Registered number.- 06800285 Charity number.. 1141053 é#wEARE rf NORTHERNPRIDE Northern Pride Events Limited la company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 ocfoBER 2024 Prepared By: F.E. Laughlin Ltd t/A JC Accountants 19 Norfolk Street Sunderland SRI IEA Northern Pride Events Limited FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 OCTOBER 2024 TRUSTEES S Bendelow L Robson R Murr J Owen REGISTERED OFFICE C/0 Northern Stage Barras Bridge Newcastle Upon Tyne NEI 7RH COMPANY NUMBER 068(X)285 CHARITY NUMBER 1141053 INDEPENDENT EXAMINER Fiona E Ramsey F.E. Laughlin Ltd 19 Norfolk Street Sunderland SRI IEA Page I Northern Pride Events Limited ACCOUNTS FOR THE PERIOD ENDED 30 ocfoBER 2024 CONTENTS Pages Report of the Trustees Report of the Independent Accountant Statement of Financial Activitie5 Balance Sheet io li 12 Cash Flow Statement Notes to the Accounts 13 14to18 Page 2 Northern Pride Events Limited TRUSTEES, REPORT FOR THE PERIOD ENDED 30 o￿oBER 2024 The Trustees present their report and the unaudited financial statement5 for the period ended 30 October 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Att purposes. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity. Objertives and Artivities Objectives and Aims The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake in Order to further the charitable purposes for the public benefit. These activities are summarised below. Northern Pride was formed in August 2(X)7 after a brief gap in Pride acttvities following the closure of Pride on the Tyne. A research project was commissioned and carried out by MET Ltd to establish what the Northeast LGBTQIA+ community would like from a Pride event. These results were fed back into the community in May 2(K)7 and from this feedback a group of volunteers came forward and formed the first Northern Pride committee. Northern Pride was incorporated as a limited comparby in 21M19 to give the organi5ation greater accountability and protection and is a registered charity. In 2018 the charity was rebranded, and the new core prirkciples were introduced. Protect Protect LGBTQIA+ rights already won and champion these whi15t supporting the fight" to end equality indifferences that remain at home and abroad. Promote Promote a healthy Ix)dy and mind through access to support and education for the community and our straight Provide Provide a serie5 of LGBTQIA+ events including our annual festival to bring communities closer together Bnd celebrate our diversity. These core principles are the foundations to enable Northern Pride to proud￿ pmmote Lesbian, Gay, Bisexual, Transgender, Queer plus, culture through public celebration of our heritage and engaging in education and cultural activities that enrich the community whilst raising awareness of the issue's LGBTQIA+ people face, building mutual respect alld working to end homophobia. biphobia and transphobia bullying IHBTI and discrimination. As an LGBTQIA+ charity the aims of Northern Pride are the promotion of equality and diversity for the public benefit by al The elimination of discrimination on the grounds of sexual orientation, gender identlty and expies5ion, and sex characteristics bl Advancing education and raising awareness in equality and diversity issues face by LGBTQIA+ people.. and Page 3 Northern Pride Evehts Limited cl Cultivating a sentiment in favour of equality and diversity to create a safe environment where LGBTQIA+ people can promote and explore theif culture and work in the interests of the public benefit to remove any social exclusion. Northern Pride achieve their aims and objective by holding various events, workshops. seminars and campaigns throughout the year which culminates in the pride festival in July. The first of these pride festivals was held in July 2008 and was attended by over 2.51X) people. The three-day festival now includes a March through Newcastle city with entertainment, vari04Js LGBTQIA+ safe zones, information stalls, and market sta115 at variou5 places, spaces and places in the heart of the city, plus an array of fringe events on the buildup to the festival which now attracts over 40.OIK) people, with a further 40,000 who are exposed to the content of the festival due to its city location. Significant Activities and Achievements In 2023, the festival faced one of its most challenging years, as adverse weather had a devastating impact on the event and on everyone involved from attendees and volunteers to traders and contractors. The conditions forced us to confront difficult questions about the suitability o* a grassed site for Northern Pride, particularly when access and safety must remain our top priorities. While there are options to improve accessibility and resilience for a greenfield site, ensuring these solutions can be delivered sustainably will take careful planning, time, and investment. Following the 2023 event, the Board undertook a review of recovery options to ensure the delivery of a 2024 programme. During this period. Northern Pride was owed funds by a 2023 supplier who subsequently entered liquidatiorb, resulting in the debt being unrecoverable. Despite this setback. the charity continued to meet its financial commitments while also managing the iollover of ticket sales and processing refunds. The charity also needed to consider how the UK'S political and economic climate in recent years has placed unprecedented strain on Pride events. Reduced support for LGBTQIA+ causes from public bodies and corporate sponsors, increased scepticism toward trans rights. and austerity measures have significantly affected funding. Around 75% of Prrde events have seen a drop in corpoiate sponsorship. with 25%105ing more than half of their funding. The withdrawal of multinational sponsors from diversity. equity. and inclusion IDEII initiatives-often linked to political rhetoric from oversea5 has accelerated this trend. Some Pfide organisations have ceased operations entirely. citing the economic climate and lack of sijstainable funding. To safeguard operations and ensure long-lerm viability, Northern Pride implemented a series of strategic changes= Diversified income streams, including the introduction of arena ticketing in 2023. Expanded the festival format to include a broader Tange of year-round events. Focused on creating localised. accessible experiences for different sections of the community. A key development has been the move from a grass-field site to a city-centre model. By partnering with established venues that already have the infrastructure and services required, the organisation ha5 been able to significantly reduce expenditure on large-scale site build. temporary structures, and equipment hire. The transition to the city-centre model has yielded significant and measurable benefits across multiple areas.. Cost efficiencies.- By utilising existing venue infrastructure. Northern Pride has substantially reduced expenditure on temporary structures and equipment hire. allowing more resource5 to be allocated diiectly towards core charitable objectives. Page 4 Northern Pride Events Limited Improved accessibility= Central city venues have enhanced access for attendees with mobility needs and mitigated risks associated with adverse weather. ensuring a Safer and more inclusive experience. Expanded community reèch= Hosting the event in prominent, easily accessible city locations has attracted a broader audience, inclu&ing a notable increase in first-time attendees, who comprised one-third of participants in 2024. Positive economic impact= The 2024 city-centre festival generated an estimated £4 million boost to the Newcastle economy, supporting local businesses and suppliers through strategic partnerships and procurement. Enhanced audience experience= With multiple venues located within walking distance and free bus travel provided between them, the event's flow and convenrence were markedly improved, contributing to high satisfaction scores. with 90% of attendees indicating their intention to return in 2025. Broader cultural programming= The use of established city venues has enabled a more diverse and inclusive programme, offering varied experiences tailored to different segments of the community and reflecting the multifaceted nature of Prjde. To ensure the success of the event, Northern Pride increased its communications and marketing budget to effectively promote the substantial changes made. Additionally, the charity engaged an independent third-party evaluation cofflpany to conduct a thorough review of the festival's perfomiance. enabling robust and objective nalysis. Public Benefrt The 2024 satisfaction survey showed= One-third of attendees were experiencing Pride for the first time. 75% identified as LGBTQIA+. 70% of returning attendees rated the event better than previous years. 90% confirmed they would return in 2025. The majority rated the event 8110 or higher across key metrics The city model enable5 Northern Pride to stay true to its charitable focus by ensuring fair pay for artists, creative5. and service providers- mairktaining free access to most festival zone5.' and providing free community outreach services. Ticketing is limited to the Arena. following the successful 2023 model. While the board remains open to returning to a greenfield site in future, any decision will be made with careful consideration of finarTrcial sustainability, accessibility. and the charity's long-term safeguarding. Volunteers Our events, including those delivered through digitsl platforTn5, rely heavily on the dedication of our fantastic volunteers. Their contributions range from roles such as march stewards on the main day, assisting with on-site collections, and organising fundraising activities, to more invofved positions on the main committee as coordinators or trustee directors. Page 5 Northern Pride Events Limited Northern Pride events are primarily run by this committed volunteer team. supported by specialist consultants and service providers. In 2024, the Festival Director, previously engaged on contract, continued in the role on a voluntary basis to support the organisation through the transition to the city-centre model, helping to manage financial challenges following the 2023 event Cancellation. FINANCIAL REVIEW Financial position General fund income in the period was £146,391. primarily from grants, market stall fees, training fee, donations and sponsorships. ExpendiFure was £126,855. resulting in a net income of £19,536131 October 2023.. net loss £1.6621. Reserves policy At 30 October 2024, reserves are-£12,040131 Ottober 2023= _£31.5761 due to the organisation running as a not- for-profit organisation whilst taking particijlar care to ensure the charity achieves in objectives and satisfies its creditors. Going concern In 2022. changes in the financial climate led to fluctuations in supporter and sponsor income. underscoring the urgent need for Northern Piide to diversify its ￿VenUe streams to secure long-term sustainability. Since 2018, we have experimented with various ticketed fundraising events on Friday nights, including the 2022 'Launch Party., which involved a significant investment aimed at generating income through ticket sales. Despite successful delivery and posttive attendee feedback. the evenys income did not exceed the production costs, resulting in a negative balance carried foThiard into the following financial period. For the 2023 festival, we introduced a hybrid ticketing model requiring tickets for certain attractions while maintaining free entry across other areas, sUPPOrted by a substantial grant from the North of Tyne Combined Authority. This approach has been carefully monitored to balance financial risk with the delivery of a high-qu31itv event experience. Whilst on the build-up to the event was promisin& the impact of the 2023 cancellation wa5 too great for this to be iealised. The pivotal move to hosting the festival in city-centre venues has dramatically improved the charity's financial outlook. Leveraging existing infrastructure has reduced costs Substantially and increased accessibility, allowing for a more sustainable model. Following the success of the 2024 event, the upcoffling 2025 festival is poised to build on this momentum, presenting a muth healthier financial picture for the charity. With these developments, Northern Pride has transitioned from facing potential going concern risks to a more secure and stable position. The Board continues to collaborate with financial and sector experts to further reduce financial risks and focus resources on fully funded activities that deliver vital community outreach in line with the CharIt￿S constitution, particularly ImF)Ortant in the current challenging environment for many in the LGBTQIA+ community. Page 6 Northern Pride Events Limited. Plans for future periods Northern Pride's return to the city for the 2025 festival marks a significant milestone in the tharitys journey towards sustainability and growth. The successful partnerships forged with local venues, delivery partners, and fellow charities have been instrumental in driving this positive transformation. These collaborations have not only enhanced the festival experience but have also enabled Northern Pride to operate with greater financial stability and community impact. As a result, the charity is enjoying a substantially improved outlook, positioning itself strongly for continued success while deepening its commitment to serving and celebrating the LGBTQIA+ community. Funds in debit The general fund was in deb'it at the end of the period by £12.040. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document. a deed of trus¢ and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Directors of the Company are also Trustees of the Charity. Eligibility for membership of the Charity and membership of the Board of Trustees is governed by the memorandum and articles of association. There are no restrictions in the governing document on the operation of the charity or on its investment powers other that those imposed by Charity law. The organi5ation is governed by a Board of Directors. which consists of nominated members. The Board is responsible for the markagement and control of the Charity and overall direction of its work. The Directors have the power to Co-opt new Dirertors as set out in the Memorandum and Articles of Association. Induction and Training of Trustees Our HR Director continues to monitor our onboarding process for all volunteers. committee members and Directors. This includes relevant operating procedures, confidentiality agreements and other governing documents. Risk management strategy The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposufe to the major risks. The trustees regularly review risks and uncertainties. To ensure early mitigation of risks the trustees continually monitor and review financial status and foNard forecasts on a quarteily basis. Page 7 Northern Pride Events Limited REFERENCE AND ADMINISTRATIVE DETAILS Charity Name= Northern Pride Events Limited Charity Number: 1141053 Company Number: 0681K)285 Flegistered Office: CIO Northern Stage, Barras Bridge. Newcastle Upon Tyne, England, NEI 7RH The Trustees, who are a150 the Dirertors for the purpose of company law. and who served during the period were-. 5 8endelow L Robson R Murr J Owen None of the trustees received iemuneration or other benefit from their work with the charity. Any connection with the charity must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current period no such related party transactions were reported. None of the Trustees has any beneficial rnterest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Exemptions from Disclosure There are no exemptions from disclosure. Funds Held as Custodian Trustee on Behalf of Others There are no funds held a5 Custodian Tnjstee on behalf of others. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees, who a￿ also the Directors of Northern Pride Events Limited for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to piepare financial Statements for each financial period which give a trtje and fair view of the state of affairs of the charity and of the incoming resouices and application of resources, including the income and expenditure, of the charitable company for that period. ststement as to disclosure of information to the independent accountant In preparing these accounts, the Trustees are required to: Select suitable accounting policies and then apply them consistently,- Observe the methods and principles in the Charities SORP,. Make judgements and estimated that are reasonable and prudent- and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate records that disc105e with reasonable accuracy at any tinie the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8 Northern Pride Events Limtted The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Art 2(X)6. They are also responsible for safeguarding the assets of the charitable company and hente for taking reasonable steps for the prevention and detection of fraud and other irregularities. On Behalf of the Board of Trustees Lynne Robson Trustee Dated.. Page 9 Northern Pride Events Limited IINDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED,30 ocfoBER 2024 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTHERN PRIDE EVENTS LTD I report the to the charity trustees on my examination of the accounts of the company for the period ended 30 Ortober 2024 which are set out on pages 9 to 16. Respective Responsibilities of trustees and examiner As the charity trustee5 of ihe company land also its dirertors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act'l. Having satisfied myself that the accounts of the company ale not required to be aijdited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement 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 re5pert of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those records.- or 3. the accounts 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 accounts have not been prepared in accordance with the methods and principles of the Statervyent of Recommended Prattice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. 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 accounts to be reached. Fiona Ramsey FCA For and on behalf of F.E. Laughlift Ltd 19 Norfolk Street 5underland SRI IEA |glz> Page 10 Northern Pride Events Limited STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 OCTOBER 2024 Notes 3011012024 3111012023 Income from enerated funds Donations and legacies Other trading activities Total Incoming resources 49.115 126,008 97.276 146.391 241,673 367,681 Ex enditure Raising funds Charitable activities Other 126,855 369,343 Total Expenditure 126,855 369,343 Net lexpenditurell income and net movement in funds for the period 19,536 11,6621 Reconciliation of funds Total Funds brought forward Total funds carried forward 131.5761 112,11401 129.9141 131,5761 This statement of financial activities includes all gains and losses recognised in the period. All income and expenditure has arisen from continuing activities and is assigned to unrestricted funds in both periods. This statement also includes the income and expenditure account for the Companies Act 2006. Page 11 Signature: Email: ste.dunn@npride.org.uk