Charity Registration No. NIC 100152 Company Registration No. N1041616 (Northern Ireland) MAIDEN VOYAGE (NI) LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Iii harbinson mulholland
MAIDEN VOYAGE (NI) LTD CONTENTS Page Directors. report Independent examinerfs report statement of financial actwtties ststement of financial postbon Statement of cash flows Notes to the Ilnancial statements 10-18
MAIDEN VOYAGE (NI) LTD REFERENCE AND ADMINISTRATIVE INFORMATION Directors JD Burke M P Robinson C McGrail K Mccann A Bradley F Bell (Appointed 15 August 20241 (Appointed 27 September 2024) Secretary JD Burke Charity number NIC 100152 Company number N1041616 Registered office CrescentArts Centre 2-4 UnÈversty Road BelfasL CoAntrim Northern Ireland BT7 1NH Independent examiner Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northem Ireland BT2 BHS
MAIDEN VOYAGE (NI) LTD DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Directors present their report and accounts forthe yearended 31 March 2024. Results The directors are pleased to present the results for 202&24. There was a net surplus ft)r the year of £5.119 attributsble to unrestricted reserves. Unrestrtcted reserves now stsnd at £43.438. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply wtth the charty's Memorandum and Articles of Association. the Companies Act 2006 and "Accounting and Repo*i ng by Chartiies- Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102)" (as amended for accounting peTiods commencing from 1 January 20161. Structure. Govemance and Management Maiden Voyage INI) Limited is a company limited by guarantee, registratFon number N1041616. The company is recognised by HM Revenue and Customs as having charitable status, reference number XR63074. Maiden Voyage (Nl) Limtted's conduct is govemed by its Memorandum and Articles ofAssociation. The Board of Directors are responsible for the policy and strategy of the company along with the financial and legal probty of the organisation and the appointment of directors. The Board of Directors meet on a quarterfy basis and receive management and financial report5 from the Management. The Management implement policy and strategy, which have been appioved by the directors, progressing organisational objectives and ensuring the long-term sustainabilty of the organisation. The Management consists of Artistic Director Nicola Cury and Company Manager Nuala mcGreey. Directors are recrutted to ensure that representative skills and experiences are in place to deliver the company's vision and that the mission and objectwes are achieved. The Board considers potential directors of the company. Applicants considered suitable are then invited by the Chair to join the Board_ Primarily this review considers whether. in the opinion ofthe board. the prospectThie member will help the company meet rts aims and object'ves. Directors undertake governance training with appropriate training organisations. Objectives and activities The Companls objects are specifically restricted to the advanMen[ improvemen( production. performance and promotion of dance, arts and culture, the advancement of education and training in dance and related subjects and the promotion of the benefft ofthe inhabitants of Northem Ireland in particular. {a) to foster. promote and advance the education of the public in the knowledge. understsnding and practice of dance, music and the visual arts in all their aspects and the training of dancers and choreographers through the management of a dance theatre production company for public perfomiance and the showcasing of dance and visual arts. {b) to advance the education and training of young artists, and in particular but not excluslvely, dancers. choreographers, musicians, composers, designers and wsual artÉsts through the performance of dance and the production of professional stsge shows. Ic) to foster, promote and advance the education of the public in the art of dance and to encourage appreciation for and participation in dance by the provision of educational dance projects, infomation and training, classes, workshops, arts facilities and equipment. support and instruction and the organisation of exhibitions of works and events as the directors shall in their absolute discretion determine. (d) to promote and foster learning about the creative prosseS invofved in dance and in this respect, to promote mentortng and work experience for school pupils, graduates and postgraduate artists for the benefit of their education. lel to advance and raise the profile of dance as an art form through the promotion of arttstic collaborations and the fostering of partnerships with similar artistic organisations.
MAIDEN VOYAGE (NI) LTD DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Maiden Voyage offers discoveries in dance wtth by and tr artists. audiences and participants through ommissioning and touring new dance wotk, prowding professional development and training opportunities for pefft)miers and opportuntties for participation and leaming across the cultural. educational and heaf(h sectors. The focus of 2023-24 was Itve perf0mlans. both on stsge and outdoors" maximising showcasing opportunÈties nationally and inTernationally. and creating opportunities for artist development and continued participatory engagemeni for all ages. Maiden Voyage is immensely proud of our staff team, freelance artist collaborators, dance sector, partner organisations, board of direttLors and funder5 in the management planTring and delwery of our programmes. Contracts - 26 artists on 46 paid contracts across the arh.stic programme. Commissions & Perfomiances - Good fimes Never Seemed at Belfast Intemational Arts Festival (12 performances} - Haiku (1 perforrn8n) - C811 To nd at Belfast Children's Festival {6 perfom)ances) Showcases Homegrovm Belfast Children's FestNal Professional Development 240 artist development hours Reached 1510 live audiences 96 workshop sessions delivered wtth 373 direct participants totalling 2776 contact hours. Commissions Good Times Never Segmed was an initial SEED commission from 2021r22 for dancelwsual artist Vasiliki stasinaki and wrTterlperfonner Sarah Gordon. was developed into a durational installation in 2023. The partnership originated from Maiden Voyage's 2020 Match Make short film collaborations during Covid and we were delighted to support the further working partnership and artistic collaboration ofthe artists. Good fim8S Never Seemed was performed as a 5-hour duration installation each day for 4 days at QSS Gallery in Belfast during Belfast Intemational Arts Festival in November 2023. Call to Mind was created by London-based choreographer Sarah Golding and Nl musician Steve Davis for teenage audiences. Initial creation was supported by ACNI Commission Fund allowing the collaborators to work for four weeks in MaylJune 2023 wrth three danrS and three live musicians. Call to Mind premierèd at Belfast Children's Festival 2024 with 6 performances. Haiku is a short dance for public Spa work commissioned from Erik Kaiel (NL) which premiered at Belfast Children's Festival in March 2023 and was adapted for invitational perforrrfjnce trom Newry Mourne and Down District Council for opening of a light instsllation outside Newry Town Hall in February 2024. We combined this opportunty wtth mentoring and skill building in making dance for public spaces with the Haiku performers. Showcasing Call to Mind was part of the homegrown showcase at Belfast Children's Festival. Homegrown is a well- èstsblished industry showcase for theatre and dance for young aUdIenS during Belfast Children's Festsval. Thirty national and intemational delegates attended the showcase in Belfast during the first weekend of the festival. This showcase is an important point of connection to natÈonal and international colleagues, producers, progr8mmer and festivals.
MAIDEN VOYAGE (NI) LTD DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Professional Development We offered a focused programme of professional development and artist support during 2023124 wtth mentoring for Nl artists in making work for public spaces. open dass when the company was in production and masterclasses wtth visiting artists. Outreach A series of repertoire-based workshops were delNered in schools and colleges from AThagh to Bangor and across Belfast Funding for this was through our annual funding from ACNI and Belfast Cty Council. Workshops were based on Call to Mind themes of memory and seeing others. perspectives and were deIrered by the cast and supporting artists. mU1P1e workshops vJere delivered to various classes in each school in the hall followed by a sharing of the show. This was. for some. a first-time experience and for others it was closely linked to their college studies (BTEC, HND in SERC, NRC. SRC) or dance studies (High Points). Belfast Movement Group is the continuation of the original Belfrdst Movement Choir projecL The April-June 2023 term was supported by Bank of Ireland Begin Together funding for a women's group in south Belfast and a young girfs group in East 8elfasL This terni concluded that part of the project. September 2023 - March 2024 saw a trther t0 terms offered for women aged 50-85 and, as funding had come to an end, participants now pay on a termly basis Lowards the cost of space hire and tLrtor fees. April - June 2023 the conclusion of Move FÈt a muiti-year dance and wellbeing programme in Lowwood and Holy Cross 8oys' Primary Schools in North Belfast. The programme was SUCSSl in encouraging better attttudes to tsking part in physical actsvity amongst stsff. pupils and parents. the beneffts and enjoyment inherent in physical atriNty and in skill building 'through bespoke training for staff to be able to continue legacy sessions i school. We completed a third year of Seasonal Somatics regular outdoor workshops themed on our relationship wtth the natural world. Sessions svere deltvered across a range of parks in greater Belfast by Sandy Cuthbert. A group of 24 people from dsverse backgrounds signed up dunng the year. Some came with no dance experience discovering the benefrts of this collectNe experience and some have been taking part regularly since the programme grted three years ago. Audien$ are made up of passers-by in each olthe parks in the duration of the sessions. Conclusion In keeping wrth our strategic plan, we deltvered in three key areas" new work commissions. arhst development and participatory actmty. Resourcing each of these aspects of the programme in full has become increasingly challenging due to overten years of standstill funding and the ongoing threat of further cuts to arts fvnding. 202&24 was a year of beginnings and endings. We saw the conclusion of longstanding participatory programmes Move Fit and Belfast Movement Choir and the beginnings of new and old partnerships and approaches to ongoing and future programme development An opportunty arose in year to contribute to a bid prOsS for a new dance company wtth an all-island remf( inated by Arts Council Ireland. The bid, led by LE Roche Company Dublin with Maiden Voyage as a foundational and strategic partner, was successful followng the competittve bid and interview proces5. 2024 wll see the estsblishment of this new company and, in 2025 the delNery of an ambitious programme of work Maiden Voyage's partnership with Luail will open opportunities for measured and careful growth of our repertoire, of new C¢>commissions and co-productions. of touring within Northem Ireland. and artist development here in Northem Ireland. In 2023-24 we continued invoEvemerrt in BLUEPRINT the Arts & Business Nl initiatwe to support research and development of new avenues for income generation. This supported fulktime working for Company Manager in year. We are gratefijl to our annual funders and programme fiJnder5 for their generous assistance throughout the year.
MAIDEN VOYAGE (NI) LTD DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW In 2023-24 we were fortunate to maintsin annual fijnding from prtncipal funder Art5 Council of Northem Ireland and otherfunders for core and project costs as below. The Directors would like to thankthe companys principal fvnders= Arts Council of Northem Ireland Belfast Cty Council Move Fit funders'.- Garfield Weston Foundation Victoria Homes Belfast Movement Group: Bank of Ireland Begin Together Blueprint- Arts & Business Nl FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS The charity does not hold any funds as custodian for any other trustee body. RESERVES POLICY The company's policy is to maintain reserves at a level which ensures that the companys core administrative activities are able to continue in the immediate future, for a period deemed appropriate by the Board; currently a minimum of 3 months. The directOT5 will however consider on an ongoing basis the level of reserves that is prudent forthe charity'LO have in line wtth known fvture developments, liabilities and uncertainties. STATEMENT OF DIRECTORS, RESPONSIBILITIES The directors are responsible for prepallng the Directors. Report and the financial statements in accordance with applicable law and regulations. Company lew requires the directors to prepare ffinancial statements for each financial year. Underthat law the directors have elected to prepare the financial statements in accordance wf(h the Untted Kingdom Generally AcceptedAccounting Practi (United Kingdom Accounting Standards and applicable law). Under company law the dirèctors must not approve the financial statements unle55 they are satisfied that they grve a true and fair view of the state of affairs of the tNst and of the SUTplus or deficit of the trust ft)r that period. In preparing these financial statements the directors are required to.. - select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
MAIDEN VOYAGE (NI) LTD DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position ofthe company and enable them to ensure that the financial statements comply with the CompaniesAct 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps to prevent and detect fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the CompaniesAct 2006 and thè Statement of Recommended Practice {Accounting and Reporting by Charities) 2015. By order of the Board JD Sec rke etary
MAIDEN VOYAGE (NI) LTD INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF MAIDEN VOYAGE (NI) LTD We report to the Directors on our examination of the accounts of Maiden Voyage {Nl} (the charty) for the year ended 31 March 2024 which comprise the statement of )7nanci81 activrties, the balance sheet and the related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out on pages 9-11. Responsibilities and basis of report As the Directors of the chanty land also its directors for the purposes of company law) you are responsible for the preparation of the accounts and you consider that the audit requirement of Section 65(31 of the Charibes Act INI} 2008 (the Act). Having satisfied ourselves that the chartty is not subject to audtt under company law, and is eligible for independent examinats"on. rt is our responsibilty to- • examine ihe accounts under section 85 of the Charriies Act (Northern Ireland) 2008.. Tollow the ProdureS laid down in the general Directions gtven by the Chartty Commission for Northem Ireland under section 6519)Ib) ofthe CharitiesAct, state whether particular matters have come to our attention. Independent examinerfs statement We have examined your charity accounts as required under Section 65 of the Charities Act and our examination was catried out in accordance wtth the general Directions gwen by the Charty Commission for Northern Ireland under sethon 65(9){b) of the Charitses Act The examination included a rewew of the accounting records kept by the chanty and a comparison of the accounts presented wrth those records. It also included consideration of any unusual iiems or disclosures in the accounts. and seeking explanations from you as charity trustees conceming any such matters. Our role is to state whether any material matters have come to our attention giving me cause to believe= That accounting records were not kept in respect of the charity as required by secknon 386 of the 2006 Act: or That the accounts do not accord wtth those records" or That the accounts do not comply with the accounting requiremerrts of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended practi applicable to charrties preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland. That there is further infortrration needed for a proper understsnding of the accounts to be reached. We have completed our examination and have no concerns in respect of the matters {1) to {4) listed above and, ID connection with following the Directions of the Chanty Commission for Northem Ireland. we have found no matters that require drawing to your attention. Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim BT2 8HS Northem Ireland 2811112024
MAIDEN VOYAGE (NI) LTD STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charrtable actwitsés 125,068 4,000 125,068 12,245 144,922 50,279 144,922 56,229 8.245 5.950 Total income 8,245 129,068 137,313 5.950 195,201 201,151 Expendtture on: Charitsble actsvittes 150,509 150.509 161,825 161,825 Net incomel(expenditure} 8.245 (21,441) (13.196) 5,950 33,376 39.326 Transfers beeen funds (3,126) 3,126 (3,473) 3,473 Net movement in funds 5.119 (18,315) (13.196) 2,477 36,849 39,326 Reconciliation of funds: Fund balances at 1 April 2023 38.319 42,474 80,793 35.842 5,ff25 41.467 Fund balances at 31 March 2024 43,438 24,159 67.597 38,319 42,474 80,793 The ststement of financial activitFes includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
MAIDEN VOYAGE (NI) LTD STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 11 17,405 22,866 Current assets Debtors Cash at bank and in hand 12 8,923 54,419 9.107 63,856 63.342 72,963 Creditors: amunts falling due within one year 13 (13.150) (15.036) Net current assets 50,192 57,927 Total assets less current liabilities 67,597 80,793 The funds of the charlty Restricted income funds Unrestricted funds 15 16 24,159 43,438 42,474 38,319 67,597 80,793 The company is entttled to the exemption from the audrt requirement contsined in section 477 of the Companies Act 2006. for the year ended 31 March 2024. No members have required the company to obtain an audtt of tts accounts for the year in question in accordance with section 476 of the Companies Act 2006. The Directors. acknowledge their responsibilytie5 for ensuring that the chanty keeps accounting records which comply wrth section 386 of the Act and for preparing accounts which gwe a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure. forthe financial year in accordance wtth the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company. These financial ststerrEnts have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Directors on .......................-. M P Robinson Treasurer Company registrats'on number N1041616 (Nothem Ireland)
MAIDEN VOYAGE (NI) LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activrties Cash (absorbed byygenerated from operations 21 (9,096) 14.931 Investing activitles Purchase oftangible fred assets (341) (20.532} Net cash used in investing activities {341) 120,5321 Net cash used in financing a¢tivitie5 Net decrease in cash and cash equivalents (9,437) (5,6011 Cash and cash equtvalents at beginning of year 63,856 69,457 Cash and cash equivalents at end of year 54,419 63,856
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Maiden Voyage (Nl) Ltd is a prtvate company limtted by guarantee incorporated in Northem Ireland. The regisiered office is CrescentArts Centre, 24 Universty Road. BelfasL Co Antrim, BT7 1 NH, Northem Ireland. 1.1 Accounting convention The accounts have been prepared in accordance wtth the Companies Act 2006 and "Accounting and Reporting by Chartties" Statement of Recommended Practice applicable to charities preparing their 8ccounts in accordance wtth the Financial Repoftiing Stsndard applicable in the UK and Republic of Ireland {FRS 102)° (as amended for accounting periods commencing from 1 January 2016). The chanty is a Public Benefit Entty as defined by FRS 102. The financial stLements are prepared in sterling. which is the functional currency of the charty- Monetary amounts in these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Charitable funds Unrestncted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives. Restricted funds are subject to specffic conditions by donors or grantors as to how they may be used. The purposes and uses ofthe restricted funds are set out in the notes to the financial statements. 1.3 Income Income is recognised when the charity is legally entttled to tt after any perfomiance conditions have been met, the amounts be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donab.ons are recognised once the charty has been notffied of the donation, unless Performan condttions require deferral of the amount Income tsx recoverable in relation to donations reived under GiftAid or deeds of covenant is recognised atthe time of thè donation. Legacies are recognised on receipt or otheiSe rf the charity has been nottfied of an impending distrtbution. the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as contingent asset. Tumover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and seTvices provided in the normal course of business, net of discounts, VAT and other sales related tsxes. 10-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.4 Expenditure Expendtture is recognised once there is a legal or constructive obligation to transfer economic benefft to a Lhird paty. it is probable that a transfer of economic benefits will be required in settlemenL and the amount of the obligation can be measured reliably. Expendtture is classtfied by actmty. The costs of each acknvity are made up of the tota5 of direct costs and shared costs. including support costs inVoed in undertaking each a¢twty. Direct costs attributable to a single actwty are allocated directly to that acbvty. Shared costs which contribute to more than one actwity and support costs which are not attribTtrLable to a single acts'vrty are apportioned beeen those activrties on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of time spent, and depreciation charges are allocated on thè portion of the asseys use. xpenditure is included in the Statement of Financial Acttvtthes on an accruals basis. exclusive of any VAT which can be recovered. Certain expendtture is directy attn"butable to spectfic actsvtties and has been included in those cost categories. Certain other costs. which are attributsble to more than once acb"v"ty. are apporknoned across cost categones on the basis of an estimate of the proportion of time spent by staff on those activtties. Tangible fixed assets Tangible fixed assets are intbally measured at cost and subsequently measured at cost or valuab"on, net of depreciats'on and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases- Production Matenals Office Equipment 25% reducing balance 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.6 Impainnent of fixed assets At each reporting end date, the charty reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is esttmated in order to detemiine the extent of the impaimient loss {if any). 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wrth original maturttiés of three mnths or less, and bank overdrafts. Bank overdrafts are shown wfchin borrowings in current liabilities. 1.8 Financial instruments The charty has elected to apply the provisions of Section 11 'Basic Financial Instnjments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of rts financial instruments. Financial instruments are recognised in the charrvs balance sheet when the chartty becomes paty to the ontractual provisions of the instrument Financial assets and liabilthes are offset, with the net amounts presentsd in the financial ststements, 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 liabilty simultaneously. 11
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies (Continued) Basic ffnancial assets Basic financial assets, which include debtors and cash and bank balances. are inttially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effecttve interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the fiJture receipts discounted at a mart(et rate of interest. Financial assets classiTTed as receivable wtthin one year are not amortised. Basic financial liabilities Basic financial liabiltbes, including creditors and bank loans are initially recognised at trans8Ction price unless the arrangement constttiAtes 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 subsequent]y carried at amortised cost. using the effecttve interest rate method. Trade credttors are obligab-ons to pay for goods or serwces that have been acquired in the ordinary course of operations from suppliers. Arnounts payable are classtfied as c1jent liabiltties if payment is due within one year or less. If not. they are presented as non-cutrent liabilities. Trade creditors are recognised initially at transaction price and subsequenly measured at amortised cost using the effectwe interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the chaTity's contractual obligations expire or are discharged or cancelled. 1.9 Employee benefts The cost of any unused holiday entrtlement is reco9nised in the period in which the employee's seNices are receNed. Termination beneffts are recognised immediately as an expense when the charity is demonstrably committed to teminate the employment of an employee or to provide termination beneffts. 1.10 Retirement benefits Payments to defined contribukn.on retirement benefft schemes are charged as an expense as they fall due. Critical accounting estlmates and judgements In the £pplication of the charivs accounting policies, the Directors are required to make judgements, estimates and assumptions about the carying amount of assets and liabilrties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other factors that are considered to be relevant Actual results may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revtsions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 12-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ncome from donations and legacies Restricted funds 2024 Restricted funds 2023 Grants 125,068 144,922 Grants ACNI AFP Belfast Cty Council CMAG ACNI Commission FLFnd ACNI Health and safety grant 97,444 11,913 15.711 104,944 11,913 9,025 19,040 125,068 144,922 Income from charrtable activities 2024 2023 Box office and workshop fees Project grants 8,245 4,000 5,950 50,279 12.245 56.229 Analysis by fund Unrestricted funds Restricted funds 8,245 4,000 5,950 50,279 12,245 56,229 Expenditure on charitable activitses Charitable Govemance Activities Costs 2024 2024 Total 2024 Total 2023 Activtties undertaken directty 69,078 69.078 93,561 Share of support costs (see note 6) Share of governan costs (see note 6) 79,811 79,811 1,620 66,674 1,590 1.620 148,889 1.620 150.509 161,825 13-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activtties 2024 2023 staff costs Depreciation Office overheads Finance Goveman* costs 60,911 5,802 13.045 53 1,620 48,510 3,132 14.941 91 1,590 81,431 68,264 Analysed between: Support costs Govemance costs 79.811 1,620 66,674 1,590 81,431 68,264 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(crediting): Depreciation of owned tangible ed assets 5,802 3,132 Directors None of the Directors (or any persons connected with them) receNed any remuneration or beneffts from the charty dunng the year. Employees The average monthly numberof employees during the yearvRs" 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries other pensÉon costs 58,031 2.880 46,200 2,310 60,911 48,510 Remuneration of Key Management Personnel The total amount of employee benefit received by the key management petsonnel was £60,911 (2023: £48,511) 14-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Taxation The charty is exempt from tsx on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxatian of Chargeable Gains Act 1992 LO the extent that these are applied to rts charitable objects. 11 Tangible fixed assets Production Matèrials Office Equipment Total Cost At 1 April 2023 Addtbons 670 341 32,900 33.570 341 At 31 March 2024 1,011 32,900 33,911 Depreciation and impairment At 1 April 2023 Depreciation charged in the year 670 85 10,034 5,717 10,704 5.802 At 31 March 2024 755 15,751 16,506 Carying amunt Ai 31 Klarch 2024 256 17,149 17,405 At 31 March 2023 22.866 22.866 12 Debtors 2024 2023 Amounts falling due wtthin one year: Trade debtors Prepayments and accrued income 7,247 1,676 8,245 862 8,923 9,107 13 Creditors: amounts falling due within one year 2024 2023 Trade credttors other creditors Accruals and defeed income 130 2,416 10.604 4,578 10,458 13,150 15,036 15-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Retirement benefrt schemes 2024 2023 Defined contribution schemes Charge to profft or loss in respect of defined contributs.on schemes 2,880 2,310 The charity operates a defined contribution pension scheme for all qualtfying employees. The assets of the scheme are held separately from those ofthe charity in an independendy administered fund. 15 Restricted funds The restricted funds of the charity comprise trte unexpended balances of donations and grants held on trust subjectto specnfjc condiknons by donor5 as to how they may be used. Movement in funds Income Expenditure Balance at 1 April 2023 TTansfers Balance at 31 March 2024 Core New Commission5 Productions Arbst Development Outreach and Access Move FtE Belfast Movement Choir 30,311 9,025 67.144 15.711 37,388 2,500 2,825 500 3.000 (82.227) (18.050) (37.733) (2.500) {3.316) (2,890) (3.793) 2,245 17,473 6,686 345 491 45 2,345 793 42,474 129,068 (150,509) 3,126 24,159 The restricted fund relates to funding for the following projects:_ Arts Council Nl Ref29387 and 31788 for Core and Projed Arts Council Nl Ref29127 and 31504 Commission Fund Belfast Ctty Council Enable Year2 of 2 Victoria Homes for Move Fit Garffeld Weston for Move F Bank of Ireland for Belfast Movement Choir Arts & Business NE The restricted fvnd balance at 31 March 2024 includes a balance of £17,283 (2023. £22,704) in relation to equipment grants and will be released in future years in line wrth the associated depreciation charge. 18-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Unrestricted funds The unrestricted funds of.the charty comprise the unexpended balances of donations and grants which arè not subjectto specific condtb.ons by donors and grantors as to howthey may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April Incoming 2023 resources Transfers At 31 March 2024 General fijnds 38,319 8,245 {3,126) 43,438 Previous year: At 1 April 2022 Incoming resources Transfers At 31 March 2023 General funds 35.842 5,950 (3,473) 38,31g 17 Unrestricted funds These are endowment funds which are material to the charivs activtties made up as follows: 18 Analys of net assets between fund5 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assets](liabiltties) 122 43.316 17,283 6,876 17.405 50,192 43,438 24,159 67.597 Unrestricted Restricted funds funds 2023 2023 Total 2023 At 31 March 2023: Tangible assets Current assetsl{liabilrties) 162 38,157 22.704 19,770 22,866 57,927 38,319 42,474 80,793 19 Related party transactions There were no disclosable related paty transactions dufflng the yèar {2023- none). 17-
MAIDEN VOYAGE (NI) LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Analysis of changes in net funds The charty had no material debt during the year. 21 Cash generated from operations 2024 2023 (Deficitysurpus forthe year (13.196) 39,326 Adjustments for. Depreciation and impairment of tsngible fixed assets 5,803 3,132 Movements in worktng capital: Decreasel{increasel in debtors (Decrease) in creditors 183 (1,886} (3,7111 (23,816) Cash (absorbed byygenerated from operations (9,096) 14,931 18-