PORTADOWN FESTIVAL ASSOCIATION UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Charity Nurnber NIC100622
PORTADOWN FESTIVAL ASSOCIATION FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 CONTENTS PAGE Charity reference number and administrative details Trustees annual report Independent examinerfs report to the trustees Statement of financial activities Balan 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
Page 1 PORTADOWN FESTIVAL ASSOCIATION CHARITY REFERENCE NUMBER AND ADMINISTRATIVE DETAILS YEAR ENDED 30 JUNE 2024 Regislered charity name Portadown Festival Association Charity number NIC 100622 Contact address 98 Kernan Gardens Portadown Craigavon BT63 SRA Trustees Mr T Hutton Mrs D Kane Independent examiner GMCG Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Bclfast BT2 8EQ Bankers Ulster Bank 20 High Street Portadown Craigavon BT62 1 HU
Page 2 PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT YEAR ENDED 30 JUNE 2024 Ih The trustccs prcs¢nt their report and financial statements of the charity for the year ended 30 June 2024. The trust¢¢s have adopted the provisions of the Statement of Recommended (SORP) -Aceounting and Reporting by Charities" (FRS 102) in preparing the annual rep)rt and financial statements of the charity. The financial stst¢ments have been prepared in accordance with the accounting policies s¢1 out in noles to the financial statements and comply with the charity's governing document, charity law for Northern Ireland and "Charities SORP (FRS 102) (second edition October 2019) A¢counting and Reporting by Charities: Sialement of Recommended Practice applicable to charities preparing their accounts in accordance with ihe Financial Reporting Standard applicable in ihe Uniled Kingdom and Republic of Ireland (FRS 102)" the "Financial Reporting Standard applicable in the United Kingdom and Republic of Ircland (FRS 102) (March 2018)" Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulation5 (Northern Ireland) 2015 and UK Gcncrally Accepted Accountin8 Practice. REFERENCE AND ADMINISTIL4TIVE DETAILS Reference and administrativ¢ detsils are shown in the schedule of truslees of th¢ charity and professional advisers on pa8e l of the financial statements. Regislered charity name Portadown Festival Asso¢iation Charity number NIC 100622 Conlact address 98 Kernan Gardens Portadown Craigavon BT63 55RA The trustees who Serv during the year were as follows: Mrs K Adam5 (R¢sign¢d 19 September 2023) Mr T Hutton Mrs D Kane PUBLIC BENEFIT STATEMENT The Board of Trustees of the Portadown Festival Association confirni that they had due regard for the guidance produced on public benefit by the Charity Commission for Northern Ireland and are pleased to report that durin8 the year the charity has continued to provide public benefits and we refer to the guidance when reviewing our aims and objectives and in planning our futur¢ activities. OBJECTIVES AND ACTIVITIES The purpose and charitabl¢ objective of the charity TS to facilitate perforniers in the perforniing arts in Speech, Dram4 Folk Dancing, Music and Dance. The Festival is held annually or as the occasion may arise and is performed by amateurs, judged by professionals and organised by volunteers. We provide a platforni for the perforniers who arc accompanied by parents, guardians or teachers. Th¢ Festival usually comm¢nc¢s in late February and runs through to be8inning of May each year. Although thc Festival is held in Portadown each section r¢c¢iv¢s entries from and throughout the Provinc¢. Portadown Festival Association is affiliated to The British and International Federation of Festivals for Music. Dance and Speech.
Page 3 PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT (¢onllnu•d) YEAR ENDED 30 JUNE 2024 OWECTIVES AND ACTivrrIES (willnued) The Festival gives the opportunity for amateurs to forni an appreciation of artistic standards, to perform and be assessed, encouraged and inspired by active professional adjudicators. Preparing for and perforniing at a Festival involves young people in group activity and individual achievement. They gain a deeper appreciation of their repertoire and of the work of others. Each pcrfornier or group receives written feedback from the adjudicator. It hones skills in group work. time management, listening, evaluation, presentation, individual reliance, meeting deadlines, watching and assessing, Every skill gained in preparing for and giving a perforn)ance is a valuable life skill which will be used at job interviews, in ihe workplace, in leisure activities and interpersonal relationships throu8houi life. The day to day runnin8 of the charity has been designated to Mr T Hutton, trustee. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Portadown Festival Association was established in 1922 and ihe present constitution was fornially approved by the members on 131h November 2014. Th¢ charity was registered with The Charity Commission for Northern Ireland on 1° December 2014, under reference NIC 100622. Reeruitment* aPPOjDlment, Induction aud IrainiDg The present trustees have been involved in the charity for a number of years and so ar¢ familiar with its work. The trustees regularly review the requirements of the charity and the possibility of a need for additional irustees. Any new trustees would be appoinled by resolution of a meeting of all the trustees passed by a majority of those present. Appropriate training and induction is available to all trust¢¢s. Financial risk management objectives And training The trustees have overall r¢sponsibility for ensuring that th¢ charity has in place an appropriate system of controls, financial and oiherwise, to provid¢ assurance that: th¢ charity is operating effeetiv¢ly' • it5 assets are safeguarded against unauthorised use or disw)sition; proper records are maintained and financial inforniation used within the charity or for publication is reliable; the charity complics with relevant laws and re8ulations; and the charity's systems of financial control are designed to provide reasonable, but not absolute assurance against material misstatement or loss. The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and financcs of thc charity. The trustees are satisfied that systems are in pla¢e to mitigate any exposure to major risks. ACHIEVEMENTS AND PERFORMAIYCE Total income for the year was £77,423 (2023 - £67,027). Income derived from donalions and legacies amounted to £74.263 (2023 - £65,867) and investment incom¢ totall¢d £3,160 (2023 - £1,160). Total expenditure for the year amounted to £69,944 (2023 - £59,214). The cost of charitable activities amounted to £69,944 (2023 - £59.214). The net income for the year amounted to £7,479 (2023 - net income of 7,813).
Page 4 PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT (contlnu YEAR ENDED 30 JUNE 2024 ACHIEVEMENTS AND PERFORIWCE {contInu The Trustees considers that the charity is in a satisfactory position to cary on its charitable activities. A Festival was planned, prepared and took place from February to May, spread across 40 days which included 5 seclions of Speech. Drama, Irish Folk Dancing, Music and Dance. The Festival was perfornied in Portadown Town Hall, The Salvation Arn)y Hall and Crai8avon Civic and Confercnce Centre. The comments of the participants and those responsible for enterin8 them were consistently positive and one complaint r¢¢¢iv¢d which was addressed by a sub-committee in consultation with BIFF. A reply was sent and no follow up. The adjudicators engaged for the Festival provided an excellent service for each section of the Festival, all making very significant contributions to the event's success and all offering comments on th¢ high standards of the entries which they assessed. The Festival was delivered on budget, and the charity's financial and other resources remain sound and secure. FINANCIAL REVIEW Reserves policy It is the policy of the charity to maintain free reserves which mat¢h¢s the needs of the organisation, both at the current tim¢ and in the fores¢¢able future. This provides sufficient funds to cover running costs whi¢h in¢lud¢ management, administration and support Costs. Free r¢s¢rves are those unrestricted reserves not designated nor invested in fixed assets which a available for general use. The charity has unrestricted funds carried forward at 30 June 2024 of £97,432 (2023: £89,953). Funding The principal sources of funding is from . Entry fees paid by or for those who took part in the Festival Box office takings. CoTllTnittec fecs and Season Ticket fees A Grant from Arn)agh City, Banbridge and Craigavon Borough Council The funds raised are spent mainly on the fees and ¢xp¢ns¢s payable to th¢ Adjudicators and the venues PLANS FOR FUTURE PEIUODS To continue to hold the Festival annually. STATEMENT OF RESPONSIBILTIES OF THE TRUSTEES The Board of Trnstees are responsible for preparing the financial statements in accordan with applieable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi¢e). The law applicable to charities in Northern Ireland requires the trustees to prepare financial statemenls for each finan¢ial year whi¢h give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
PWS PORTADOWN FESTIVAL ASSOCIATION TRUSTEES ANNUAL REPORT(conOftu•dJ YEAR ENDED 30 JUNE 2024 STATEMENT OF RESPONSIBILTIES OF THE TRUSTEES (¢ondnu•dl In preparing these financial 8tzternents, the trust¢¢s a rquired to: sde£t suitable accounting p)licias and then apply them consistently; obscrvc th¢ mdhods and principles in the Charities SORP (FRS 102) (SOnd llion - October 2019): make judgements and eiMat¢S that are reasonable and prndent; 5tatc whdh¢r applicable accounling stsndards have becn followed, subj#t lo any material departures disGlosed and ¢xplained in the financial staiements; prepare the financial statemetsts on ihc going ¢on¢ern basis Unle it is inappropriale to presume that the chariiy will conlinue in operation. The truStS are responsible for keeping proper a¢couniin8 rccords ihat disclose wilh reAsonable a¢¢ura¢y ai any time the financial posilion of the chariiy and ¢nable them to cnsurc that tkn financial statwnents comply with t ¢harili¢s le8islalion for Northern Irelard and the provisions of ihe trust deed. Th¢y are also rponSIble for safe8uardin8 th¢ asseis of the charity and hence for iaking rcasonable steps for the prevention and deteclion of fraud and other irregularities. The tNstees are responsibl¢ for th¢ mainlenance and intwity of the Charity and financial infornMtion included on the ¢harity'8 website. Legislation in the UnilrAI Kingdom governin8 the preparalion and dissemination of financial 8lal¢menls may di(fer from legislation in oiher jurisdi¢lions, Di¥closure of InfonnAtlon to Indep¢ndeDt ¢xAnlDer So f8T as each of the lrnstees in office at the dale of approval ofihese financial Statements is aware.. Ihere 1$ no relevant inf0mlion for ihe independent examination of which the charity, independent examiner are unaware; and Ihey have taken all steps Ih)t they ought to have laken as Inle¢S lo make themselves aware of any relevant infomll0n and to establish that the Charity's independenl cxamifter are aware of Iht infomiation INDEPENDENT EXAMINER GM¢G will continue in otTi¢¢ as independent examiner for the ensuing year. CONTACT ADDRLSS BY ORDER OF THE BOARD OF TRUSTEES 98 Kernan Gardens Portadown Craigavon BT63 5RA Mrs D Kane Tn1ce 10 Approved by ihe tnislee8 on .......... I101.3+.....
Pag• 6 PORTADOWN FESTIVAL ASSOCIATION INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PORTADOWN FESTNAL ASSOCIATION YEAR ENDED 30 JUNE 2024 I report on the accounts of the clwity for the pr ¢nded 30th June 2024 which are s¢t out on pa8es 7 10 16. RESPECTIVE RFPONs1BIL1T[Es OF TRUSTEES AND EXAMINER The Charity's truste¢s arc resP)Ible for the preparation of the aOun1$. The charity's Irustces consider that an audit 18 not U1rd for this year under section 65(2) of ihe Charities Act (Northern Ireland) 2008 (the Chariti¢s Acl) and that an ind¢p¢ndcM examinalion is needed. The charity is pr¢pariThg accNal accounts and l am qualified to undetthke the examination by being a qualificd mcmber of Chartered Acconlnts Ireland. It is my responsibility to: examine the Accounts undex se£tion 65 of the Charitics Aci (Northern Ireland) 2(X)8 INJ under seclion 44(IXc); follow the wcedures laid down by the general Directions given by the Charity Commission for Northern Ireland ter seclion 65(9)(b) of the Charities Aci (Northern Ireland) 2008: and $ia1e whdh¢r particular rnatt¢r5 have come to my attenlion. BASIS OF INDEPENDENT EXAMINERgS REPORT My examination was Caled out in accordance with ihe seneral Directions given by the Charity Commission for Northern Ireland. An examination includes a review of the a¢¢ouniing record5 kept by Ihe charity and a cornparlson of the accounts presented wilh Ihos¢ records. It also IlUdeS eonsider8tion of any unusual ilems or di8closur¢¥ in th¢ aOUnt5, arml seeking explanations from you as ITUSttt5 wnc¢rning any such matteTr. The procedures undertaken do not provide all the evid¢¢ thai would be required in aTh audit and ¢onsequ¢nily no opinion is given as io whether ihe accoun18 present a 'Yru¢ and fair view" and the report is limited io those matters sel out in Ihe nexl slalement. INDEPENDENT EXAMINER'S ATEMENT In connection with my examination, no matt¢r has come to my altentlon: ( l) which gives me reasonable cause lo believe that in any malerial respect the requir¢meThls'. • lo k¢¢p accounling records in 8¢cordance with section 63 of ¢he Charities Acl 2(M)8; V4nd to prepare accounts which accord with the accountin8 records and comply with ihc accounlin8 requirem¢Ms of the Charities Act 2008 have nol been met Or (2) to whiGh, in my opinion, attention should be drnwn in ord¢r to enabje a proper und¢rsianding of the aLYounls lo bc reached. Bryan J Friar FCA (Indepen nl examincr) Chartercd Accountants Ireland Alfred House 19 Alfred Street Belfasl BT2 8EQ For and on behalf of GMCG Charterd Accountants & Statutory Auditor Date:.... 0ccwlJ
Page 7 PORTADOWN FESTIVAL ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024 UDreslrieted Funds Total Fund$ 2024 Total 2023 Note Ineome from: Donations and legacies Investments 74263 3,160 74,263 3,160 65,867 1.160 Total income 77,423 77,423 67,027 Expenditure on: Charitable activities,, 69,944 69,944 59.214 Total expenditure 69,944 69,944 59,214 Net Income for the yeAr 7,479 7,479 7,813 Reeoneiliation of funds Total funds brought forward Total funds ¢arried fornard 89,953 97,432 89,953 82,140 89,953 97,432 Th¢ Statement of Financial Activities includes all gains and losses in the year and th¢r¢fo a stalement of total recognised gains and losses has not been prepared. All of the above amounls relate to continuing activities.
Pap8 PORTADOWN FESTIVAL ASSOCIATION BALANCE SHEET 30 JUNE 2024 2024 2023 Not• Current Ai$et$ Debtors and accrued income Cash al bank and in hat 11 3,856 93,876 97,732 1.400 88,853 90.253 Credlton: Amounts flliDg dwe wlthln one yr 12 (300) (300) N¢t ¢urreDt asxts 97.432 89,953 Totl i$Jets less current bIllI1¢s 97.432 97.432 89,953 89,953 N¢t isjets Charlty funds Unreslricied fvnds 13 97,432 97,432 89.953 89,953 Totjl funds ial slalements were approved by the tntee8 and authised for issue on th¢ . and are si8Kd on ihcir behalf by: Mrs D Kane Trustee
Page 9 PORTADOWN FESTIVAL ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Note Cash now from opernting activities Net cash flow from operating activilies 15 1063 1863 8.053 8,053 Cash flow from invesling activitles Bank interest receivable 3,160 ,160 Net cash flow from investing activities 3,160 1,160 Net increase in cash aDd cash equivalents 5,023 9,213 Ch and cash equivAlents at i¥t July 2023 th Cash and cash equivalents gt 30 June 2024 88,853 79,640 93076 88,853 CAsh and ea8h equivalenls Collgigt of: Cash at bank and in hand 93076 93076 88,853 88,853 Cash and cash equivalents at 301h June 2024
Page 10 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 PRINCIPAL ACCOUNTING POLICIES (A) General information and basis of preparation The Portadown Festival Association is 2 charity and is regISted in Northern Ireland. The address of the registered office is given in ih¢ charity informalion on page l of thcsc financial statements. The charity is established under a Trust deed. The charity constitutes a public benefit entity as defined by FRS 102. Sta*ment of com liance The financial statements have been prepared in ac¢ordan¢e with the aoUntIng policies set out in notes to ihe financial statements and comply with the charity's governing document. charity law for Northern Ireland and "Charities SORP (FRS 102) (second cdition October 2019) Accounting and Reporting by Charities: Statem¢nt of R¢comm¢nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)" the "Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (March 2018)" Charitios Act (Northern Ireland) 2008, The Charilies (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK G¢n¢rally Acccpt¢d Accounting Practice. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling whi¢h 15 the functional currency of the charity and rounded to ihe nearest £1 . The signifieant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise slated. (b> Fund accoun¢ing Unrestricted funds The unrestri¢t¢d fund5 of the charity consist of a General Fund which is expendabl¢ at th¢ discretion of the trustees in furtherance of ihe charitable objectives of the charity and which has not been designated for other purposes. (c) Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the harity is legally entitled to the income after any perforn]ance conditions have been me¢ the amount can be measured reliably and it is probable that th¢ InMe will be received. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Page 11 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (contlnu•d) YEAR ENDED 30 JUNE 2024 {¢)In¢ome recognition {conllnu80) Income from govcrnment and other grants are recognised at fair value when the charity has entitlement after any perforn)ance conditions have bcen mel. il is probable that the income will be received and the amount can be me8sur¢d reliably. If entitlement is not met then these amounts are defenEd. Revenue grants are credited to incoming resources on the earlier dale of when they are rexeiv¢d or when they are receivable, unless they late to a specified future period. Grants which contribute towards specific eXndItUre on fix assets are credited to the SOFA in full upon receipt. (d) Expendlture recognition All expenditure is accounted for on an accruals basis and has been classified under headin8S that aggregate all costs related to the ¢at¢gory. Expenditure is recognised Whe there 15 a legal or onstructive obli8ation to make payments to third parties, it is probabl¢ that the settlement will be r¢quired and the amounl of the obligation can be measured reliably. It is categorised under the following headings: Expenditure on charitable activities comprises thos¢ costs incurrcd by ihe charity in the delivery of its activities and services for its beneficiaries and includes salary costs and an apportionment of support costs. Other expcnditure represenls those items not falling into the cate8ori¢s above. (e) Support costs AllocAt&on Support costs are those that assist the work of the eharity but do not directly represent Charitable activities, for example, governance costs. Th¢ analysi5 Qf th¢s¢ costs is included in note 5. They are incurred directly in support of expenditure on the objects of the charity. whe support costs cannot b¢ directly attributed to particular headings they have been allocated to expenditure on charilable activities on a basis consistent with use of th¢ r¢sour¢es. (Q Taxation The charity is not registered for VAT and. accordingly, all their expenditure is inclusive of any VAT in¢urr¢d. (g) Debtors and ereditors re¢eivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnient are recognised in expenditure.
Page 12 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (contlnued) YEAR ENDED 30 JUNE 2024 1. PRINCIPAL ACCOUNTING POLICIES (¢onthu•d) (h) Going ¢oneern The financial statements have been prepared on a going concem basis as the trustees believe that no malerial uncertainties exist. The trustees have considered the level of funds held and the expected level of incom¢ and expenditure for 12 months from authorising these financial stalcments. The budgeted income and expenditure is sufficient with the level of resources for the charity to b¢ able to continue as a going concern, (i) Judgement8 and key souree8 of eJlimAlion uncertainty The preparation of the financial statements r¢quir¢s the trustees to make judgemenls, estimates and assumpiions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future evenls that are believed to b¢ r¢asonabl¢ under the circumstances. INCOME FROM DONATIONS AND LEGACIES Unrestricted FuDds Total Funds 2024 Unrestricted Funds Total Funds 2023 Daily admission and programme sales Competitor entry fees Grant- ABC Council Sponsors Gift aid General income Season ticket sales Hospitality sales 26278 22286 7,000 9,450 2,975 245 4J41 1,688 74263 26378 22286 7,000 9,450 2,975 245 4J41 1,688 24,404 20,194 8.217 9,29S 24.404 20,194 8,217 9,295 2,969 788 2,969 788 74263 65,867 65,867 3. INCOME FROM INVESTMENTS Unrestricted Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Bank interest receivable 3,160 3,160 ,160 1.160 1,160 3,160 3,160 1,160
Page 13 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (¢onflnu YEAR ENDED 30 JUNE 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE AIVITIEs Activities undertaken Direcily Unrestricled Restricted Total Tolal 2024 2024 Support costs Total 2024 Festival 67,274 67.274 2,670 2.670 69,944 69,944 69,944 69,944 Activities undcrtaken Directly Unrestricted Restricted Totsl Total 2023 2023 Support costs Total 2023 Festival 56.488 2,726 59,214 59,214 56,488 2.726 59.214 59,214 ALLOCATION OF SUPPORT COSTS Basis of allocation Tolal 2024 Total 2023 Festival Festival Governance Affiliation, subscriptions, insurance & licenses General expenses Bank fees Tim¢ spent 300 300 300 300 Cosl Cost Cost 1,104 1,101 165 1,031 1.293 102 ,031 1,293 102 1,101 165 2,670 2,670 2,726 2.726 GOVERNANCE COSTS Unrestricled Funds Total Funds 2024 Unrestricted Funds Total Funds 2023 Independent examiner's remuneration 300 300 300 300 300 3(N) 300 300
Page 14 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (¢ontinu¢d) YEAR ENDED 30 JUNE 2024 7. NET INCOME FOR THE YEAR This is stated after charging l (crediting): 2024 2023 Independent examiner's remuneration 300 300 INDEPENDENT EXAMINER'S REMUNERATION The independent examiner's remuneration amounts to an independent examiner's fee of £300 (2023: £300) for the current independent examiner. TRUSTEES, AND KEY MANGEMENT PERSONNEL REMUNERATION AND EXPENSES The trustees neither received nor waived any r¢muneralion during the year (2023: £Nil). The totsl amount of employee benefits received by key management personnel is £Nil (2023: £Nil). The charity considers its key mana8ement personnel to b¢ the trust¢es. Nil (2023 - Nil) trustees are accruing pension arrangements. Th¢ trust¢¢5 did not have any expenses reimbursed during the year (2023 - £Nil). 10, STAFF COSTS AND EMPLOYEE BENEFITS The average monthly numb¢r of employees in¢luding trustees during the year was as follows: 2024 Number 2023 Number Charitabl¢ activiti¢s 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayments and accrued income 3056 1.400 3056 1,400
Page 15 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS fcontlnu•d) YEAR ENDED 30 JUNE 2024 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accruals 31M) 300 31K) 300 13. FUND RECONCILIATION Unrestricted funds Balance at l Jul 2023 Balance at Income Expenditure TraDsCers 30 Jun 2024 unrestrict fund 89.953 77,423 (69,944) 97,432 Balan¢e at l Jul 2022 Balance at 30 Jun 2023 Income Expenditure Transfers unstriCted fund 82,140 67,027 (59,214) 89,953 Fund description The unrestricted funds of the charity consist of a General Fund which is expendable at the discretion of the trustees in furtherance of the charitable objcctives of the charity and which has not been designated for oiher purposes. The board considcrs the charity lo have one main charitable activity, being to advance the educalion of the public in the arts and science5 of Music, Speech, Drama. Irish Folk Dancing and Dance. by the presentation of ¢oncert perfonnances and other activities to be held annually or as the occasion may arise. 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS UDrestricted Fund Total 2024 Unreslricted Fund Total 2023 Cash at bank and in hand Other currenl ass¢lsl(liabilities) 93,876 3,556 97,432 93,876 3,556 88,853 1,100 89,953 88.853 1,100 89.953 97,432
Page 16 PORTADOWN FESTIVAL ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (C¢nUedj YEAR ENDED 30 JUNE 2024 15. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net income for the year Bank interest receivable (Increase)Idecrease in debtors Net cash flow from operating activities 7,479 (3,160) (2,456) 1063 7,813 {1.160) 1,400 8,053 16. RELATED PARTY TRANSACTIONS There were no related party transactions during the year (2023: £Nil). 17. ETHICAL STANDARDS In Common with many other organisations of our size and nature, we use our independent examiner to prepare and assist in the preparation of the financial statements.
Page 17 PORTADOWN FESTIVAL ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024 Unrestri¢ted Funds Total Funds Total Funds 2024 2023 Income from: Donation and legacles Daily admission and programm¢ sales Competitor enty fees Grant - ABC Council Sponsors Gift aid General income Season ticket sales Hospitality sales 26278 22286 7,01)0 9,450 2,975 245 4J41 1,688 26278 22,286 7,000 9,450 2,975 245 4J41 1,688 24,404 20,194 8,217 9,295 2,969 788 74363 74263 65,867 Investments Bank inter¢st rKeivable 3,160 3,160 1,160 3,160 3,160 1,160 Total ineome 77,423 77,423 67,027 Direct expenses; V¢nu¢ hire Adjudicator profcssional fees and expenses Awards and m¢dals Drama team expenses Accompanist and expenses Printing costs Calcring IT-RMF Bursaries BIFF Conference Other Offic¢ Costs Comput¢r C05ts 18,953 16381 11537 3,450 3224 3J31 3012 lJ20 2,592 2267 168 339 1&953 16281 IIA37 3,450 3224 3J31 3,812 la20 2.592 2367 20.461 16,814 2,821 2,238 2,573 3.771 2,001 1,276 1,525 1,917 211 880 339 67374 67274 56,488
Page 18 PORTADOWN FESTIVAL ASSOCIATION DETAILED NOTES ON THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 Unrestricted Fundg Total Funds Total Funds 2024 2023 Support cost$: Affiliation. subscription, insurance and license ftts General expenses Bank fees 1,104 1,101 165 1,104 1.031 1,293 102 165 2J70 2J70 2,426 Governance co81s: Accountancy 300 300 300 300 300 300 Tolal expendlture 69,944 69,944 59,214 Net income for the yeAr 7,479 7,479 7,813