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 refe￿als, 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 I￿lANAGEMENT
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 cOntrac￿al 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 pU￿oses. 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 reco￿11s¢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 Me￿Ure 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 ca￿et 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 se￿iCeS 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