IRIS Accounts Production v24.3.2.46 NI023021 Board of Directors 1.4.23 31.3.24 31.3.24 20/2/2025 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0230212023-03-31NI0230212024-03-31NI0230212023-04-012024-03-31NI0230212022-03-31NI0230212022-04-012023-03-31NI0230212023-03-31NI023021ns15:NorthernIreland2023-04-012024-03-31NI023021ns14:PoundSterling2023-04-012024-03-31NI023021ns10:Director12023-04-012024-03-31NI023021ns10:CompanyLimitedByGuarantee2023-04-012024-03-31NI023021ns10:SmallEntities2023-04-012024-03-31NI023021ns10:Audited2023-04-012024-03-31NI023021ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI023021ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI023021ns10:FullAccounts2023-04-012024-03-31NI023021ns10:Director22023-04-012024-03-31NI023021ns10:RegisteredOffice2023-04-012024-03-31NI023021ns5:CurrentFinancialInstruments2024-03-31NI023021ns5:CurrentFinancialInstruments2023-03-31NI023021ns5:RetainedEarningsAccumulatedLosses2024-03-31NI023021ns5:RetainedEarningsAccumulatedLosses2023-03-31NI023021ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-31NI023021ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-31
REGISTERED NUMBER: NI023021 (Northern Ireland)















OMAGH INTEGRATED PRIMARY SCHOOL LTD

Financial Statements for the Year Ended 31 March 2024






OMAGH INTEGRATED PRIMARY SCHOOL LTD (REGISTERED NUMBER: NI023021)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


OMAGH INTEGRATED PRIMARY SCHOOL LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Gavin Gallagher
Martin McQuaid





REGISTERED OFFICE: 72 Crevenagh Road
Omagh
Co.Tyrone





REGISTERED NUMBER: NI023021 (Northern Ireland)





INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

OMAGH INTEGRATED PRIMARY SCHOOL LTD (REGISTERED NUMBER: NI023021)

Statement of Financial Position
31 MARCH 2024

2024 2023
Notes £ £
CURRENT ASSETS
Receivables: amounts falling due within
one year

5

140,654

8,600
Cash at bank 161,214 143,083
301,868 151,683
PAYABLES
Amounts falling due within one year 6 (181,429 ) (71,047 )
NET CURRENT ASSETS 120,439 80,636
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,439

80,636

PROVISIONS FOR LIABILITIES (586,100 ) (360,112 )
NET LIABILITIES (465,661 ) (279,476 )

RESERVES
Income and expenditure account (465,661 ) (279,476 )
(465,661 ) (279,476 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





Gavin Gallagher - Director


OMAGH INTEGRATED PRIMARY SCHOOL LTD (REGISTERED NUMBER: NI023021)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Omagh Integrated Primary School Ltd is a private company, limited by guarantee, incorporated in Northern Ireland within the United Kingdom. The registered office of the company is 72 Crevenagh Road, Omagh, Co. Tyrone, BT79 0GW, which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors Report.

The presentational currency of the financial statements is Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

The financial statements of the company for the year ended 31 March 2022 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These financial statements have been prepared on Going Concern basis.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Going Concern
The directors believe the financial statements should be prepared on the going concern basis, notwithstanding the fact the school generated a loss in the year of £186,185 and had a net liability position of £465,661 at 31 March 2024. This is largely due to the school recognising the pension provision as referred to in note 5 of these accounts.

The ability of the school to continue as a going concern is dependent on the support of the Education Authority to assist with the funding of the pension provision, and any additional liability that may result from the funding of non-current employees as referred to in Note 8 of these financial statements. After the year end, the Education Authority provided the school with £586,100 of funding for the estimated pension liabilities. The school is in ongoing negotiations with the Education Authority and NILGOSC to confirm the full pension liability and the amount and nature of the funding.The monies received from the Education Authority have yet to be paid over to NILGOSC, pending confirmation of the final amounts.

The directors remain positive that an appropriate resolution can be reached with the Education Authority and funding secured to assist the school in continuing as a going concern.

Revenue
Income of a revenue nature including grants received and meals charged are credited on an accruals basis to the Revenue Account. Donations and fundraising are credited when received to the Revenue Account.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

OMAGH INTEGRATED PRIMARY SCHOOL LTD (REGISTERED NUMBER: NI023021)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Employee benefits
The school participates in the DENI Teachers' Pension Scheme and the Northern Ireland Local Government Officers Superannuation Commitee Pension Scheme (NILGOSC). These are both defined benefit schemes. It is not possible to identify the schools shares of the underlying assets and liabilities in these schemes and thus pension pension costs are accounted for as if they were defined contribution schemes and charged to the revenue account as incurred.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of the discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation
The company is a charity (no XN79501) registered in Northern Ireland and is therefore exempt from tax on its income and gains to the extent that such income and gains are applied to exclusively charitable purposes.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2023 - 50 ) .

5. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 15,129 -
Other debtors 125,525 8,600
140,654 8,600

6. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade payables 17,701 3,963
Taxation and social security 6,104 -
Other payables 157,624 67,084
181,429 71,047

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

8. CONTINGENT LIABILITIES

As noted in the exceptional item note, a liability has arisen in respect of historic unpaid pension liabilities owed by the school in respect of non-teaching staff. The school has recognised a provision in the accounts for the cost of unpaid pensions for existing non teaching staff. However, as at the date of signing these financial statements, the school is not able to reliably estimate the total cost of the pension contributions for former employees of the school. The school is in discussions with such former employees in order to gauge what liability may exist. The school estimates that the maximum liability that could be incurred is £586,100.

OMAGH INTEGRATED PRIMARY SCHOOL LTD (REGISTERED NUMBER: NI023021)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. CAPITAL COMMITMENTS

The company has no material capital commitments at the year ended 31 March 2024.

10. RELATED PARTY DISCLOSURES

Remuneration
All teachers on the Board of Governors are paid in accordance with DENI's Teachers Salary Regulations (Northern Ireland) 1993. Defined benefit contributions are made to DENI's Teachers Pension Scheme.