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← New Lodge Arts

2025-03-31-accounts

Charity registration number NIC100353 (Northern Ireland) Company registration number NI603904

NEW LODGE ARTS

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

NEW LODGE ARTS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N Privilege Ms M Wylie Ms C Crothers Ms C McKeown Mrs F Black Mr S P McMullan Secretary Ms J Kinnear Charity number (Northern Ireland) NIC100353 Company number NI603904 Registered office Ashton Centre 5 Churchill Street Belfast BT15 2BP Auditor GMcG BELFAST Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ Bankers AIB 11-15 Donegall Square North Belfast BT1 5GB Solicitors Edwards & Co 3rd Floor Sessia House 61-67 Donegal Street Belfast BT1 2QH

(Appointed 15 January 2025) (Appointed 8 April 2025) (Appointed 8 April 2025)

NEW LODGE ARTS

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 22

NEW LODGE ARTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

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 charity'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) (effective 1 January 2019)".

Objectives and activities

New Lodge Arts is a vibrant community arts organisation based in North Belfast, dedicated to delivering high-quality creative projects that inspire and engage local people. With a strong community ethos and a commitment to supporting young people from disadvantaged backgrounds, New Lodge Arts continues to make a lasting, positive impact across the area.

The organisation designs its programmes to be relevant, accessible, and appealing to local residents. Its wideranging year-round programme includes dance, drama, visual arts, film-making, youth leadership, volunteer development, and event management. In addition, New Lodge Arts delivers cross-community initiatives aimed at promoting physical regeneration, shared spaces, and mutual understanding.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Significant activities and achievements against objectives

Throughout the year, New Lodge Arts has continued to expand and enhance its annual arts programme, offering a diverse range of opportunities for people across North Belfast. These initiatives enrich participants’ lives by fostering personal growth, reducing social isolation, and empowering individuals to become active and engaged citizens within their community.

Arts Academy (weekly classes)

The Arts Academy remains central to our work. Over the past year, we delivered 19 weekly classes engaging more than 350 participants. The programme offered a diverse range of creative activities, including guitar, crafts, drawing, drama, hip hop, ballet, visual arts, and youth theatre. These classes continue to inspire creativity, build self-esteem, and enhance participants’ confidence, making a significant and lasting impact on their personal development. The Arts Academy provides performance opportunities throughout the year, giving participants an opportunity to share what they have learned.

The Agency Programme

The Agency Programme, delivered in partnership with Battersea Arts Centre, continued into its second year. This year, 20 local young people participated in a seven-week Cycle 1 designed to help them develop creative initiatives that make a positive difference in their community. Following this phase, eight young participants working across four projects were each awarded £2,000 to bring their ideas to life — resulting in the creation of two podcasts, a short film, and a website. The young people have demonstrated exceptional dedication and commitment in delivering their projects. The current programme concluded in early May 2025, and we are now actively seeking funding to ensure its continuation.

NEW LODGE ARTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Recording Studio

Since opening in September 2025, the Recording Studio has experienced growing success over recent months. Activities delivered to date include:

The studio has welcomed a number of local musicians, bands, and singers who have made great use of the space. In the coming weeks, we will also be delivering music production sessions in several local schools, further extending the reach and impact of the programme.

Summer Programme

This year’s Summer Programme was delivered with great success, featuring a wide range of camps and events as part of the New Lodge Festival that engaged participants of all ages. Activities included:

The programme provided creative, inclusive, and enjoyable opportunities for the local community to come together and celebrate the arts.

Partnerships

Working in Partnership with other organisations continued throughout the year. Cruinni na nÓg, as part of the Creative Ireland Programme, partnered with Primecut Productions on a cross-border film and theatre project with a group from Dublin. In September, participants attended a residential in Dublin, during which a short film was produced. The completed film premiered in Dublin in November, showcasing the creativity and collaboration of all involved. Led by Arts Care, our Women’s Group took part in a 6 week programme exploring ‘My Happy Place’. They created amazing felt artwork which was displayed at the festival showcase in The Pod, Cityside. The event and it was a wonderful celebration of arts projects from across the country. Over Halloween wedelivered a Halfterm Camp in Girdwood Hub in partnership with LOCA, Let Youth Lead and Our Club Our Community. The young people took part in drama, arts & crafts, sports and lantern making.

Community Pride

The Community Pride programme included the Lantern Festival in Alexandra Park. The event attracted over 4,000 people and included an array of music, dance, circus, theatre and crafts. This year’s Christmas Show is Frozen JR was performed in Boys Model from 10th-12th December. A cast of 20 local young people in the performances with over 600 audience. The production was a great success with amazing feedback.

Youth Arts Programme

The Youth Arts Programme, funded by The Executive Office enabled us to deliver creative programmes with local groups and schools, including Currie/Holy Family, Let Youth Lead, Cliftonville Community Centre, CCRF, Lower Oldpark Community Association, Denmark Street Community Centre, and Glencairn Community Group. The Youth Arts Programme engaged 188 young people (ages 6–18) across North Belfast, offering inclusive workshops in drama, music, visual arts, and graffiti. The project provided a safe, creative space for participants to explore identity and build positive relationships.

Funding and support

New Lodge Arts is widely supported by a range of statutory and charitable sources including Arts Council NI, Belfast City Council and The Executive Office. Support from Trusts & Foundations is key to the delivery of our annual programme and we are very grateful to Tudor Trust, Garfield Weston, Foyle Foundation and Halifax Foundation for their support. The Manager is participating on the Blueprint programme. Led by Arts & Business, Blueprint is a financial resilience programme, which has the ambition to help strengthen the arts sector in Northern Ireland for the future. Blueprint supports a network of arts and cultural organisations to encourage income growth and long-term financial stability.

NEW LODGE ARTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

At 31 March 2025, the total funds of the charity amounted to £159,265 (2024 - £101,573) comprising £99,302 (2024 - £61,880) of restricted funds and £59,961 (2024 - £39,693) of unrestricted funds.

Reserves policy

The directors retain funds in the charity in order to provide sufficient working capital to facilitate the ongoing activities. The current level of free reserves is sufficient to meet approximately 2 months salary and running costs. The target for unrestricted reserves is six months support costs in cash at bank.

Major risks

The directors have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the premises. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

Structure, governance and management

New Lodge Arts is a charitable company limited by guarantee, incorporated on 28 July 2010. It is governed by its Memorandum and Articles of Association. It has no share capital and the guarantee of each member is limited. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

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:

Mr N Privilege Ms M Wylie Mr R Davison (Resigned 14 January 2025) Ms C Crothers Mr S Hackett (Resigned 17 June 2025) Ms C McKeown (Appointed 15 January 2025) Mrs F Black (Appointed 8 April 2025) Mr S P McMullan (Appointed 8 April 2025)

The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the directors retire by rotation and being eligible offer themselves for reelection.

Individuals are invited to serve as directors on the basis of their abilities and background so as to achieve a balance between those from the business and charity sectors.

New Lodge Arts has a Board of directors who meet regularly and are responsible for the strategic direction and policy of the charity.

A scheme delegation is in place and day to day responsibility for the provision of the services rest with the manager, Anne Delaney.

NEW LODGE ARTS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of trustees’ responsibilities

The trustees, who are also the directors of New Lodge Arts 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 prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time 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. Auditor In accordance with the company's articles, a resolution proposing that GMcG BELFAST be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

Small Companies Exemption

In preparing this report, the directors have taken advantage of the smal! companies exemptions provided by section 415A of the Companies Act 2006

The trustees’ report was approved by the Board of Trustees.

Ms C McKeown Trustee

Date: nd aided 25,

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CHARTERED ACCOUNTANTS

NEW LODGE ARTS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW LODGE ARTS

Opinion

We have audited the financial statements of New Lodge Arts (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of lreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concem basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’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.

Alfred House Century House -617 Mandeville Street (qo) art 19 Alfred Street 40 Crescent Business Park PORTADOWN i AT BELFAST BT2 8EQ LISBURN Craigavon DX3910 NR Belfast 50 BT28 2GN BT62 3PB Tel: +44 (0)28 9031 1113 Tek: +44 (0)28 9260 7355 Tel: +44 (0)28 3833 2801 ar. . Fax: +44 (0)28 9031 0777 Fax: +44 (0)28 9260 1656 Fax: +44 (0)28 3835 0293 aes)

Chartered Accountants | Registered Auditors | CharteredTax Advisors Forensic Accountants Corporate Finance Advisors GMcG is a trading name of GMcG Group Limited. Reg No: NIo59660. List of Directors available at registered office Registered to conduct audit work by the Institute of Chartered Accountants in Ireland A Member of TIAG™ - A Worldwide Alliance of Independent Accounting Firms

www.gmecgca.com

NEW LODGE ARTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW LODGE ARTS

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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NEW LODGE ARTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW LODGE ARTS

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, 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 realistic alternative but to do so.

Auditor's 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 an auditor's report that includes our 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 exists. Misstatements can 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.

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NEW LODGE ARTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF NEW LODGE ARTS

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

in identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

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NEW LODGE ARTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW LODGE ARTS

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibitities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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NEW LODGE ARTS

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW LODGE ARTS

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 the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Nigel Moére FCA (Senior Statutory Auditor) for and on behalf of GMcG BELFAST

: PLILIeS

Chartered Accountants

Statutory Auditor

Chartered Accountants & Statutory Auditor

Alfred House 19 Alfred Street Belfast BT2 8EQ

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NEW LODGE ARTS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Charitable activities
2
73,212
280,825
Total income
73,212
280,825
Expenditure on:
Charitable activities
3
46,922
249,423
Total expenditure
46,922
249,423
Net income
26,290
31,402
Transfers between
funds
(6,021)
6,021
Net movement in
funds
5
20,269
37,423
Reconciliation of funds:
Fund balances at 1 April 2024
39,693
61,880
Fund balances at 31 March
2025
59,962
99,303		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
354,037
62,570
245,669
354,037
62,570
245,669
296,345
65,804
227,562
296,345
65,804
227,562
57,692
(3,234)
18,107
-
(82)
82
57,692
(3,316)
18,189
101,573
43,009
43,691
159,265
39,693
61,880		 Total
2024
£
308,239
308,239
293,366
293,366
14,873
-
14,873
86,700
101,573

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

NEW LODGE ARTS

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ E
Fixed assets
Tangible assets +] 15,477 16,412
Current assets
Debtors 10 18,031 17,567
Cash at bank and in hand 151,482 85,489
169,513 103,056
Creditors: amounts falling due within ah
one year (25,725) (17,895)
Net current assets 143,788 85,161
Total assets Jess current liabilities 159,265 101,573
The funds of the charity
Restricted income funds 14 99,303 61,880
Unrestricted funds 13 59,962 39,693
159,265 101,573
4. irejus
The financialstatementswereapprovedbythetrusteesonooee

Ms C McKeown Trustee

Company registration number NI603904 (Northern Ireland)

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NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

New Lodge Arts is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Ashton Centre, 5 Churchill Street, Belfast, BT15 2BP.

1.1 Accounting convention

The financial statements have been prepared in accordance with 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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. 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.

1.2 Going concern

Despite its relatively low level of unrestricted funds, the organisation does not have any external debt and has historically had the financial support of its controlling charity. Taking all factors into consideration, at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity 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.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

1.5 Expenditure

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. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

All expenditure is inclusive of irrecoverable VAT.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation 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:

Fixtures and fittings

25% per annum reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity 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 charity's balance sheet when the charity 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.

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

Basic financial assets

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

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Income from charitable activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Charitable income
Sale of goods
18,311
-
Performance related
grants
54,901
280,825
73,212
280,825		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
18,311
11,196
-
335,726
51,374
245,669
354,037
62,570
245,669		 Total
2024
£
11,196
297,043
308,239

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Income from charitable activities (Continued)

Performance related grants analysis

Charitable Charitable
income income
2025 2024
£ £
Community Pride Programme 114,540 102,842
Art Council NI 30,101 37,342
Belfast City Council 7,264 10,050
Arts Academy 17,000 -
Harbour commission 5,000 4,000
Halifax - 5,000
Tudor Trust 34,000 32,000
Partnership 15,901 10,374
The Agency 70,281 65,435
Garfield Weston 30,000 30,000
Other 11,639 -
335,726 297,043

3 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 37,530 42,465
Artistic and project costs 171,969 156,164
209,499 198,629
Share of support and governance costs (see note 4)
Support 82,826 91,170
Governance 4,020 3,567
296,345 293,366
Analysis by fund
Unrestricted funds 46,922 65,804
Restricted funds 249,423 227,562
296,345 293,366

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4
Support costs allocated to activities
Staff costs
Depreciation
Rent and rates
Insurance
Light and heat
Stationary, printing and advertising
Telephone
Bank charges
Travel
Repairs and services
Governance costs
Analysed between:
Charitable activities
5
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 2025
£
54,006
5,159
14,247
4,605
3,182
342
714
571
-
-
4,020
86,846
86,846
2025
£
3,900
5,159		 2024
£
61,110
5,153
14,380
3,836
3,454
732
1,026
496
856
127
3,567
94,737
94,737
2024
£
3,567
5,153

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

7 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
9 11

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7
Employees (Continued)
Employment costs
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
Aggregate compensation		 2025
£
80,343
5,716
5,477
91,536
2025
£
32,706		 2024
£
92,328
5,557
5,690
103,575
2024
£
29,392

8 Taxation

The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year.

9 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 April 2024 46,620
Additions 4,224
At 31 March 2025 50,844
Depreciation and impairment
At 1 April 2024 30,208
Depreciation charged in the year 5,159
At 31 March 2025 35,367
Carrying amount
At 31 March 2025 15,477
At 31 March 2024 16,412

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10
Debtors
Amounts falling due within one year:
Prepayments and accrued income
11
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
12
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
18,031
2025
£
785
1,290
23,650
25,725
2025
£
5,477		 2024
£
17,567
2024
£
373
5,009
12,513
17,895
2024
£
5,690

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

13 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At
General funds
Previous year:
At
General funds		 1 April
2024
Incoming
resources
Resources
expended
Transfers
At 31 March
2025
£
£
£
£
£
39,693
73,212
(46,922)
(6,021)
59,962
1 April
2023
Incoming
resources
Resources
expended
Transfers
At 31 March
2024
£
£
£
£
£
43,009
62,570
(65,804)
(82)
39,693

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

14 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
Community Pride Programme 9,787 75,000 (79,431) - 5,356
Arts Council NI - 30,102 (33,970) 3,868 -
Belfast City Council 807 7,264 (7,232) - 839
Garfield Weston 15,133 30,000 (28,779) - 16,354
The Agency 14,105 70,281 (67,965) - 16,421
Dormant funding 21,643 39,539 (13,545) - 47,637
EA - TBUC 405 - (452) 47 -
Foyle - 15,000 (2,304) - 12,696
Esmee Fairburn - 2,000 (2,590) 590 -
TEO - 11,639 (13,155) 1,516 -
61,880 280,825 (249,423) 6,021 99,303
Previous year: At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
Community Pride Programme 1,764 74,874 (81,607) 14,756 9,787
Harbour commission 5,000 - - (5,000) -
Arts Council NI - 37,342 (34,409) (2,933) -
Belfast City Council - 10,050 (8,641) (602) 807
Partnership 8,169 - - (8,169) -
Henry Smith 22,434 - (22,434) - -
Garfield Weston 6,324 30,000 (22,240) 1,049 15,133
The Agency - 65,435 (52,486) 1,156 14,105
Dormant funding - 21,643 - - 21,643
EA - TBUC - 6,325 (5,745) (175) 405
43,691 245,669 (227,562) 82 61,880

See notes 17 and 18 for explanatory notes to the funds.

15 Transfers

During the year 31 March 2025 transfers were made from unrestricted funds to restricted funds to cover restricted expenditure.

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
3,108
12,369
Current assets/(liabilities)
56,854
86,934
59,962
99,303
Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 March 2024:
Tangible assets
4,144
12,268
Current assets/(liabilities)
35,549
49,612
39,693
61,880		 Total
2025
£
15,477
143,788
159,265
Total
2024
£
16,412
85,161
101,573

17 Restricted funds explantory notes

Community Pride Programme

This funding from the Northern Ireland Community Relations Council goes towards the Summer Arts Academy, North Belfast Festival, Winter Fest Programme and Youth Leadership Programme.

Harbour commission

Secured a Harbour commission award to deliver a drama workshop with a final production in partnership with the Happy Days Project.

Arts Council NI

This funding from the Arts Council of Northern Ireland National Lottery fund is toward Artistic and administration costs.

Belfast City Council

This funding from several Belfast City Council grants, supports various festivals and projects including costs of Artists and full time-equivalent staff.

Partnership

This funding was received from various partnerships to help deliver festivals and programmes across North Belfast.

Henry Smith

This funding from Henry Smith is towards running costs for a project delivering art workshops to disadvantaged communities in North Belfast.

NEW LODGE ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Restricted funds explantory notes (Continued)

Garfield Weston

This funding from Garfield Weston is towards running costs and art workshops to disadvantaged communities.

The Agency

This funding, provided by The Agency in partnership with Battersea Arts Centre, alongside Peoples Palace Projects and New Lodge Arts, enables us to deliver an innovative Youth Entrepreneurship Programme in Belfast.

Dormant funding

This funding from the Lottery Dormant Accounts, we are now able to establish and develop a digital recording studio. This will provide opportunities for additional workshops, classes, and the potential to evolve into a social enterprise for New Lodge Arts.

EA - TBUC

This funding from the Education Authority was used to facilitate cross-community work, offering young people the opportunity to participate in a residential program and develop a social action project.

Esmée Fairbairn Foundation

This funding from the Esmée Fairbairn Foundation supports the delivery of our Arts Academy Programme across three academic terms. The programme includes junior and senior drama classes, hip hop, visual arts, and guitar lessons, providing structured creative learning and performance opportunities for young people in the community.

Foyle Foundation

This funding from the Foyle Foundation contributes to the costs of our Arts Academy Programme, which offers weekly classes in drama (junior and senior), hip hop, visual arts, and guitar. This support enables sustained participation, progression and access to high-quality arts tuition for young people who may otherwise face barriers to engaging in the arts.

The Executive Office (TEO)

This funding from The Executive Office supported the delivery of a youth-led festival at the end of the year. Young people were involved in planning, programming, and presenting the event, developing leadership skills and ownership while showcasing and celebrating the creative work produced through our Arts Academy Programme.

19 Related party transactions

As the charitable company is a wholly owned subsidiary, the directors have taken advantage of the exemptions from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.