PORTADOWN FESTIVAL ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Charity Number NIC100622
PORTADOWN FESTIVAL ASSOCIATION FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023 CONTENTS PAGE Charity reference number and administrative details Trustees annual report Independent examiner's report to the trustees Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 10 The following pages do not form part of the financial statements Detailed notes on the financial statements 17
PORTADOWN FESTIVAL ASSOCIATION CHARITY REFERENCE NUMBER AND ADMINISTRATIVE DETAILS YEAR ENDED 30 JUNE 2023 Page 1 Registei"e(I charity najne Poitadoiiiii festival Associatioii Chai'ity nuJnbeJ" NIC 1006?? Contacl adcli.ess ?i Eiiiiisci'oiie Pai-k- PoitadoM'II Ci'aigc2VOII BT6J iDQ Trustees Mi's K Adaiiis Mi. T l-lulloii Mi-s D Kaiie iidepen(lent examinei. Jacksoii Aiidi-emls Cliaitei-ed Accolllltaiits & St<1tLltoiy ALidiloi' Aiidi'as HoLlSe 60 Gi-eal Victoi'ia Sti-eet Belfast BT? 7ET Bi< nliers Ulster B1( IIL ?0 l-ljoli Sli-eet Poi'tadoiiiii Ci-ai(ravoii BT6? IHU
PORTADOWN FESTIVAL ASSOCIATION Page 2 TRUSTEES ANNUAL REPORT YEAR ENDED 30 JUNE 2023 Tlie ti-ustees pi'eseiit tlieii- i-epoi'l c111cI fiiiaiicic11 slateiiieiits of tlie cliai'it), foi. tlic yeai. eiicled JOIII Jiiiie Tlie Ii-lislees 131cve adopted Ilie pi-ovisioiis of ii)e Stateliieiit of Recoiiiiiieiided (SORP) 'AccoLllltiiig aiid Rei)oitiii(r by Clilc rilies (fRS 102) iii pi'ei)ai'iiig Ilie aiiiiLial I'ei)oit aiid fiiiaiicial slateiiieiits of tlie cliai'ity. Tlie fiiiaiicial stateinei)ts Iiave beeii pi'epl£ l-cd iii accoi'daiice witli tlie clceountiiig policies sel oiit iii Iiotes to tlie finaiicial stateiiiciits aiid coini)l}' ¥vitli Ilie cliai'ity-s govei'iijii(5 dociiiiieiil, cliarity laiii loi- Noitliei-ii Irelaiid cl1)d 'Cliai'ities SORP (F RS 102) (sccoiid editioii October ?019) AccoLllltiiio aiid Repoi-till(J by Cliarilies.. Staleiiieiil of Recoiiiiiieiided Pr1( Cticc l< pplicable to cliai-ities pi'epai'iii(F Ilieii- accoLlllts iii accoi-daiice witli tlie fiiiaiicial Repoitiiig Slaiidai-d ai)plicable iii Ilie Uiiited Kiiigdoiii aiid IlepLiblic of li'elaiid (Flls I O?):: tlie '"fi11lc Iicial Repoiliiio Siaiid1c i-d ai)plicc1ble iii tlie Uiiited l(jiirtdoiii asid RepLiblic of Ii'elaiid (FRS 10?) (N4ai'cli ?018)" CI11( l-iiics Act (Noi'llieiii Ii-elaiid) ?008. Tlie Cliai-ilies (ALCOlllItS <11id Repoi-ls) Regiilatioiis (Nloiiliei-ii Ii-elaiid) ?0 l i 1( lid UK Geiiei'ally Accepted AccoLllltiiig Pi-actice. REFERENCE AND ADMINISTRATIVE DETAILS Refei'eiice aiid adiiiiiiisli'ative details 1< I'e slioiiiii iii tlie scliedLile of tl-LlStees of tlie cliai-il), aiid pi-ofessioiial advisei's oli paoe l of tlie finaiicial stalenieiils. Registei"ecl chai-ity, name Poi-tadowiii Festival Associatioii Cliai"it)' nunibei. NIC 10069? CoIitact address 2J Eiiiiisci-oiie Pai'k PoitadoM'Ii Ci-aioavoii BT6J 5DQ Tlie ti-ustees wlio sei'ved dLlI-iiig tlie yeai- wei'e as lolloiYs= Mi's K Adaiiis MI. T FILlttoii Mi's D Kaiie (Appoiiited ??Iid Sepieiiiber ?02?) PUBLIC BENEFIT STATEM'T Tlie Boai'd of TrLlStees of tlie Portadowii Festival Associatioii confiiill tliat tliey liad diie regai'd for tlie Oliidaiice pi'odiiced on piiblic beiiefit by Ilie C111£ 1'itJ' Coininission foi- Noi11ierii li'elaiid and al-e pleased to I'epoit tliat diii'iiig tlie )ieai- tlie cliaritj, lias coiitiiiiied to provide piiblic beiiefits and ive iEf¢i' lo tlie Oliidaiice Hilieii i-evieiviiose and cliai'itable objecliiie ot- Ilie cliai-ity is to faci lil£lle pei'foi-iiiei's iii tlie pei-foriiiiiig ails iii Speecli. Di'aiiia: Folk. Daiiciiig. MLISIC aiid Daiice. -l-lie festival is lield ic iiiiiialli, 01- as tlie occasioii iiiay ai'ise aiid is pei'foi-iiied by aiiiateiii's: jLidoed by pi-ofessioii£ils aiid oi'o(I11ised by voliiiiTeei's. We i)i'ovide a p11( tfoi-ln foi. tlie i)ei'foi-iiiei's ivlio <l1'e accoiiipaiiicd b. 11a1-eiils, gLiai'diaiis oi. leacliei's. Tlie Fesliv¢11 Llsllcilly coiniiieiices iii late febi'Llc11-)i aiid i-Llll.s IIIi'oLigli lo beoji]iijiio of Mi ali cacli )'car. AItIIoLigli tlic Festival is lield iii Poi-Ii¢ doii'ii e2( cli 5cclioii I'eceives eiili'ies fi'oiii aii(I Ilii-o(Iglioiil tlie Pi-oviiice. Poit1( doiiiii Feslival AssoLi£ltioii is affil iclted to "file Bi'itisli 1( Iicl Iiilei'ii£lti0111c l Fedei'c1tioii ol. festivals t-oi- I liisic. D2( lice ciiid SpeeLII.
Page 3 PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT { continued) YEAR ENDED 30 JUNE 2023 OBJECTIVIS AND ACTIVITIES (continued) Tlie FestiV1c l oives the oppoituiiits, foi- ainaleLII'5 to foi-iii ali 11PPI'ecic2tioii of aitislic staiid<11'ds. to pei-foi'iii aiid be assessed: eiicoL117ged aiid iiispii'ed b)1 aclive pi'ofessioiial adjiidicaloi's. Pi-ep1c i-iiig foi- aiid i)ei-foi-iiTrjiio at Ic Festival iiivolves yOLlii(r people iii gi-oiip acliiiity c11id iiidivid111c l acliieveiiieiit. Tliey (Faiii a deei)er appi'eciatioii of tlieii. i'epeitoii'e aiid of tlie Hioi-L of oiliei's. Eacl) i)crfoi'iiiei- oi. gi'oLIP I'eceives ivi'itteii fccdback fi'oin tlie adjLidicator. 11 lioiies sk.ills li) groiip work: tiiiie Iiiaiiaoeiiieiit, li.qteiiiii(y evc21iiatioii: pi-eseiilatioii. iiidividLial I'eliaiice. Ineetiii<J deadliiies: IVc1tcliiiig aiid assessiiio. Cvei-y skill gaiiied iii pi'epai'iiio foi. aiid giviiig a pei'foi'iiiaiice is a valiiable lifc sk-ill ivliicli Hiill bL iised It job iiitei'views. iii tlic Kiioi'kplace. iii leisLlI-e (Ictivities aiid iiiteriiei-soiial I'elaiioiisliips Ilii'oiig71i0111 life. Tlie day to day i-liiiiijiio of tlie cliai'ity lias beeii desioiiated to Mi. T I-ILilloi). Ii-LlStee. STRUCTURE, GOVERNANCE AND IlqANAGLMENT Govei'ning Ilocument Tlie Poi1adoi4111 Festiiial Associ<ltioii ivas establislied iii 19?? aiid tlie pi'esei)t coiislitiitioii was foii)iallv appi-oved by tlie iiieiiibei's oli IJ, Noveiiibei. ?014. Tlie cliai-it)i Th'as i-egistei'ed ivitli Tlie Cliai-ity Coi)Iiiiissioii foi- Noilliei'ii Ii-elaiid oli I, Deceinber ?014. Liiidei- I'efei-eiice NIC 1006?? Reci"uitment, ai)i)ointment, ill(liJction and tl-l¢ iniIi(F Tl)e pi'eseiit Ii-Lislees ve beeii iiivolved iii tlie cliai'ii), for a Iiiiiiibci. of yeai's aiid so are faiiiiliar iiiitli its wot'k. Tlie ti-listees I'egLilai-ly revieii, Ilie i'eqLliI-eiiieiits of tlie Lli<11'1ty aiid tlie i)ossibilit)i of a i)eed foi- additioiial tl'LlStees. Aiiy Iiew tl'Lislee5 Ivould be appoiiiled by i-esolLltioi) of a Ineetiiiil of all tlie ti'ustees i)assed by a iiiajoi-ily of Iliose pi-esent. Appi'opi'iaie ti'aiiiiiig and iiiductioii is available to al I trLlStees. Financial i'isk n)ana£vciiient objectives ancl ti'aining Tlie tl-LlStees liave oveizll respoiisibility foi- eiiSLlI-jllO tl)at tlie cliai'ity lias iii place ali appropi'iate s)(steiii of conti'ols, f1111£ iicial aiid otlierwise, to provide assui7iice tliat: tlie cliai-ity is opcratii)g effectively. its assets are safegLiai-ded aiFaiiisl iiiiaiitlioi'ised Lise or dispositioii; pi'oi)er i-ecoi'ds al'e Inaintaiiied aiid tiiiaiicial i1ifoiiiiatioii iised Miitliin Il)e cliai'ity or foi. piiblicatioii is I'eliable: tlie cliai-ity coiiipl ies witli relevaiit law5 aiid 1-eillatiO1]s- 1( lid tlie cl)ai-ity's systeiiis of fiiiaiicial coiili'ol are desigiied to provide i-easoiiable. biit iiot absolLlte assiii'aiice agaiiist Iiiatei'ial illisstateiiieiit oi. loss. Tlie triistees liave clssessed tlie Inajor i-isk-s to Miliicli tlie cliai'ily is exposed: iii paiticiilai- tliose related to tlie opei-atioiis aiid fiiicliices of tlie cliai-il),. Tlie tl-LlStecs al'e satisfied tliat sysleiiis at'e iii i)laLe to iiiitioate aiiy exposiii'e lo Inajoi- i-isks. ACHIEVEMENTS AND PIRFOIIMANCC Total iiicoiiie foi. tlie )ieai- Hias £67.0?7 (?02? _ £46.947). Iiicoiiie dei-jiied fi'oiii doiiatiolls c111d leg1( cies aiiioiiiited to £65.867 (?0?2 - £46.864) aiid iiivestiiieiit iiicoine totalled £1.160 (- ?0?? _ £8J). Tolal expeiiditiii'e for tlie yeai. ainoiiiited lo £i9.?14 (?02? £48,J6)). Tlie cost of cliai'itable cicliiiil les aiiioLlllted to £i9.?14 (•0?* _ £48.J6i). Tlie iiet iiicoii)e foi. Ilie ye¢l1- Ic Illollllted Lo .£7.81 i (?0?? _ Iiei e.KpeiiditLlI-e or £1.416).
PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT {continued) YEAR ENDED 30 JUNE 2023 Page 4 ACHIEVIMEI NTS AND PF.RFORIMANCE (continued) Tlie Triistees coiisidei's tliat tl)e cliarit}' is iii a Scltisfacloi-y positioii to caiTy oli ils cliai-ilable aclivilies. A Festival was plaiiiied. prepaiEd aiid took place fi-oiii Febi'Liary to May.. spread ?< CI-OSS J6 days 14,liicli incliided 5 secti0115 of Speecli. Di-aiiia, Ii-isli folk. Daiiciiig. MLISIL aiicl Daiice. Tlie Festival was pei-foi-med iii Poi-tadowii Towii Hal l aiid Ci'aiiyavoii Civic aiid Coiifei-eiice Centi'e. Tlie coniineiits of the paitiCiP2< Ilts aiid tliose I'espoiisible for enlei'iiig tlieiii wei'e coiisisteiitly positive and 110 coinplaints I'eceived. Tlie adjLidicators eiii)atred foi. tlie festiv<11 pi-ovided ali excelleiit sei-vice Foi. eacli sectioii of tlie Festival: all Inakiiio vei'}I sigiii ficaiit coiiti-ibiitioiis to tlie eveiit-s SLiccess aiid all offei'iiig coiiiiiieiTrls oli tlie Iiigli staiidards of tlie eiitries wliicli tliey assessed. Tlie Festival was delivei-ed oli bLidoel. <11Id tlie cliai-it)I s fiiiaiicial aiid otliei- i-esoLlI'ces i-einain soiiiid aiid seciii'e. FINANCIAL REVIEW Resej-ves policy It is tlie pol icy ot tlie cliai'ity to iiiaiiitaiii fl'ee resei-ves M,liicli iiiatclies Ilie iieeds of Ilie 01-gaiiisalioii. bolli at tlie CLllI-eiit tiiiie aiid iii tlie foi-cseeable fLItLlI'e. T]iis pi-ovides SLifficieiit fiiiids to covei- riinniiig costs wliicli iiiclLide InaiiaiTeiiieiil: c1diiiiiiisti.atioii aiid SLlI)POIt costs. ri'ce i-esei'ves al-e Iliose uni-estricted resei'ves not desi(Fiiated iioi. iiivested iii fixed assets wliicli al'e available foi- geiieral Iise. Tlie chai-ity lias iiiirestricted fiiiids cari-ied foi'iiTai'd at )0 .ILlllC ?023 of £89:9iJ (?022: £82.140). Fuiidin Tlie i)i-incipal SOLlI-ces of fuiidiii(F is fi-oin Eiiti-y fees paid by or for tliose who took" pait iii tlie Festival A Graiit fi-0111 Aimaoli City, Baiibi-idge aiid Craigc2VOlI Boi-OLigli CoLiiiciI Tlie fLlllds i-aised are spent inaiiilj, oil tlie fees aiid expeiises pa)iable to tlie Adjiidicators aiid the venLies PLANS FOR fuTURC PERIODS To coiitlllLie to liold tlie FeslivaS aiinLial ly. STATEMENT OF RESPONSIBILTIES OF THI TRUSTF.ES Tlie Boai-d of Ti-LlStees <ll'e I'espoiisible foi. pi'ep£ll-jll(r Ilie fiiiaiicial slateineiits iii accoi'daiice Hiitli pplicable law aiid Uiiited Kiiigdoiii AccoLllltiiio Slaiidai'ds (Uiiitcd Kiii(rdoiii Geiiei-dlly Accepted Accolllltiiig Pi-actice). Tlie laiv applicable to cliai'ities iii Noi-lliei-ii Ii'elaiid i-eqLliI'es tlie li'iislees lo pi-ep<l1-e f1111c iicial st1( teiiieiits toi. eacli fiiiaiieial )iear ivliicli oive a Ii'Lie aiid fail. iiicHi of Ilie stale of aflaii's of tlie cliai'ity aiid of tlie iiicoiiiiiig I'esoLlI'ces 1( lid applicatioi) of I'esoiii'Les of Ilic cliai-il).. for Iliai pci'iod.
PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT( Page 5 corRtAnued) YEAR ENDED 30 JUNE 2023 STATEMEINT OF RESPONSIBILTIES OF Tiif TRUSTEES fcon(inuedJ 11 pi-cpariiig tliese tiiiaiicial slaleiiieiits. Ilie tl-LlStees al-e i-eqLliI'ed to: select Sllitable accoLintiiig policie5 aiid ilieii apply tlieiii c0115iSteiitl)'; obseive tlie iiieiliods aiid pi'iiiciples iii Ilie Cliarities SORP (FRS 10?) (secoiid editioii Octobei- 2019)- Inake jiidoeineiits aiid estiinates Iliat al-e i-easoi)able aiid pi'Lideiit; state wlietliei. c1pplicable c1CCOUlltiiig staiidai'ds liave beeii followed. SLibjecl to aiiy Imaiei-ial depaitLlI-es disclosed aiid exi)ILiiiied iii tlie fiiiaiicil< I Sl£1tciiieiits- pi'epai-e tlie t1111c iicial stateiiieiits oli tlie ooiiig coiicei'ii basis Liiiless it is iiiappi-opi'iale lo pi-esLiiiie tliat tlie cliarit)i 111 l Lolltiiiiie iii opei-atioii. Tl)e tl-LlStees al-e i-espoiisible foi. keepiiio i)I'opei- accoLllltiii(r I'ecoi-ds tlial disclose witli i-easoiiable acciii-acy at aiiy tiiiie ilie fiiiaiicial positioii of tlie cliai'it)i aiid eiiable tlieiii lo eiiSLlI'e tlial Ilie fiiiaiicial stateiiieiits coinply witli tlie cliai-ities legislc1tioii foi- Noi-tlici-n Ii'elaiid 1( nd tlic pi-ovisioiis ol- Ilie Ii-iist deed. Tliey at'e also i-espoiisible foi. safeuiiai-diiio tlie assets of tlie cliai-ity aiid lieiice foi- lakiiig i'easoiiable steps for tlie pi'eveiitioii aiid detectioii of fi-aLid aiid otliei. ii-i-eoLilarilies. Tlie IrLlStees are Itspoiisible for tlie iiiaiiiteiiai)ce aiid iiitegi-ity of tlie cliai'ily and fiiiaiicial iiifoi-iiialioii iiicliided oli tlie cliai-ity's H'ebsite. Le(Jislatioii iii tlie Uiiited Kiiigdoiii oovei'iijiio 11)e pi'ei)ai'1c lioii aiid disseinii)atioii of fiiiaiicial stateiiients Ina), di ffei. ti'oiii legislatioii iii otliei. jiirisdictioiis. Disclosui'e of infoi-mation to indepcn(leiit ininet- So fai- as eacli of tlie ti'ustees iii office at tlie date of appi'oval of tliese fiiiaiicial stateineiits is aiiiai'e.. tliei'e is iio i-elevaiit iiifoi-iiiatioii toi- tlie iiidepeiideiit e,xainiiiatioii of Nvliich tlie cliarity'"s iiidepeiident exainiiiei- al-e Lll)awc21'e; aiid tliey liave t1( k-eli all steps tliat they ouglit to liave takeii as tl'LlStecs to iiiaL-e tlieiiiselves aM'aTe of aii)I I'elevaiit iiifoi-iiiatioii aiid io establisli tlial tlie cliai-it)i"s iiidepeiideiit exc111iiiier al-e amiare of tliat iiifoi'iiiatioii INDEPENDENT CXAMINER Jack-soii Aiidrews will coiitillLie iii office as i51depciideiit exainiiiei. foi. tlie eiisLiiiig yeai.. CONTACT ADDRESS BY ORDEII OF THE BOARD OF TRUSTCLS J Eiiiiisci'oiie Pic I-L Poi'ladoNIiii C.raioic VOII Mi's IC Adaiiis I"I'LlStee BT6i 5DQ Ai)pi'oved b)1 tlie Ii-listees 011 ..(.1....9.-..2oJ.3.
Page 6 PORTADOWN FESTIVAL ASSOCIATION INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PORTADOWN FESTIVAL ASSOCIATION YEAR ENDED 30 JUNE 2023 l i-epoi-t 01) Ilie accoiiiils of Ilie cliaril), toi- tlie veal- eiicled JO, JLiiie ?0?) MilijLli al'e set oul 011 p to 16. <ityes 7 RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER Tlie cliai-ity'"s trLislees al-e I'espoiisible foi. tlie pi-epar1ctioii of tlie accolints. Tlie cliai'it) s ti'(Islees coiisidei. tliat ali aiidit IS 1101 i-eqLliI-ed foi. tliis y'eai- Liiidei. seclioii 65(2) of tlie Cliai'ilies Act (Noi11ierii li-elaiid) 2008 (tlie Cliai-ities Acl) <liid Iliat ali iiidepeiideiil exaiiiiiiatioii is iieeded. Tlie cliai'il}' is i)i-epai'in(J acci-Ll£11 accoLllItS c2iid l aiii qLlc11ified to Lll)deitake tlie exaiiiiiiatioii by beiiig (1 qualified iiieiiibei- of Cliai1ered Accouiilaiits Ii'elaiid. It is iiiy i-espoiisibil ity to= eiaiiiiiie tlie accouiits iiiidei- sectioii 65 of tlie Cliai'ilies Act (Nortliei'ii Ii-elaiid) ?008 aiid iiiidei- seclioii 44(1){c)'. follow ilie pi-ocedLlI-es laid doivii bi, tlie CFeiiei-c11 Dii'ectioiis triveii by tlie Cliarity Coiiiiiiissioii foi. Noitliei-ii Irelaiid Liiidei. scclioii 6i(9)(b} of ilie Cliai-ities Aci (Noi1Iieni Ii'elaiid) ?008. aiid state lI]et1]e1- paitiCLilar Iiiatteis Iiave coine to Iny atteiilioii. BASIS OF INDEPENDENT EXAMINCR'S REPORT My ex<1111iiiatioii Hias cai-I'ie(l OLIt Iii accoi-daiice wiitli tlie oeiiei'al Dii-ectioiis (Jiveii by Ilie Cliai'itv Coininissioii for Noitliei-ii Ii'e11c lid. Ali e.Naiiiiiic1tioii iiicl udes cl i-eviciii of tlie accoLllltiiio i-ecoi'ds Lepl l)), tlie cliai'it), aiid a coiiipai-isoii of tlie accoiiiils PiESeiited Myilli Iliose i-ecoi-ds. It also iiicllides consideiltioii of aii)I IlllUSLial iteiiis oi. disclosLlI'es iii tlic accoLlllts: aiid seek-iiig explaiialioiis fi'oii) YOLI as tl-LlStees coiicei-iijiio aiiy siicli Inattci-s. Tlie pi-ocedLlI-es iitideitak-eii do iiot pi-ovide all tlie evideiiee tliat WOLild be i-eqLliI'ed iii ali aiidit aiid coiiseqLieiitly iio opiiiioii is oiveii a5 to iiilietliei- tlie accouiits pi-eseiil a '"tl'Lie aiid fail- vieii aiid tlie i'epoit is liiiiited to tliose inattei3 sel OLIt iii tlie Iiexl stateiiienl. IN'DEPENDENT EXAMRN'ER'S STATEMif4T lii coiuiectioii witli Iny exaiiiinatioii. 110 Inattei- lias coine to Illy cltleiitioii: ( l ) wliicli gives Ine i'easonable caLise lo belieiie tliat iii an), material I'espect tlie I'eqiiii'eineiits: lo keep accoLiiiIiii(T i-ecoi'ds iii accoi'dai)ce I4'itli sectioii 63 of Ilie Cliarilies Act ?008: aiid to pi'epai'e accoiii)ts wliicli accoi'd witli tlie accoiiiitiiio recoi-ds aiid coiiiply witli tlie accoLllltiiig i-equireiiieiits of tlie Cliai-ities Act ?008 liave not beeii Irjet or (2) to ii,liicli, 111 111)i opiiiion. atteiitioii slioLild be di'awii iii ol-der to elia of tlie accoiiiits to be I'eaclied. le a pi'opei. Liiidei-staiidiii(r Bijiaii J Fi-iai. fcA (Iiidepei Cliai-tei'ed AccoLiiilaiits Ii'el¢111 lil exailliiiei- Aiidras14oiise 60 Gi-eat Vicloi-icl Sti'eet Belfast BT? 7ET Foi- aiid oli belialf of J1( cksoii Aiidi'evi's Cliai'lci'ed AccoLiiilc111ts & Slaliitoi), ALiditoi'
PORTADOWN FESTIVAL ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES Page 7 YEAR ENDED 30 JUNE 2023 Uni-estricte(I Fiiii(Is Total Fiinds 2023 'rotal Income froni: Doiiatioiis aiid legacies Iivestiiieiits 6),867 I,IC)O 6),867 1,160 46.864 83 Tot411 iiiconic 67,027 67,027 I xpen(liture oii: Cliai'itdble aclivities= 59,214 (48.)6)} Total eipenilitu re 59,214 (48.J6i) Net income/(eiiienditui"e) foi- tlle )'eai- 7,813 7,813 (1.416) Reconeili¢qtion or riiii(1s Total fLiiids broLiolIt foi'Hiai'd 82,140 89,9)3 Total fiinds iai"i"ieil foi'ii'ai'd Tlie Stateiiieiil of Fiiiaiicial Activities iiiclLides all gaiiis aiid losses iii Ilie yeai. aiid tlicrefoi-e a stateineiit of total recogiiised oaii)s aiid losses lias iiol beeii pi'ei)ai-ed. All of tlie above aiiioiints i'el2c te to contiiiiijiio activities.
PORTADOWN FESTIVAL ASSOCIATION Page 8 BALANCE SHEET 30 JUNE 2023 2023 ?0?2 Note Curi-ent assets Debtoi's aiid acci'Lied iiicoine Casli al baiiL aiid iii liaiid 11 88,8)3 79.640 90,253 8?.440 Cr¢(litoi-s: Ainounts falli1) duc Ivitliin oiic )'eai" 12 (300) (JOO) Net cu I"i'ent assctS 89,953 TotL21 rfissets less ciiri.ent liabilities 89,9)3 Net ¥issets 89,9)3 Cliq¢ I"it)' funcls Uiii'esli-iLted fLiiids 13 89,9)3 Total fiinds 89,953 82.140 Tliese fiiiaiicial st2teineiits ivei-e appi'oved b), tlie ti-listees and aLltlioi-ised foi. iSSLie oil tlie aiid ale si(Fiied 011 tlieii. belialf by.. b,- IL Mi's K Adains Ti'iistee Mi-s D Kaiie Ti-LlStee
PORTADOWN FESTIVAL ASSOCIATION STATEMENT OF CASH FLOWS Page 9 FOR THE YEAR ENDED 30 JUNE 2023 2023 ?0?? Note Casl) lloii, fi'om opei'ating actii'ities Net casli floii, I'rom opei?ting aetivities 15 8,053 {4.i99) (4:i99} 8,053 Casli floii, fi'om inj'esting activitics Baiik iiitci-cst i-eceivable 1,160 Net casli floii, fi.oiii ini'estinu rfqctii'ities 1,160 Net (leci-ease in casli and cash eqiiii'aleIits 9,213 (4.516) Casli an(1 casli eq uivalents at l. July 2022 Cash anil casli equii'alents at 30, June 2023 84.li6 88,8)3 79,640 Casli and cash eqiiii'aleiits consist or: Cas11 at baiik aiid iii liaiid 79.640 Casli <qn(I cash equivalents at 30, Jiiiie 2023 79.640
PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS Page 10 YEAR ENDED 30 JUNE 2023 PRINCIPAL ACCOUNTING POLICIES (a) Gciiei'al infoi'mkition 1¢ nd b£qSiS of pi'epai'atioii Tlie Poi'tad0,1l Festival Associcltioii is a cliai'it)i aiid is I'eoistei'ed iii Noi-tliei-ii Ii-elai)d. Tlie address of tlie i-e(yistei-ed office is giveii iii tlie chai-ity iiiforiiiatioii oli page l of iliese fiiiaiicial staleiiieiits. Tl)e cliai-it)i is establislied Liiidei- cl TrLisI deed. Tlie cliai'ilS' Colistiliiles a Pliblic beiietil eiitity as defiiied by FRS 102. Stateiiieiit of coiii liaiice TIIL fiiiaiicial stateiiieiits Iiave beeli pi'ep£ll-ed iii accoi-daiice witli Ilie accoiiiitiiio policies sel oiit iii iiotes lo tlic fiiiaiicial slaleiiieiits 2< lid coini)l}' Niiiili tlie cliai'ily's oovei'i]jiio docLiiiieiil. cliai'ili, laiii foi- Noi-Iliei-11 Ii'elaiid aiid 'Cliai'ilies SORP (FRS 10?) (secoiid editioii Octobei- ?019) AccoLllltiiig aiid Repoitiiig bv Cliai-ities= Stateiiieiit of Recoiiiiiieiided Pi'actice applicable to cliai'itie5 pi-epai'iiig tlicii. accoiiiils iii accoi'daiice iiyitli tlie Fiiiaiicial Repoitjiio Staiidai'd api)licable iii tlie Uiiited Icjii¢Jdoiii aiid RepLiblic of li-elaiid (fRS I O?)" Ilie "fiiiaiicial Repoitjli(F Staiidai-d applicable in tlie Uiiited kiiiodoiii aiid RepLiblic of Ii'claiid (FRS 10?) (Mi< I'CI] ?018)-': Cliarilies Act (Noitliei'n Ii'elaiid) 2008, Tlie Cliai-ities (AccoLlllts aiid Repoils} RegLilatioiis (Noiiliei-i) Ii-elaiid) 2015 aiid UK Geiiei'ally Accepted Accoiintiiio Pi-clctice. Tlie fiiiai)cial Slateineiits al-e pi'ep£11-ed oli a ooiiig coiicerii basis iiiidei. tlie liistoi'ical cost coiiveiitioii. Tlie fiiiaiicial stateiiieiils £11'e preseiited iii stei-ljiiu H,Iiicli is Ilie fLlllCtioiial curi'eiic)i of tlie cliai'it}i aiid i-ouiided to tlie nearest £1 Tlie sioiiificaiit accoiiiitiiio policies applied iii tlie pi-epai'alioii of tliese fiiiaiicial statenieiits are set oiit below. Tliese policies liave beeii coiisisleiitlv applied to all yeais pi'eseiited Liiiless otlierivise stated. Tliese fiiiancial staleinents liave beeii pi'epai-ed Liiidei- tlie Iiistoi'ical cost coiiveiitioii aiid on tlie acci-lials basis. Last yeai-'s fiiiaiici£11 stateiiieiits Miel'e pi-epai'ed oli a I'eceipis aiid payineiits basis. Tlie i-esiilts foi- tlie pi'ioi. yeai. Iiave iiot beeii i-estated as tlie adjiistineiits fi-oin receipts basis to aeci-Lials basis of accoiiiitiiio wet'e iiiiinatei-ial. (b) Fund accounting Uiii'esti-icted fLiiids Tlie Lllli'esti'icted fuiids of tlie cliai-it)I coiisist of (1 Genei-al fLlI)d wliicli is expei)dable al tlie disci'etioii of tlie triistees iii fLlltlieiziice ot tlie clic11'itable objectives of tlie cliai-itv aiid w,liicli111c S iiot beeii desioiiated foi- oiliei- piii-poses. (c) liicoiiic I"eeo¥iiitioii All iiicoiiiii](y I'esoiii-ces al'e iiicliided iii Ilie Stateiiieiit of Fi111c iicial Activities (SOFA) Ivlieii tlie cliai'it)i is letsall), eiiiilled to Ilie iiicoiiie aftei- £111y pei-foi-111<111ce coiiditioiis liavL beeii iiiel. Ilie ainoLllIt cali be Ine<lSLlI-ed i-cliabl) aiid it is pi-obablc t111( I tlie iiicoiiie iiyill be i-eccived. No aiiioiiiil is iiiclLided iii tlic fiiiaiicial slaleiiieiits t"oi' volLlllteei' tiiiie iii l iiie iiijili tlie SORP IfRS 10?).
PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEtVlENTS (Continued) YEAR ENDED 30 JUNE 2023 Page 11 (c)liicome i-ecooiiition (continuedj Iiicoiiie fi-oiii govei'iiineiit aiid otliei. gi'1( 17ts al'e iecooiiised at fail- valiie vvlieii tlie cliai-il), lias eiititleineiit aftei- c111y l)ei-forinaiice coiiditi011s liave bee21 iiiel. it is pi-ob1< ble tlial tlie iiicoiiie ii'ill be received aiid tlie aiiioLllIt cai) be IneasLlI'ed i-eliablv. If eiititleiiieiil 15 iiol Inet tlieii Ilie5e aiiiouiits are defei-l'ed. Reveiiue (yraiits al-e ci'ediled to iiicoiiiiiio i-esoLlI-ces oli Ilie eai-liei. date of wliei) Iliey al'e I'eccived 01- wlieii tlie)i al'e i-eceiiiable, Linless tliey I'elate to a specified fLIILlI'e pei-iod. Gi'£111ts ivliicli coiiti-ibLlte toivai'(Is specific expeiiditLlI'e oli fixed asseis are ci'edited to Ilie SOFA 121 fLIII LlPOlI I'eceipi. ((1) E.Ipenclitui'e I'ecognition All expeiiditiire is accoLlllted foi- oli ali acci-Lials l)asis 1( Iicl lias beeii classi Fied Lll)dei- lieadiiigs t111( t aggi-eoate all costs I'elaled lo tlie caler%oi'y. CxpeiiditLlI'e is i-eco(riiised lI]e1-e tlici'e is a lecal oi. coiislrLiclive oblioatioii to niake paviiiei)1s to tliii-d paities. il is pi-obable tliat Ilie settleiiieiit ii.'ill be I'eqLiired aiid Ilie ainoLllIt of tlie oblj(FatiOll C1( 11 be iiieasLlI-ed reliably. It is catetroi'ised Liiidei. tlie following lieadi iigs= Eipeiidiliii-e oli cliai-itablc activities coiiipi-iscs tliose costs IllCLlI'I'ed by tlie cliai'itii in tlie deliveiv of its activities aiid sei'vices for ils beiieficiai-ies 1£ lid i Iicliides salc11-)I costs <iiid <111 api)oitioiiiiieiit of siippoi-t LOSts- Otliei. expeiidiiLlI-e i-epi-eseiits tliose iteii)s Iiot falliiig iiito Ilie cateooi-ies above. (e) Suppoi-t costs 4illocation SLlPPOIt costs al-e tliose tliat assist the ivoi-k of Ilie cliai'il}' biit do iiot dii'cctly I'epreseiit cliai'ilable activities: foi. exaiiiple, oovei'iiaiice costs. I'lie aiialysis of tliese costs is iiiclLided iii iiote 5. Tliey al'e iiicui'i-ed directly iii suppoit of expeiiditui'e oli tlie objects of tlie cliai'ity. Wliere SLlPPOIt cosls caiiiiot be dii-ectl Ji atti-ibLltc(I to paitlCLilai' lieadiiirss tliey liave beeii allocated to expeiiditui'e oli cliai-itablc activities 011 a bi1SiS COIISi5teiit 1]117 Lise of Il)e I'esoiii'ces. (fj Taiation Tlie cliai'ity is iiol registered foi- V AT aiid, accoi'diiigl)i all tlieir expeiiditLlI'e is iiicliisive of aiiy VA T iliCLlI'I-ed. (g) Debtoi's aiid ci'e(litoi's I"eceii'able I P¢q}pable Ii'itliin oiie yeai- DebtOl-5 aiid ci-editoi-s uyitli iio sl<iled iiitei-est late aiid i-eceivable 01- P<llli1ble Kiitliiii oiie )ie2c r are i-ecoi-ded at ti'aiisactioii pi'ice. Ai)), losses c11'iSilifs froiii iiiipaii'iiieiit 1¢ I-L i-ecogiiiscd iii eNI)eiidilLlI-e.
PORTADOWN FESTIVAL ASSOCIATION Page 12 NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 30 JUNE 2023 1. PIIINCIPAL ACCOUNTING POLICIES (continued) (h) Goino concern Tlie fiiiaiicial stalemeiiis liave beeii pi'ep<l1-ed oli a oojiig conceiii basis as tlie tl'LlStees believe tlial iio iiialei-ial Liiiceitaiiities exist. Tlie Ii'LlStees lic1ve coiisidei'ed Ilie level ot fLiiids lield aiid tlie e.xpected level of iiicoiiie aiid expeiiditurc foi- l ? iiioiitlis fi'oin aiillioi'isiii(y tliese fin¢11)cial stateiiieiits. Tlie biidgeted iiicoiiie aiid cxpeiiditLlI-e is siifficieiit Miitli tlie level of resoiii'ces foi- Ilie cliai'il), to be £1blc to coiiliiiLie as a (Foiiig coiicci'ii. (i} Juclgemeiits and l%ey soui'ces of estini?& tion li ncci"tQ& inty Tl)e pi'epai?lioii of tlie f1111c iicial slateiiients IEqLliI'es tlie ti'iislees to iiiake jlidgciiieiits. esliinales aiid assiiiiiplioiis Ili¢lt ¢2ffecl Ilie 1( IIIOLllllS i-epoi'ted. Tliese csliiiic1tes 1£ lid j Lidgeiiieiits al-e coiitillLl<111y I'evieived i111d al'e based oli expei-ieiice aiid otliei- factoi-s. iiicliidii] ekpectatioiis of fLItLlI-e evciits tliat al'e belieiied to be i-easoiiable uiidei- tlie cii'CLlIMStances. INCOME fROIIq DONATIONS AND LF.GACIES Un I'esti-icted Fuii(Is Uiii'esiricted riiiids Total iiiids Funds 2023 Dail)i adii)issioii aiid pi'otrraiiiiiie sales Conipetitoi- eiiti'y fees Gi?iit- ABC Couiicil Spoiisoi's Seasoii tick.et sales Music bLlI-sai'ies Hospitality sales 16.618 ?O.i71 2.800 4.430 ?.020 16.618 ?O,i71 20,194 8,217 9,295 2,969 8,217 9,29) 2,969 ?.020 788 788 125 1?5 6),867 6),867 46,864 46.864 INCOMf FROM INVESTMENTS UII I'esti'icte(I Fui)(Is Total Fu ii(Is 2023 Uiiresti'icted FLiiids Total Fuiids B1( lik iiitei'cst i-eceiiic1ble ,160 1,160 1,160 1,160
PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS fcontinuedj YEAR ENDED 30 JUNE 2023 Page 13 ANALYSIS OF Expf.NDITURf. ON CHARITABLE ACTIVITIIS Activilies iiiidci'icikeii Dii-ectlv Uiii"esti'ictc(l Resti'icte(I Total Tot<il 2023 2023 Siippoit costs Total 2023 Festival 56.488 59,214 i6.488 Activities iiiidei'lakeii Dii-ectl), Uiii-cslricted Rcsti'icted Total Total 202? ?0?? SLII)POI costs Total ?0?? restival 4).685 45.68) ALLOCATION OF SUPPORT COSTS Basis of al locatioii Total 2023 Total Fc5tival Festival Govei-naiice Affiliation, Slibsci'ipiioiis, iiisiii'aiice & liceiises Geiieral expeiises BaiiL fees Tiine speiit 300 300 300 JOO Cost Cost Cost 1,031 1,293 102 1,031 1,293 102 977 6? 977 6? 2,726 2,726 2,678 ?,678 GOVERNANCE COSTS UIii-esti-icte(I run(Is Total Fiiti(Is 2023 Uiu-esli'ictcd FLiiids Tolal Fiiiids Iiidei)eiidei)t exaiiiii)ei- s reiniiiiei'alioii 300 300 JOO 300 300 iOO
PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS fcontinueaf) YEAR ENDED 30 JUNE 2023 Page 14 NET EXPENDITURE FOR TJ4E YEAR Tliis is stated aftei- cliar(rjii(J / (ci'editiiig): 2023 Iiidepeiideiit eYainiiiei-"s reiiiLiiiei'atioii 300 INDF.PENDENT EXAMINLI Il's REMUNEIiATIOYI Tlie iiidepeiideiil e.xaiiiiiiei.s i-eiiiLiiiei'atioii ainoiiiits to ali iiidepeiideiit exaiiiiiiei-' s fee ol. £iOO (?0??: £)00) foi. Ilie CLlI-I'eiit iiidepeiideiit e,Yaiiiiiiei-. TRUSTEES, AND KIY MANGEMENT PEIISONNEL REMUNCRATION AND EXPENSES Tlie tl-LlStees Iieitliei. I'eceiiied iioi- Il'aiiied aii)i i-einuiiei-atioii dLlI-jiio Ilie yeai- (?0??= £Nil). Tlie total £111l0UlIt of eiiiplo)'ee beiiefits i-eceived by key iiiaiia(yeiiieiil pei-soiiiiel is £Nil (?O!?- £Nil). Tlie cliai-it)I coiisidei-s its ke), iiiaiiaoeiiieiit pei'soiiiiel to be tlic Ii'LlStees. Ni l {?0?? Nljl) Iriistees cll-e acci'Lllll>(F Iieiisioii ai'i'aiigeiiieiits. Tlie ti-ustees did iiot11l< ve aiiy exi)eiises i-einibiirsed diii'jiio tlie y¢ai' (20?? _ £Nil). 10. STAFF COSTS AND IMPLOYEI BENIFITS Tlie averaoe Inoiitlil)I IlLiinbei- of eiiiplo)iees inclLidiii(y ti-lislees dLlI'iI?g the yeai. was as folloii's= 2023 i unibei- 20?? NLiiiibei- Cliai'itable activities 11. DIBTORS: AMI OUNTS FALLING DUE WITHIN ONI YEAR 2023 ?0?? Pi-ep?< yiiieiits aiid acci-lied iiicoiiie 1,400
PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 Page 15 12. CREDITORS.. AMOUNTS FALLIING DUI WITHIN ONE YEAR 2023 Acci-lials 300 300 300 13. FUND RECONCILIATION Unresti'icte(I fuii(Is Balance at l Jul 2022 Ba141nce 4?t 30 Jun 2023 Income Expen(litiii"e Ti'ansfei"s Uiii'estricted tiiiid 67,027 {i9,214) 89,953 Balaiice at I JLII ?O?I Balaiice al io Jiiii ?0?? iicoiiie Eipeiiditiire Ti'aiisfei's Uiu-esti'icted fiiiid 46.947 (48:J6)) Fiind (lescription Tlie iiiii'esti'icted tliiids of tlie cliai-il)i coiisist of a Geiiei-al FLiiid lI]le17 is expeiidable at tlie discretion of tlie tl'Lislees iii fLlltliei'aiice of tlie cliai'itable obj¢clives of tlie cliarity aiid wliicli lias not beeii desigiiated foi. otliei- i)Iirposes. Tlie boai'd coiisidei-s tlie cliai'ity to liave oiie Inaiii cliai'itable activit),: beiiig to advaiice tlie ediicatioii of tlie public iii tlie ails aiid sciences of MLISIC. Speecli, Di-aiiia. Ii'isli folk Daiiciiig aiid Daiice. b), Ilie preseiitatioii of coiiceit pei'foi-iiiaiices aiid otliei. activities to be lield aiiiiLiall)i oi. as tlie OCC¢lSlOlI iiiay ai'ise. 14. ANALYSIS OF NET ASSETS BEI TWEEN FUNDS Uni-c5ti'icte(I FiiIi(I Uiii-e5ti-icted Total 2023 Casli c1t baiik aiid iii liaiid Otliei- cui'i'ent assets/(liabililies) 88,853 1,100 88,8)3 I,ioo 79.640 79,640 89,953 89,9i3
PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 Page 16 15. RECONCILIATION OF NET EXI'ENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 Net iiicoine/(eipeiiditLlI-e) foi. tlie sieai. Baiik iiiiei-est i-eceivable (Iiici-ease)/Deci-e1c se iii debiois Inci-ease/(Decrease) iii ci'editoi's Net casli flow fi-oiii opei'atiiio activities 7,813 (1,160) (1,416) {? 8,00) 8,053 (4.599) 16. RELATED PARTY TRANSACTIONS Tliere were iio related pai1y ti-aiisactioiis dui'iiig tlie )ieai' (?0??: £hljl). 17. ETHICAL STANDARDS Iii coiniiioii M'itli iiiaiiy otliei- oi'gaiiisatioiis of oiii. size aiid iialiii'e: te Lise oiir iiidepeiideiit eNaiiiiiiei- to prcpai-e aiid assist iii tlie pi-ep£1ralioii of tlie fiiiaiicial statenieiits.
PORTADOWN FESTIVAL ASSOCIATION DETAILED STATEllJlENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2023 Page 17 Uii I"esti-icted Funds Tot&il Fiinds -l-ola1 Fliiids 2023 2022 Income fi"om: Donation and eies Daily adiiiissioii aiid pi'oorainine sales Coiiipetitoi. ei)tiy fees Gi-aiit - ABC Coiiiici Si)oiisors Scasoii ticL"et sales Miisic bLlI-sai'ies 14osi)ital iiy sales 24,404 20,194 8,217 16.618 ?O,i71 20,194 8,217 9,29) 2,969 2,969 788 788 65,867 65,867 Ini'estnienls BaiiL- iiitei'est i-eceivable 1,160 1,160 1,160 1,160 Total income 67,027 67,027 46.947 Dii"ect expenses: VeiiLie liii'e Adjudicatoi- pi'ofessioiial fees aiid cxpeiises Aivai'ds aiid iiiedals Di'aiiia teaill expetises Accoiiipaiiist aiid expeiises Pi'iiiling costs Catei-iiig 20,461 16,814 2,821 2,238 2,)73 3,771 2,001 1,276 I,)25 1,917 211 880 20,461 16,814 2,821 2,238 2,573 3,771 2,001 1,276 12,912 4,658 2.74? 3.?19 1,714 i55 MLISIC bLlI-sai'ies BIFF Coiifei'eiice Otliei. Office Costs Coiiiputei. Costs 1,917 211 880 4).685
PORTADOWN FESTIVAL ASSOCIATION DETAILED NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023 Page 18 Uiii'esti-icted Fil n(Is Totrfil Fun(Is Tol2( l Fiiiids 2023 Suppoi"t costs: Affil iatloll: SLibscriptlOll. illSLII-1c nce aiid liceiise fees Genei-al expeiises Baiik fees 1,031 1,293 102 1,031 1,293 102 977 2,426 Goi'eriiance costs: AccoLllltaiicy 300 300 300 300 Total e.ipenditure 59,214 i9,214 Net incon)el(eYpenditui'e) for tlie )'ekii' 7,813 7,813 (1.416)