and mentoring programmes, supporting 52 children and theii. parents experiencing anxiety or stress. 92.50/0 of fainilies completing the programmes reported improved outcomes in their family relationships with 89.5 % of the children aged 5-1 l years completing the mentoring programmes repoiting improved levels of confidence and self-esteem.
Lower Ormeau Residents Action Gr ort of the Trustees for the Year Ended 31 March 2025 LORAG continues to give and receive support from the Healthy Living Alliance (HLA) with LORAG acting as lead partners for the ongoing development of the Better Days Pain Support programme co-ordinating the delivery of 45 regional Pain Management programmes through a Health Social Care contract. LORAG secured a 5-year contract with HLA through Department of Health SPPPG to co-ordinat¢ the regional programme. The Crcating Cohcsive Community l Good Relations project has been able to provide a diverse range of programmes supported by funding from 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 woi'k with key partners delivering Good Relations work within the Lower Ormeau, Botanic, Market and Don¢gall Pass and wider South Belfast areas. The project has continued to provide opportunities to dispel myths, incre&8e understanding and foster a sense of "belonging within and between communities. Building good relations amongsl neighbours through the Men's and Women's Good Neighbour programme and in the delivery of intercultural festival events, such as an intercultural day in August, St Patrick's festival in March and the Winter Fest in D¢cemb¢r. All the festivals have had in the region of 200-1000 people (with Féile na hAbhann / Festival of the River 10,OOO+ attendees) attending to engage in a wide variety of cultural activities. This project has been key in developing the Lockhouse programme delivered from the new Community Garden, Poly-tunnel and Shed. A core group of volunteers has been grown to give life to these important Good Relations initiatives. LORAG has continued to work on the John Murray Lockhouse project, purchased in 2017, LORAG completed a business case in 2020121 with a further Good Relations Business Case completed and approved by Urban Villages l TEO in 2022. A diverse range of partners and funders have supported the project which aims to develop a Healthy Living hub focusing on emotional wellbeing, a key issue identified during the ommunity consultation. The building will house a cafe opening on to th¢ towpath, two large activity rooms for wellbeing activities. cookery facilities and a conference room for groups to meet. This will open out onto a community garden and shed where horticulture and boat building will be the focus through key initial projects. We have also furthered our aim to develop onto the water and provid¢ an access point for groups to use downstream. The Community Garden and Shed element, now completed, have become a hive of activity, particularly for men and women who have reported feeling isolated andlor lonely. Many in the groups being developed have gone on to become actively involved in volunteering within the various programmes delivered from the setting. The adjacent Nl Water old pumping station site has been secured by LORAG under a 99 year lease and LORAG aims to construct a boat store and operational base for the future delivery of water sports activities. Design and build plans have been submitted to Planning for approval. While planning p¢miission for the wider Lockhouse was agreed in April 2023 and the contractor appointed in 2024, the build programme had initially been delayed due to a disused NI Water storm overflow pipe uncovered along the River Terrace edge of the site. Following numerous efforts Nl Water has failed to agree a workaround solution despite openly admitting that the pipe has not been serviced nor maintained for I I years, which has meant that the project has had to undertakc a major i'edesign, delaying the build ¢ompletion unlil at least 2026. Belfast City Council have responsibility for the projects and LORAG is grateful for the Council's support over the life of the project.
Lower Ormeau Residents Action Grou ort of th Trustees for the Year Ended 31 March 2025 The Urban Villages / TEO programme continues to fund a range of programme aimed at animating and preparing the project for eventual completion. This engagement has highlighted many challenges for the project due in part to the fact that Belfast people as a community have lived with their 'backs' to the rivei.. For many the Lagan is viewed as an unsafe, unclean place, full of obstacles and danger. LORAG has linked wtth Maritime Belfast, becoming members of the Waterfront Tasking Group which has a key aim of reimagine the Waterfront and ils relationship with the Lagan. A key aim of the Tasking GTOUP IS to ensure that Belfast, through its Waterfront and Connection becomes the first Ireland Blueway. LORAG'S Lockhouse offers a unique cominunity opportunity to become integral to the Ireland Blueway initiative. Féile na hAbhann was delivered for the fifth year as a watenvay celebration festival and illuminated th¢ rivcr Lagan and the connecting towpath with thousands of people now attending what has become an annual event. The festival is viewed as being family friendly, safe, welcoming and fun for everyone. The wider festival programme has also become a major atti'action with events held in the historic St George's Market. This festival was a partnership with Féile an Phobail and a consortium of South and East Belfast partners. We aim to build on the festival and its successful delivery and to expand over the next few years to create a 'buzz' for the city. The Lagan continues to feature highly within the regeneration of the community with a new pedestrian and ¢y¢le bridge set to span 143m across the Lagan landing adjacent to the Lockhouse and community garden site at a cost £12.1 million from the Belfast regeneration deal. Belfast City Council's r¢venu¢ grant for the management of the Centre continued with additional funds for Capacity Building along with a range of small programme grants. This has meant that LORAG has been able to offer support for other smaller organisations and fledgling groups seeking support in the delivery of their programmes, governance and development. The Shaftesbury Centre remains a safe, welcoming, warn], affordable space for many of Ihe city's new and emerging groups particularly over the weekend periods, Shaftesbury Community & Recreation Centre continues to open Monday to Sunday covering 96+ opening hours per week, 355 days per year with an average daily footfall of 800 people per day and this is the clearest and purest indication of LORAG'S commitment and ability to deliver quality needs-led services on behalf of the community. LORAG has sought to grow the Social Economy income generating model with the aim of improving services and meeting the growing demand to improve community health and wellbeing. This element is facing huge challenges with the current state of the economy and the pressures this has brought on the community. It is hard to sell gym and fitness class memberships while handing out food parcels and vouchers within a community. Income from the hire of services has allowed LORAG to maintain som¢ financial resources for the replacement, repair and renewal of equipment, and increased salaries. However, pressures are rising with current fuel, gas and electricity costs up over l OOO/o on the previous year, putting huge financial pi'essure on the organisation. Grant uplifts have been unable to keep in line with Costs increases. LORAG is increasingly dependent on the income generated from within to meet additional cosls. Essenlial to LORAG'S efforts to maintain and develop the ongoing function of LORAG to act as a key community development provider has been the organisation's ability to retain and maintain staff teams. LORAG has sought to ensure that slaff salaries align with current NJC pay scales, but this has placed considerable pressure on LORAG for a third Ye., with an increase in salai'ies of 5.770/0. Changes in woi'king practices, home working particularly with community jobs, places those at the coal face of services delivery at a huge disadvantage when s¢eking to retain and recruit staff.
Lower Ormeau Residents Action Grou of the Trustees for the Year Ended 31 March 2025 LORAG is also very conscious of Ihe rise in Employer National Insurance Contribution and the impact this has on th¢ charity with an estimated increase in salary cost of 2.330/0 for 2025-26. LORAG'S plans have been adapted throughout the year to best meet the comrnunity's need for services while remaining aware of the inflationary cost of fuel l energy, rising food prices and the impact this is having for many within the community. LORAG continues to maintain our aim of delivering community services while keeping within our strategic aims of community growth and regeneration, day to day issues is placing huge pressures on the organisation staff and limited resources currently available. Principal activities and Future Development Lower Omieau Residenls, Action Group (LORAG) is a registered charity whose purpose is to promote the ben¢fit of the residents of the Lower Ornieau area without distinction of age, sex, race, political, religious or other opinion. Public Benefit Purpose I Work in partnership to advance education and preserve, protect health and wellbeing. The benefit that flows from this purpose is the development of I.geted educational and health services for families, increasing family opportunities for family educational attainment, reducing poverty, stress and anxiety for families. increasing family health and Nvellbeing. The benefits are demonstrated through baseline and final evaluations using a range of measures to collect qualitative and quantitative data across our programmes. The data collected includes self-efficacy, wellbeing scales and CORE NET as core data to demonstrate change, as well as important focus groups, parent feedback, participant questionnatres and ongoing monitoring by staff and volunteers. We monitor family and individual wellbein& increased educational attainment, personal developmenl, reducing poverty, slress, and anxiety for residents The risk of harm for service users are carefully considered prior to the delivery of services.. Purpose 2 To provide community based facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life for the said inhabitants. The benefit ihat flows from this purpose is the development of a famtly friendly community healthy living hub, offering increases access and greater participation of families in sport, recreation, and leisure services and thus improving the conditions of life for inhabitants. Shaftesbury Community and Recreation Centre (the Centre) is owned by Belfast 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 pei. day. The age range of those availing of the Cenlre 6 months to 92 years of age. The Centre services include Pre and After-schools, Mental Health, Youth Drop-n, Communffity Cohesion, Health Education, Therapies Room, Counselling Rooms, Indoor Sports facility, Dance Studio/Minor Fitness Hall, Gym, Outdoor 3g Pitch. The benefits arc demonstrated through active participation and feedback from the beneficiaries, cominunity surveys, and incr¢ased usage of the Centre. The beneficiarles of services and programmes delivered will includ¢ primarily but not exclusively residents froin the Lower Ormeau, Inner South Belfast, South Belfast and wider Belfast areas.
Lower Ormeau Residents Action Grou ort of the Trustees for the Year Ended 31 March 2025 STRATEGIC REPORT Financial Review of the Year The company had net outgoing r¢sourc¢s for the year of £3,601 (2024: net outgoing resources of £33,433), which reflected the completion of a number of projects during the year. Unrestricted funds decreased by £12,203, while restricted funds increased by £8,602. The charity continues to work tirelessly to secure incom¢ from various sources to finance its ongoing activities with key stakeholders. The main source of funding are grants received from various bodies as disclosed in note 4 in the financial statem¢nts. Reserves policy Unrestricted funds are essential to provide sufftcient funds to cover any unforesecn costs whlch Inay arise and fulfil the legal obligations of the Charity if current levels of income are not maintained. The reserves policy has been designed to recognise LORAG'S requirements for reserves considering the main risks to the organisation. LORAG has established a policy whereby the unrestricted funds not Committed should equate to 6 months, total resources expended, unrestricted reserves have not reached that level. The aim is to provide sufficient funds to cover any unforeseen costs which may arise, recognise the volatile grant environment, rising running and salary costs &s well as allowing for the payment of any liabilities which would ai'ise should the company ¢¢ase to operate, Any call upon the use of reserves will be at the approval of the LORAG Committee which will examine the rationale for doing so and agree an amount where appropriate. On 31 March 2025, the level of "fre¢ r¢s¢rv¢s excluding £156,773 of fixed assets and capital property purchase was £400,594. (2024: £372,143) which equates to 4 months, expenditure. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. Going concern These financial statements have been prepared on the basis that Lower Ormeau Residents Action Group will continue to operat¢ as a going Concern for the foreseeable future. The board have funding in place to meet running costs for the next twelve months. The board continue to review the financial position of Lower Ormeau Residents Action Group on a regular basis. Lower Orn]eau Residents Action Group are currently and continually assessing alternative funding options and hope to continue charitable operations in whatever capacity deemed appropriate by the board, in line with the deed of trust and the charity's aims and objectives. Lower Ormeau Residents Action Group net assets at 31 March 2025 were £541,494. The financial statements do not contain any adjustments that would arise if the financial statements were not drawn up on a going concem basis. If required these adjustments would be made to the balance sheet of the Charity to increase or reduce the value of assets to their recoverable amount, to provide furtliei. liabilities that may arise and to reclassify fixed assets and long terni liabilities as current assets and liabilities. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Lower Ormeau Residents Action Grou ort of the Trus ees for the Year nded 31 March 2025 STRUCTURE, GOVERNANCE AND IlANAGEMENT Governance of the Charity During the period under review the directors met monthly. Trusteesldirectors are appointed by nominations made in writing by any existing director. At the General Meeting nominated directors are appointed by election. Risk management The principles of good governance are embedded within all aspects of Lower Ormeau Residents Action Group's operations with management and staff being keenly aware of the Boards responsibility of ensuring that the organisation protects itself from financial exposure and reputational damage, A close working relationship is maintained between the Board and management to ensure that operationally staff are aware of the standards required of them by the Board and the Board are always in a position to provide guidance and support to management in the discharge of their duties. This two way relationship is the key feature of Lower Omieau Residents Action Group governance arrangements and is a key strength in the company. A conscientious approach to ensuring that cOntracal project requirements are achieved has been maintained at all times both in the accounting period being reported on and since Lower Ormeau Residents Action Group's establishment. Very tight financial controls on expenditure and all financial commitments are maintained at all times and project staff have been trained and have become experienced in budgetary controls. In both these areas ie Project delivery and financial controls management all staff have established close working relationships with funding organisations to ensure all mandatory standards are consistently achieved. Board representatives also actively engage with funding bodies. The Board, management and staff are fully aware that the namre of the work in which Lower Ornieau Residents Action Group is involved can bring with it a high level of scivtiny to ensure that all activities are fully compliant with funding requirements and therefore, beyond reproach. The Board of Lower Omi¢au Residents Action Group is, therefore, greatly re&ssured of the company's compliance with the hi]eSt of standards of governance on the basis that all monitoring and evaluation of project delivery demonstrates achievement of all funders objectives and that funders, audits and vouching of financial expenditure and the statutory audit confirn] compliance with both probity and regularity in th¢ use of monies received. EVENTS SINCE THE END OF THE YEAR Infonnation relating to events since the end of the year is given in the notes to the financial stalements. TRUSTEES, RESPONSIBILITY STATEMENT The trustees (who are also the directors of Lower Ornieau Residents Action Group for ihe purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally Accepted Accounting Pra¢ti¢e) including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Lower Ormeau Residents Action Grou ort of th Trustees for the Year Ended 31 March 2025 TRUSTEES, RESPONSIBILITY STATEMENT - continued Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charlty SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in th¢ financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charilable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time th¢ financial position of the charitable company and to enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of th¢ Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relcvant audit information and to establish that the auditors are aware of that information. AUDITORS The auditors, Lynn Drake & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incotporating a strategic report, approved by order of the board of trustees, as the company directors, on 29 September 2025 and signed on the board's behalf by: John Gorniley - Trustee io
ort of the Inde endent Auditors to the Trustees and Members of Lower Ormeau Residents Action Grou Opinion We have audited the financial statements of Lower Ormeau Residents Action Group (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statem¢nt of Financial Activities, the Slatement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied tn their preparation is applicabl¢ law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion Ihe financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards arc further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We ar¢ independent of the charitable company in accordance wilh the ethical requirements that are relevant to our audit of the financial stateinents in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ¢vid¢nce w¢ hav¢ obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statem¢nts, we hav¢ concluded that th¢ trust¢es' us¢ of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or onditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other inforniation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statemerftts does not cover the other inforniation and, except to the extent othenvise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is tnaterially inconsistent with the financial statements or our knowledge obtained in the audit or othenvise appears lo be matei'ially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise to a material misslatement in the financial statements themselves. If, based on the work we have performed, we ¢on¢lud¢ that there is a material Inisstatement of this other inforn]atAon, we are required to r¢port that fact. We have nothing to report in this regard.
ort of the Inde endent Auditors to the Trustees and Members of Lower Ormeau Residents Action Grou Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on Ihe work undertaken in the course of the audit: the infomiation given in the Report of the Trustees for the financial year for which the financia statements are prepared is consistent with the financial statements. and the Report of the Trustees has been prepared in accordance with appltcable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the Course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the infonnation and explanations 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 th¢ purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a tive and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial stateinents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as applicabl¢, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realÉstic alternative but to do so. 12
ort of the Inde endent Auditors to the Trustees and Members of Lower Ormeau Residents Action Grou Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes oui. opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it cxists. Misstatements arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In particular, we looked at where management made subjective judgeinents, for example in respect of accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified the intei'nal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. ApproprAat¢ procedures included th¢ review and testlng of manual journals and key estimates and judgements made by management for risk of fraud. Based on our understanding of the company and industry, we identified the principal rlsks of non-compliance wlth laws and regulations as those that have a direct impact on the detennination of material amounts and disclosures in the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and identified the greatest potential for fraud. We communicated the identified laws and regulations throughout the audit team and remained alert to aTJy indications of non-compliance throughout 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 i'egulation and fraud. Reviewing the financial slatement disclosures and testing to supporting documentation, Review of board meeting minutes of those charged with governance. In addressing the risk of fraud through management overrRde of controls, testing the appropriateness of journal entries and other adjustments. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional sceplicism thrOU)0ut the audit. We also:. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obiain audit evidence Ihat is sufficient and appropriate to provide a basis for our opinion. The risk of not detectlng a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or th¢ override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for th¢ purpose of expressing an opinion on the effectiveness of the charities internal control. 13
ort of the Inde endent Auditors to the Trustees and Members of Lower Ormeau Residents Action Grou Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Perfonn analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud or error. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and based on the audit evidence obtained, whether a mat¢Yial un¢¢rtainty exists related to events or conditions that may cast significant doubt on the charities ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify oui. opinion. Our conclusions are based on the audit evidence obtained up to th¢ date of our auditovs report. However, future events or conditions may cause the charity to cease to continue as a going con¢em. Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among othcr matters, the planned scope and timing of the audit and significant audit findings, including significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of thc Companies Act 2006. Our audit work has b¢¢n undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than t e charitable company and the charitable company's members as a body, for our audit work, for this report, for the opinions we have formed. Billy Drake ior Statutory Auditor) for and on beha f of Lynn Drake & Co Ltd Statutory Auditors 1st Floor 34 B-D Main Street Moira Co. Armagh BT67 OLE 29 September 2025 14
Lower Ormeau Residents Action Grou Statement of Financial Activities Incor oratin an Income and Ex for the Year Ended 31 March 2025 enditure Account 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 51 51 1,254 Charitable activities Grants Receivable 776,067 776,067 832,114 Earned Income 183,053 183,053 180,297 Total 183,104 776,067 959,171 1,013,665 EXPENDITURE ON Charitable activities Direct Charitable Expenditure Governance 195,067 240 742,422 25,043 937,489 25,283 1,016,096 31,002 Total 195,307 767,465 962,772 1,047,098 NET INCOME/(EXPENDITURE) (12,203) 8,602 (3,601) (33,433) RECONCILIATION OF FUNDS Total funds brought forward 545,095 545,095 578,528 TOTAL FUNDS CARRIED FORWARD 532,892 8,602 541,494 545,095 The notes fonn part of Ihese financial slatements 15
er Orme Residents Action Grou Statement of Financial Position 31 March 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets 156,773 172,952 CURRENT ASSETS Debtors Cash at bank and in hand 12 256,543 155,888 203,105 216,572 412,431 419,677 CREDITORS Amounts falling due within one year 13 (27,710) (47,534) NET CURRENT ASSETS 384,721 372,143 TOTAL ASSETS LESS CURRENT LIABILITIES 541,494 545,095 NET ASSETS 541,494 545,095 FUNDS Unrestricted funds Restricted funds 15 532,892 8,602 545,095 TOTAL FUNDS 541,494 545,095 The financial statements were approved by the Board of Trustees and authorised for issue on 29 September 2025 and wer¢ signed on ils behalf by: John Gonnley - Trustee Marie Cavanagh - TnJste¢ The notes form part of these financial statements 16
Lower Ormeau Residenrts Aetion Grou temen of C sh Fl ws for the Year Ended 31 March 2025 31.3.25 31.3.24 Notes Cash flows from operaling activities C&gh generated from operations (59,234) (86,151) Net cash used in operating activities (59,234) (86,151) Cash flows from investing activities Purchase of tangible fixed assets (1,450) (7,623) Net cash used in investing activities (1,450) (7,623) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (60,684) (93,774) 216,572 310,346 Cash and eash equivalents at the end of the reporting period 155,888 216,572 The notes forni part of these financial slat¢m¢nts 17
Lo er Orm au Residen SAC ion Grou Notes to the Statement of Cash Flows for the Year Ended 31 March 2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjvstments for: Depreciation Charges Increase in debtors Decrease in creditors (3,601) (33,433) 17,629 (53,438) (19,824) 20,625 (69,733) (3,610) Net Cash used in operations (59,234) (86,151) ANALYSIS OF CHANGES IN NET FUNDS At 114124 Cash flow At 3113125 Net cash C&8h at bank and in hand 216,572 (60,684) 155,888 216,572 (60,684) 155,888 Total 216,572 (60,684) 155,888 The notes forn] part of these financial stalements 18
Loiver Ormeau Residents Ac fton Gr Notes to the Financial Statements ror the Year Ended 31 March 2025 ACCOUNTING POLICIES Summary of significant aecounting policie5 (a) General information and basis of preparation Lower Onneau Residents Action Group is constituted as a company limited by guarantee incorporated in Northern Ireland (N1037894). In the event of the charity being would up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charlties Act (Northern Ireland) 2013, the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements are prepar¢d on a going concern basis under the historical cost convention, modtfied to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Charity.. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been Consistently applied to all yew's pres¢nt¢d unless otherwise stated. (b) Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular pUoses. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. (c) Income recognition All incoming resources are included in the Stat¢ment of Financial Activities (SOFA) when the charity is legally ¢ntitl¢d to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 19 continued...
Lower Orme Residents Action Grou Notes to the Financial Statem s- Continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Summary of significant accounting policies For donations to be recognised the charlty will have been nolifi¢d of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Voluntary income is received by way of granls, donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when receivable. Income received from collections is recognised when received. Donated facilities and donated professional services are recognised in income at their fair value wljen their economic benefit is probable, it can be measured reliably, and the charity has control over th¢ item. Fair value is detern]ined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received, At this point income is recognis¢d. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to bc distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Income from eamed income includes income eamed from fundraising events and eamed income activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to ratse funds and is recognised when entitlement has occurred. The charity receives govemment grants which are detailed within the notes to these financial statements, Income from goverr)rnent and other grants are re¢ognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlemcnt is not met, then these amounts are deferred, (D) Expenditure recognition All expenditure is accounted for on an accruals basis inclusive of VAT which cannot be recovered and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Costs of raising funds includes the costs associated with attracting voluntary incomes. Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect natui'e necessary to suppoit thein. and Other expenditure represents those items not falling into the calegories above. Irrecoverable VA T is charged as an expense against the activity for which expenditure arose. 20 ontinued...
Lower Ormeau Residents Action Grou Notes to the Financial Sta ements- continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Summary of significant accounting policies Grants payable to third parties are within the charitable objectives. Where unconditional antS are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will re¢cive the grants. Where grants are conditional relating to perfomiance then the grant is only accrued when any unfulfilled 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, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on th¢ objects of the chai'ity and include project management carried out at Headquarters. Where support costs cannot be directly attrfftbuted to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads have been allocated on an insert detail basis and other overheads have been allocated on a basis consistent with the use of resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. (D Tangible fixed assets Tangible fixed assets are stated at cost l¢ss accumulated depreciation and accumulated impairnlent losses. Cost includes costs directly allributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over ils expected useful life as follows: Land & Buildings 4 % Straight line Fixtures and fittings 250/0 Reducing Balance Computer Equipment 250/0 Reducing Balance Motor Vehicles 25 % Reducing Balance Sports Project 25 % Reducing Balance (g) Financial Instruments A financial ass¢t or a financial liability is recognised only when the charity becomes a party to the contractual provision of the instrument. Basic financial instruments are initially recognised at the amounts receivable or payable including any related transaction Costs. Current assets and current liabilities are subsequently Ineasured at ihe cash or other consideration expected to be paid or relived and not discounted. Debt instruments are subsequently measured at amortised cost. 21 continued...
Lower Ormeau Residents Action Grou esto he Financial Statements- eontinued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Summary of slgnifieant aceountlng policies Where investments in shares are publicly traded or their fair value can othenvise be ineasured reliably, the investment is subsequently measured at fair value with changes in fair value i'e¢ognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are inittally recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of int¢r¢st that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a simÉlar debt instrument, Other financial instruments are subsequently measured at fair value with any changes recognised in the statement of financial activities, with the exception of hedging instruinents in a designed hedging relalionship. Financial &8sets that are measured at cost or amortised cost are reviewed for objective evidence of impairn]ent at the end of each reporting date. if there is objective evidence of impainnent an impairment loss is recognised und¢r the appropriate heading in the statement of financial activities in which the initial gain is reco11s¢d. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impainnent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairnient are recognised immediately, to the exlent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the irnpairment not previously been recognised. (h) Ithpairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balanc¢ shect date. If such indication exists, the recoverable amount of the asset, or the assevs cash generaling unit, is estimated and Compared to the carrying amount, Where the carying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairnient loss is a revaluation decrease. (i) Provisions Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an oulflow of economic benefits will be required in settlement and Ihe amount can be reliably estimated. (i) Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease tenn and the expected useful life of the asset. Minimum lease payments al'e apportioned between tlie finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of futur¢ finance charges, are included in creditors. 22 continued...
Lower Ormeau Residents Action Grou h Financial Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Summary of significant accounting policies Rentals payable and receivable under operating le&8es are charged to the SOFA on a straight line basis over the period of the lease. (k) Tax No provision is requtred foi. taxation as the company is defined as a chaiity for taxation purposes. The charity is a registered charity and so such is entitled to certain tax exemptions on income and profits from investments and sury)luses on any earned income activities carried on in furtheran¢¢ of the ¢harity'S primary objectives, if these profits and surpluses are applied solely for charitable pury)oses. (I) GoRng concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorlsing these financial statements. The budgeted income and expendithre As sufficient with the level of reserves for the charity to be able to continue as a going ¢on¢em. (m) Judgements estimates The following judgements including those involving estimates that have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year: (i) depreciation method and asset useful lives (li) principal assumptions used to MeUre multi-employer defined benefit pension schemes, liabilities, sensitivities to changes in assumptions and future funding obligations The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities An the period to which they relate. Income All income is recognised in the Statement of Financial Activlties once the charity has entitlement to Ihe funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required ffin settlement and the amount of the obligation can be measured reliably. Expenditiir¢ is accounted for on an accruals basis and has been classified under headings that aggregate all Cost r¢lated to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent wilh the use of resources. 23 conlinued...
Lower Ormeau Residents Action Grou No s to the Financial Statements - Continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Share capital The Company in Limited by Guarantee and has no Share Capital Fund accounting The Charity has various types of funds for which it is responsible, and which requi separate disclosure, These are as follows: (i) Restricted Funds Grants or donations received, which are eannarked by the donor for specific purposes within the overall aims of the organisation. (li) Unrestricted Funds Funds which are expendable at the discretion of the Directors in furtherance of the objects of the charity. Such funds may be h¢ld in order to finance capital investment and working capital DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations & Fundraising 51 1,254 EARNED INCOME 31.3.25 31.3.24 Project Entry Fees Drink Sales Commission Dance Studio Gym 3G Pitch Main Hall CEU Building Rent Rent 13R River Terrace St Malachys Playgroup Management Fees Co-operation Ireland Clanmill Housing 9,021 2,876 10,738 46,105 57,006 28,130 3,115 7,360 1,488 8,789 47,759 58,477 23,021 13,550 2,600 6,799 7,240 3,214 7,633 8,170 10,259 183,053 180,297 24 continued...
Low rme Residents Action Grou Notes to the Financial Statements- continued for the Year Ended 31 March 2025 INCOME FROM CHARrrABLE ACTIVITIES 31,3.25 31.3.24 Activity Grants Receivable Grants 776,067 832,114 Grants received, included in the above, are as follows: 31.3.25 31.3.24 Belfast City Council - Revenue BHSCT Public Health Agency Early Years - Pathway fund Community Foundation Nl NI Housing Executive - General Belfast City Council - Small Projects Belfast City Council - Capacity Belfast City Council - Good Relations Department of Communities (DFC) The Executive Office - TEO Education Authority - Belfast Region Belfast City Council - Summer Scheme Jog Belfast Fonvard South Dev. Funds Feile An Phobail Belfast City Council - Medium Urban Villages Healthy Living Alliance (Pain) Corrymeela Project Belfast City Council - Fuel Support Belfast City Council - Active Belfast Belfast City Council - Emerging Needs Sport NI Belfast City Council- SSF Belfast City Council - Belsonic Belfast City Council - Park Event LOTA Phoenix Gas JHS Gibson Paragone Studios Dev Healthy Clear Belfast City Council - SSMF Belfast City Council - Wellbeing 76,984 166,896 87,272 32,000 69,944 177,746 87,910 30,000 49,101 9,148 2,716 50,483 6,961 118,463 44,910 11,659 7,754 7,840 52,469 106,415 44,267 50,883 2,500 4,000 8,900 10,139 830 8,602 44,795 641 3,289 6,000 12,728 2,239 5,312 21,682 80,365 12,092 1,483 1,476 1,200 6,106 23,590 2,820 2,000 1,900 1,700 500 571 3,060 44,000 1,840 776,067 832,114 25 continued...
Lower Ormeau Residents Action Grou Notes to the Financial Statements - continued for th Year Ended 31 March 2025 CHAIUTABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Direct Charilable Expenditure Governance 937,489 937,489 25,283 25,283 937,489 25,283 962,772 SUPPORT COSTS Govemance costs Govemance 25,283 NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingl(crediting): 31.3.25 31.3.24 Accountancy Audit Fee Depreciation - owned assels 2,400 3,000 17,629 2,400 3,000 20,625 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 26 continued...
Low rm u Residents Action Grou Notes to the Financial Statem for the Year Ended 31 March 2025 eontAnued STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs Other pension costs 491,106 30,383 7,889 502,084 31,126 7,999 529,378 541,209 The average monthly number of employees during the year was as follows: 31.3.25 27 31.3.24 25 Management & Administration No employees received emoluments in excess of £60,000. The key management personnel of the charity comprise of the Chief Executive and Senior management team, The salaries paid to key management personnel being the Chief Executive Officer, Programme Co-ordinators and Finance Manager, durlng the year totalled £198,299. (2024: £175,970). 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 1,254 1,254 Charitable activities Grants Re¢¢ivable 177,746 654,368 832,114 Earned Income 180,297 180,297 Total 359,297 654,368 1,013,665 EXPENDrruRE ON Charitable activities Direct Charitable Expenditure Governanc¢ 354,208 31,002 661,888 1,016,096 31,002 Total 385,210 661,888 1,047,098 NET INCOMEI(EXPENDITURE) (25,913) (7,520) (33,433) RECONCILIATION OF FUNDS Total funds brought forward 571,008 7,520 578,528 27 continued...
Lo er Ormeau Residents Action Gro Notes to tbe Financial Statemen -con for the Year Ended 31 March 2025 inued io. coivtPARATtVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted funds funds Total funds TOTAL FUNDS CARRIED FORWARD 545,095 545,095 11. TANGIBLE FIXED ASSETS Sports Equipment Land & Buildings Computers & Equipment COST At l April 2024 Additions 2,444,152 1,450 185,575 91,450 At 31 March 2025 2,445,602 185,575 91,450 DEPRECIATION At l April 2024 Charge for year 2,413,307 7,187 51,961 7,423 88,515 1,629 At 31 March 2025 2,420,494 59,384 90,144 NET BOOK VALUE At 31 March 2025 25,108 126,191 1,306 At 31 March 2024 30,845 133,614 2,935 Motor vehicles Fixtures & Fittings Totals COST At l April 2024 Additions 15,519 11,984 2,748,680 1,450 At 31 March 2025 15,519 11,984 2,750,130 DEPRECIATION At l April 2024 Charge for year 15,519 6,426 1,390 2,575,728 17,629 At 31 March 2025 15,519 7,816 2,593,357 NET BOOK VALUE At 31 March 2025 4,168 156,773 At 31 March 2024 5,558 172,952 28 continu¢d...
Lower Ormeau Residents Action Grou Notes to the Financi atemenÉs- continued for the Year Ended 31 March 2025 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Clanmill Housing JOG Belfast BHSCT The Executive Office HLA (Pain) Feile An Phobal Belfast City Council Community Foundatlon Dept of Communities CRI Building- Rent Other Grants Due Prepayments and accrued income 10,259 2,000 18,182 22,498 11,051 12,000 98,309 24,550 39,190 7,000 3,748 7,756 46,743 17,302 5,292 6,491 49,101 30,122 10,000 20,395 17,659 256,543 203,105 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Social security and other taxes Credit Card Coronavirus BBL (Loan) Pension Accruals 7,729 7,301 22,418 4,416 5,670 5,136 12,225 4,439 5,910 27,710 47,534 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.25 Total funds 31.3.24 Total funds Unrestricted funds Restrlcted funds Fixed assets Current assets Current liabilities 132,298 428,304 (27,710) 24,475 (15,873) 156,773 412,431 (27,710) 172,952 419,677 (47,534) 532,892 8,602 541,494 545,095 29 continued...
Lower Ornie si ents Aetlon Grou Notes to the Financial Statements- continued for the Year Ended 31 March 2025 15. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 3113125 At 114124 Unrestricted funds General Fund Designated Fund 380,095 165,000 (12,203) 5,000 (5,000) 372,892 160,000 545,095 (12,203) 532,892 Restricted funds Urban Villages 8,602 8,602 TOTAL FUNDS 545,095 (3,601) 541,494 30 continued...
er Ormeau Residents Action Grou Notes o the FinancAal Statements - continued for the Year Ended 31 March 2025 15. MOVEMENT IN FUNDS - continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General Fund 183,104 (195,307) (12,203) Restricted funds Belfast City Council -Revenue BHSCT Early Years - Pathway fund Public Health Agency Nl Housing Executive - General Belfast City Council - Small Projects Belfast City Council - Capacity Department of Communities (DFC) The Executive Office - TEO Education Authority - Belfast Region Belfast City Council - Summer Scheme Jog Belfast Fonvard South Part Dev. Funds Feile An Phobail Belfast City Council - Medium Urban Villages Healthy Living Alliance (Pain) Corrymeela Project Belfast City Council - Fuel Support Belfast City Council - Emerging Needs Belfast City Council - Belsontc Belfast City Council - Park Event LOTA Phoenix Gas JHS Gibson Paragone Studios Dev Healthy Clear Belfast City Council- SSMF Belfast City Council- Wellbeing 76,984 166,896 32,000 87,272 7,754 7,840 52,469 106,415 44,267 50,883 2,500 4,000 8,900 10,139 830 8,602 44,795 641 3,289 1,200 2,820 2,000 1,900 1,700 500 571 3,060 44,000 1,840 (76,984) (166,896) (32,000) (87,272) (7,754) (7,840) (52,469) (106,415) (44,267) (50,883) (2,500) (4,000) (8,900) (10,139) (830) 8,602 {44,795) (641) (3,289) (1,200) (2,820) (2,000) (1,900) (1,700) (500) (571) (3,060) (44,000) (1,840) 776,067 (767,465) 8,602 TOTAL FUNDS 959,171 (962,772) (3,601) 31 continued...
Lower Ormeau Residents Action Grou Notes to the Financial St t s - continued for the Year Ended 31 March 2025 IS. MOVEMENT IN FUNDS - contillued Comparatives for movement in funds Net movement in funds Transfers between funds At 3113124 At 114123 Unrestricted 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 Communities (DFC) 7,520 (7,520) TOTAL FUIYDS 578,528 (33,433) 545,095 32 continued...
r Ormeau Residents Action Grou Notes to the Fin em nts- continued for the Year Ended 31 March 2025 IS. MOVEMENT IN FUNDS - eontAnued Comparative net movement in funds, included in the abov¢ are as follows: Incoming resources Resources expended Movement 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 Council -Revenue Early Years - Palhway fund Public Health Agency Community Foundation NI NI Housing Executive - General Belfast City Council - Small Projects Belfast City Council - Capacity Belfast City Council - Good Relations Department of Communities (DFC) The Executive Office - TEO Education Authority - Belfast Region Jog Belfast Forward South Part Dev. Funds Feile An Phobail Belfast City Council- Medium Urban Villages Healthy Living Alliance (Pain) Conymeela 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 12,728 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) 33 continued...
Lower Ormeau Residents Action Grou to he Financial Statements - continued for the Year Ended 31 March 2025 16. CONTINGENT LIABILITIES A contingent liability exists to repay antS received should certain conditions not be fulfilled by the charity. 17. COMPANY CHARGE On 12 February 2024 an all monies charge was created by The Executive Office. 18. RELATED PARTY DISCLOSURES There We no related party transactions for the year ended 31 March 2025. 19. POST BALANCE SHEET EVENTS There were no events after the reporting period therefore no material issues need disclosed. 20. DESIGNATED FUNDS In accordance with best practice the company directors have agreed a comprehensive reserves policy. As such, the designated fund is the result of the ¢ompany's strategic objective to establish reserves which can be used to fund future expenditure on refurbishment or replacement of capital items. Such capital items include the football pitches, IT Systems and gym equipment, along with ancillary running costs. The aim is also to provide sufficient funds to cover any working capital requirements associated with receiving grant funding in arrears, any unforeseen costs which may arise, as well as allowing for the payment of any liabilities which would arise should the company cease to operate. Althou0] Lower Omieau Residents Action Group may not be in a position to maintain this level of reserves at a particular point in time, it will strive to achiev¢ a reserve which equates to Ihis level. Designated funds are made up as follows - 3110312025 Running Costs Pitch caet Replacement Replacement Gym Equipment Maintenance IT Systems Non Funded Salaries 50,000 20,000 30,000 20,000 40,000 TOTAL 160,000 The Irustees previously designated unrestricted funds of £186,000 for the purchase of the John Murray Lockhouse for the development as a Healthy Hub, providing 2 significant activity studios, conferenc¢ room, café, caterlng kitchen to undertake hospitality and healthy eating training s¢rvices. Th¢ Lockhouse will link with a community garden, poly-tunnel and shed, providing much needed access to green spaces. 34 continued...
Lower Ormeau Residents Action Grou Notes to the Fin nei tem for the Year Ended 31 March 2025 continued 20. DESIGNATED FUNDS - continued The construction element is to be managed by Belfast City Council in line with Urban Village Capital programme. Following successful tender process BCC and LORAG jointly appointed Hugh J O'Boyle &8 the lead contractor with construction to commence in Mai'ch 2024 and completion set for April 2025. Construction has been delayed due to an unmapped storm overflow pipe being discovered in the property rear garden. NI Water has resisted all attempts to find an affordable Total construction budget has been set at £2.9 million. Project funders in order of funds are The Executive Office / Urban Villages, Department for Communities, Department for Environment Green & Blue Ways, Belfast City Council & Ulster Garden Villages. Following the discovery of a NI Water stonn pipe in the rear garden of the Lockhouse the project has undergo major design reconfiguration that will require a purchase of addition land at the north and south face of the facility. St John Vianney is the parish-based Youth Club responsible for the delivery of core area-based youth services since 1984. The setting closed in September 2023 following a change in the EA funding model for the voluntary youth sector. Following the closure of the parish-based youth facility LORAG undertook to have the scrviccs and facility secured for community use. LORAG has successfully engaged with the Education Authority securing core salary, programme and running costs for the setting. LORAG has also engaged with the Down and Conor Diocese and Belfast City Council to agree the transfer of the remaining period of the facility leased directly to LORAG. LORAG intend to establish a youth consortium to oversee the future of communtty youth services. To make good the youth facility LORAG will need to identify £130,000 - £150,000 capital funding to replace heating, hot water systems, repair the roof, internal and external fittlngs. LORAG is in discussion with Belf&8t City CouncAI and th¢ D¢partment For Communities for resourcing of these works. LORAG remains conscious of the ongoing cost of living crisis and the impact this is having for Ihe delivery of community services and the impact this is having for local families. LORAG will ontinue to act as the Lower Ormeau lead for delivery of any relief seiCeS that may be made available by statutory agencies as we did during the Covid Crisis. LORAG continue to remain vigilant to the legacy of the Covid crisis and the impact this has had on community wellbeing and the delivery of community health, youth and children related services. 35 continued...
Lower Ormeau Residen SA tion rou t the Financial Statements- continued for the Year Ended 31 March 2025 21. WINDING UP Every member of the Company undertakes to contribute to the assets of the Company, in the event of the sam¢ being wound up while it is a member, or within one year after it ceases to be a member, for payment of the debts and liabilities of the Company contracted before it ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributor's among themselves, such amount as may be required not exceeding one pound. 22. SHARE CAPITAL The Company is Limited by Guarantee and has no Share Capital 36
Lower Ormeau Resid Action Grou ailed tement of Financial Activities for the Year Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Donations & Fundraising 51 1,254 Earned Income Project Entry Fees Drink Sales Commission Dance Studio Gym 3G Pitch Main Hall CRI Building Rent Rent 13R River Terrace St Malachys Playgroup Management Fees Co-operation Ireland Clanmill Housing 9,021 2,876 10,738 46,105 57,006 28,130 3,115 7,360 1,488 8,789 47,759 58,477 23,021 13,550 2,600 6,799 7,240 3,214 7,633 8,170 10,259 183,053 180,297 Charitable activities Grants 776,067 832,114 Total incoming resourc 959.171 1.013,665 EXPENDITURE Charitable activities Wages Social security Pensions Rates and water Insurance Premium Electricity Telephone Printing and Stationery Sundrles Heating Costs Minbus Expenses Computer and IT Advertising and Publications Carried fonvard 491,106 30,383 7,889 1,869 8,138 24,574 5,735 6,258 2,539 31,191 2,899 6,887 2,152 621,620 502,084 31,126 7,999 2,944 8,801 27,583 5,368 6,271 25,645 4,363 7,243 ,046 630,473 This page does not form part of the statutory financial statemenls 37
Lower Ormeau Residents Action Grou Detail d Statem of Finanei l Aeti for the Year Ended 31 March 2025 ies 31.3.25 31,3,24 Charitable activilies Brought fonvard Unifornis Travelling R¢pairs and Maintenance License Fees Urban Villages Lagan Older & Active Project PHA Project BCC Asylum Dispersal Jog Belfast Project Cost Community Fund Project BHSCT Nl Housing Executiv¢ Children's Project Costs HLA Pain Alliance Small Projects Cost Corrymeela Project Costs Forward South Dev Fund Project Youth Project Costs Community Foundation Clanmil Housing Project LOTA Project Costs SBDF - Project Costs Education Authority Belfast Region TEO Project Costs Feile An Phobail Project BCC Winter Voucher Support BB Health Project Costs Depreciation 621,620 1,477 108 4,496 630,473 2,243 95 20,961 159 5,248 5,547 8,046 9,181 2,090 20,066 4,907 4,526 2,105 1,529 78,463 2,675 14,716 14,313 21,280 2,320 6,271 25,058 97,090 9,928 13,947 29,878 3,507 10,895 5,440 26,559 54,946 6,418 760 1,356 5,403 12,197 5,292 23,780 4,032 20,625 10,000 1,300 29,576 9,204 15,050 28,800 17,629 937,489 1,016,096 Support Costs Governance costs Accountancy Audit Fee Cleaning and Consumables Professional and Legal Fees Bank Charges 2,400 3,000 8,656 8,744 2,483 2,400 3,000 9,188 12,839 3,575 25,283 31,002 Total resources expended 962,772 1,047,098 Net expenditure (3,601) (33,433) This page does not fomi part of the statutory financial statemenls 38