The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019).
The principal activity of the charitable company is supporting other local charities and local financial organisations connected to a charity.
The objectives for which the charitable company is established, and thereby providing public benefits, are to:
Disseminate financial aid to individuals, charitable organisations and youth groups, to enable them to improve the conditions of life for those living throughout the world.
They aim to provide:
Advancement in education;
Advancement in religion;
Relief for those in need by reason of youth, age, ill health, disability, financial hardship or any other disadvantage.
The trustees have paid due regard to guidance issued by the Charity Commission for Northern Ireland in deciding what activities the charitable company should undertake.
Achievements and performance
The charitable company did not undertake charitable activities on its own account during the year. Instead, the charitable company made five donations totalling £4,500 (2023 - £2,550). Further details of these donations can be found at note 4 to the accounts.
The surplus of funds for the year amounted to £1,717 (2023 - £405 deficit). Reserves at the year end consisted of £198,071 (2023 - £196,354) in unrestricted funds.
Plans for the future periods
The charitable company will continue to award grants to charitable organisations which they consider meet the objectives of the charitable company until such times that the reserves are depleted. Subsequently the charitable company will be wound up.
Reserves policy
As disclosed above, it is the intention of the trustees to award grants until such times as the reserves are fully depleted.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The trustees of the charitable company are also directors for the purposes for charity law. Under the requirement of the Memorandum and Articles of Association, trustees are appointed and retire by rotation every three years at the annual general meeting. The number of trustees is not subject to a maximum but is not less than two.
None of the trustees have any beneficial interest in the charitable company. All of the trustees are members of the company and guarantee to contribute £1 in the event of winding up.
The day to day running of the charitable company has been designated to Mr J J Proctor, trustee.
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Registered Office:
15 Dorchester Park
Portadown
Craigavon
Co Armagh
BT62 3EA
Charity Registration No. NIC101348
Company Registration No. NI031842
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Oasis Youth Centre Limited (the charitable company) for the year ended 31 March 2024.
As the trustees of the charitable company (and also its trustees for the purposes of charity law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
It is my responsibility to:
examine the financial statements under section 65 of the Charities Act;
follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Act; and
state whether particular matters have come to my attention.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Independent examiner's statement
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Charitable activities
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
All amounts in the prior year are unrestricted in nature.
Oasis Youth Centre Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 15 Dorchester Park, Portadown, Craigavon, Co Armagh, BT62 3EA.
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.
The charitable company has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus, although it is the intention of the trustees to eventually wind up the charitable company, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
(i) Charitable activities
This comprises all the resources applied by the charity in undertaking its work to meet its charitable objectives.
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specified service or output.
Where the charitable company gives a grant without performance conditions, these are recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Direct costs relate to expenditure directly related to providing care and support in the community.
(ii) Governance costs
Governance costs include the costs of governance arrangements which relate to the general running of the charity.
Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of six months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
All amounts in the current and prior year are unrestricted in nature.
Charitable activities
All amounts in the current and prior year are unrestricted in nature.
Accountancy
The average monthly number of employees during the year was:
There were no disclosable related party transactions during the year (2023 - none).