COMPANY REGISTRATION NUM8ER: N1042024 CHAR5TY REGISTRATION NUMBER: NIC100710 Cahoots Nl Limited Company Limited by Guarantee Financial Statements 31 March 2023
Cahoots Nl Limited Company Llmlted by Guarantee Financial Statements Year ended 31 March 2023 Pag• Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members Statement of financial activilies (including income and expenditure account) 13 Statemenl of financial position 14 Statement of cash 15 Notes to the financial statements 16 The followlng pages do not form part of th• flnanclal 5tstements Detailed statement of financial activities 29 Notes to the detailed statement of financial activities 31
Cahoots Nl Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2023 The trustees, who ar¢ also the directors for the purposes of company law, present their rep)rt and the financial statements of the chariry for the year elld 31 March 2023. Reference And admlnistrative details Reglstered charfty name Cahoots Nl l.imited Chgrity registration number NIC100710 Company registration number N1042024 Principal office and reglstered Unit 3 Offices. I si Floor office Cityside Retail Park IIJ)-150 York Street Belfast BT15 IWA The trustees G¢orge Bleeks Padraig Coyle Lynne Fleming Rory Cowan Aidan McGrath Sarah Bell Paula Cairns Gillian Mccolgan Key management personnel Artistic Director - Paul McEncaney Company 8ecrotsry Paul McEneaney Audltor Muir & Addy Chartered accouniants & statutory auditor 427 Holywood Road Belfast BT4 2LT Bankers Ulster Bank Arches Retail Pa Belfast BT5 4AF
Cahoots Nl Limited Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {contlnu•d) Year ended 31 March 2023 Stnietureg governance and management Cahoots NI is a charitable company Itmited by guarantee. The company was established under a Memorandum of Association which established the objectives and poweTS of the company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Cahoots Nl continues lo maintain good governance, using monthly organisalional reports to record, monitor and review financial movemeni and company business on a monthly basis. Review of company policies is carried out as reqUId and, apart from som¢ updating lo reflect changes to legislation, DO major changes took place. The organisation continues to expand the re-focus of direction set out in the previous rqK)rting period in respoThse to the prevailing onoMiC climate, with emphasis on ¢siablishing new creative partnershipslco- produclions to ensur¢ continued growth, building a sustainable future and - while Northern Ireland remains the core audience - entry to the global marketplace with increased inlmational touring. The sustainability strategy involves - project led emphasis - reduction in core costs: re-focus on the large scale productions for which Cahoots Nl ha5 an established reputation. reduction in delivery of smaller projects such as ad hoc workshops; d¢velopment of creative partnerships and co-productions lo share resources; development of pannerships specifically to promote and reali5e extensive international touring; income from iniernalional iouring will sustain the creation of new work for the local audience and in turn provide more product for touring: dev¢lopmenl of strategic, iManative new operdtional practice conceived io grow capacity, sustainability and resilience, mitigating risk by enabling self Contain experiences for s¢v¢ral small groups at a time. Objective$ and activities CahcKits Nl is one of Nollhern Ireland's leading professional theatre companies. Since it was founded in 2001 it has been commitlcd to producing original, high quality work for children, some of it staged in Conventional theatre venucs and some in purpose built or sile specific locations. Its work concentrates on combining the visual potential of theatre with the age old ry)pularity of magic and illusion. Cahoots Nl Continu lo strive to be a Major contribuior 10 the Nl children's arts experience through its productions and outreach programme. Each year Cahoots Nl delivers an ambitious, innovalive and challenging programme, and since its creation has interacted with 633.734 children and their famili¢s.
Cahoots Nl Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) fcondnuad) Year ended 31 March 2023 Objectlves and aetivltles iconthMéd} The aims of Cahoots NI are - io produce high quality large scalc work for children to our main sthge spaces throughoui Ir¢land and the network of intcrnalional festivals specialising in childrcns theatre. lo produce work d¢signed to fill the middlellarge scalc venu¢s in the North of treland with a target audience of children under twelve accompanied by parent51carers; to capitalise upon the age old popularily of magic as an esscntial ingreth'ent in the art of ¢ntertaining children; to us¢ traditional and ncw techniques of magic and illusion lo create theatre which is trnly startling. where ihe complicit suspension of disbelief is unavoid¢ibly usurped by genuine aslonishment: to use magic and illusion to fuel a iheatrical experience which kK)rrows from circus, dance and perfomance art. to maximise upon the unique 'live' nature of theatre so that the audience exp¢rience is as vivid, memorable and empowering &$ possible; to encourage appreciation of the arts and stimulate the artistic creativity of children. to present, promote. organise and manage plays of cultural and educational value for children. lo encourage children to become actively involved in all aspects of the perforniing arts and provide training and educational facilities and services lo this end. lo coordinate with other providers of children's work in order to raise the profile and status of childrens Iheatre and ensure a strategic approach to lis delivery: to develop working partnerships with venues and festivals so thal the work is as fully integrated as possible inlo their annual programme. Our Pu se Through our theatrical magic, we inspire a sense of wonder. unlock imagination and nurture a love of the arts in children. In doing $0, we create lifelong memories and joint family experiences that make a difference to their lives. Our Mission Protect and promote the right of all children to have access to high quality artistic expericn¢es. Our Vision We seek to become a world leader in theatrc for young audiences with our brand recognised for delivering innovaiive, exciling and high quality experiences whilst always reaching more children and young people.
Cahoots Nl Llmlted Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (condnued) Year ended 31 March 2023 Achievements and performance Cahoots Nl continues to produce a body of world-class work over the financial period l April 2022 - 31 March 2023, strengthening the organisalion's portfolio in their groundbreaking sile spccific work while beginning to reintroduce th¢ir large scale 'traditional' theatre productions post-pandemic. Each project is monitored and evaluated individually and evaluation reports are available on request. The ¢ompanVs output delivered many opp)rtunities for childrcn and their families to ¢xperience high quality professional theatre, created specifically for them, presented in darnIC, accessible ways. In 2022-23 the charity engaged with 62,416 children and families in theatres, custom buili, immersivc sets and outdoor events across Northern Ireland and North America. In this period Cahwts gave 407 prforn]anCeS and issu¢d 106 artist contracts. In keeping with our cor¢ aim of making artistically excellent theatre accessible to the widesi audiences, th¢ company delivcred work to children in Bclfast who are marginaliscd by socio-cconomic disadvantage free of charge. Several lo1 youth clubs and community members undcr the North Bclfast Interface Network were invitLYl to expIenCe produciions including Th¢ Ghost House, and 'Cinderella' free of charge. Cityside Retail Park staff and th¢ir families, many of whom arc local to our North Belfasl base, were also invited to a special preview perforniance of 'Th¢ Ghosi House, free of charg¢. In September 2022 Cahoots Nl were shortlisted for several awards ai the Arts & Business Nl Awards, including Arts Organisalion of the Year, Staff Engagement, Brand Storytelling and Crealive Community Engagement (Winner), for their work with Savillslcityside Retail Park and the New SpK)nsor Award for their work with Rushmcrc Shopping Ccntre. Savills also won the Special Rccognilion Award at the Property Managemcnt Markcting Confcrcncc in London in rccognilion of our partnership in March 2023. In O¢tober 2022 Cahoots Nl produced a radically innovative and artistically ambilious immersive experience, wilh a trailbla7.ing walk-through production, Thc Ghost House,. The production proved a huge success and introduced iheatre and dancc lo families who may not usually engage in the arts. 590/0 of feedback leaving audience rnembers indicated they had never seen a Cahoots show before - a pleasantly expected decrease from Ihe figure of 83 % following 'The Grimm Hotel, the previous year, indicating increasing brand loyalty in our North Belfast base. Also in O¢tob¢r Cahoots Nl produced a Halloween evenl at Hillsborough Casile, having previously Created a small section of ihe p)pular annual event in 2021. This time Cahoois Nl look on full ownership of all perforn]ance sections of the event, and feedback was hugely positive - "I have to say absolutely incredible. Loved every second!" Audien¢¢ Member In December 2022 Cahoots delivered 'Th¢ Elf s Christmas Empx)rium' at The Junction Antrim, in a cuslom converted disus¢d retail unit. This was our fourth collaboration wilh ihe centre and feedback was highly positive - "such a lovely surprise and a really happy and magical event!lTr Audien Mem Cahoots Nl also produccd main stage musical 'Cinderella . The Midnight Princess, at the MAC, Belfast, their first large scale Chri5trnas co-production sinc¢ the COVID pandemic.
Cahoots Nl Limited Company Llmited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectorfs Report) (contlnu•d) Year ended 31 March 2023 Achlevements and performance (eo•ulJwed) Th¢ international touring programm¢ which moved the charity into the global marketplace and provided the resources to create new work at home in Northern Ireland, conlinues to slowly re-emerge posi COVID. Cahoots NI'S 'Secrcts of Space, wcnt on a North American tour from FebrLWy-May 2022, reaching almost 17,000 people. In January 2023, 'Danny Carnio's Maihcmalical Mysteries, set olTfor its third North American tour. In the reponing pKYiod the show was seen by over 25,(X)O people and received hugely positive feedback from audiences and venue partners. Our relalionship with our American agents Holden Arts and Associates ontinues to lo strengtben, with plans for future touring continuing into 23-24. In March 2023 Cahoots Nl's Artistic Direcior Paul Mc Eneaney visited the Segerstrorn Cenier ID Costa Mesa, California, onc of North Amcrica's most respected multi-disciplinary cultural institutions. Orange County's largest non-profil arts organisation, the Cent¢r features six impressive venues ranging including a 3,000 seat theatre, a 2,0(M) seat concert hall, a 300 seat studio theatre and more. The Center have prescnled a number of our previous works and they arc working towards commissioning a a co-produclion with Cahoots NI for future delivery in Bclfast and North America. Inspired by the Brotherfs Grimm thle 'Thc Musicians of Bremen,, this is a funny but moving story about working togcther lo overcome obslacles. The story featur band of characters, played by aclor-musicians thai have a distinct disliking for each other, until circumstanccs force them logether to discover they have more in common than they ever knew. This type of co-production would be an exciting fs[ for both parties. Throughoul the 22-23 peri(xl, Cahoots Nl also held development sessions with coniemporary dancers in Birniingham for The Ghost House, (7 artists engaged) and with PuPt Designcr and Director Helen Foan for 'Thc Vanishing E*.lephant', which will be developed in Belfast befor¢ transferring 10 The New Viciory Theater on the iconic 42nd Street in ew York (5 artists cngaged). Overview of activities l April 2022 - 31 March 2023: No. Performances: No. Audience No. Artists". Locations: 407 62,416 106 artisl Contracts Northern Ireland (Belfast, Antrim, Hillsborough) & North America. Artistic Pro me- Secrets of Space - Conclusion of USA tour of this engagtng. educational piece which began in February 2022. Designed to ¢n¢ourage creative learning and understanding of STEAM concepts in an imaginative way. Thr¢e artists werc engaged in the North American iour, and in this April - May section, the show was seen by 10,3(X) people in California, Las Vegas, New York, Pennsylvania and mor¢. In total the tour was seen by 16,983 people. The Imaglnarium - In parthership with The Junction Retail & Leisure Park, ADtrim, an inventive outdoor family yKrfonnance in Antrim Castle Gardens as part of Garden Show Ircland. Supported by Arts & Business Nl, the int¢ractive piece was perfornied in Cahoots Nl's circus tent. Feedback was highly positive and th¢ p¢rforniance was seen by 9(K) people. The Ghost House - Cahoots NL'S ground-breaking immersive theatre experience, perforn]¢d in a custom built set in a previously disused 12,000 sq. fool warehouse for Halloween 2022, as part of the Belfast International Arts Festival. 3,617 people saw the performance (885 more than pred¢cessor The Grimm Elolel, in 2021) and feedback was exceptionally positive. The project engaged 22 artists, as well as a team of volunleers.
Cahoots Nl Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (Gontlnu•d) Year ended 31 March 2023 Achlevements and performance (¢ontlnued) The Seare¢row Ylght Walk- Programmed by Historic Royal Palaces for Hallowecn at Hillsborough Castle following Cahoots Nl's engagement in 2021. 18 Artists wer¢ employed. and over 5227 people took part in th¢ outdoor event. Feedback was hugely positive and Hillsborough Castle are keen to collaborate with Cahoots NI in 2023. The Eif8 Chrl$tmAS Emporium - An immersive, interactive Christmas show for customers of The Junction Retail and Leisure Park, Antrim. This partnership, back by popular demand was creat¢d to bring seasonal cheer to schools and the local community using the shopping centr¢. Delivered in a custom converted, disus& retail unil at The Junclion, the project was extremely successfvl. The production engaged a total audience of 3,000 and employed 5 artists. Cinderella - A Co-production with the MAC. Belfast, on their main stag¢ for families at Christrnas. The show was seen by 14,100 people and feedback was thoroughly positive. The large-scalc musical production ¢n8aged 20 artists and posilive partnehIpS with new collaborators. Danny Carmo's Mvdthematical Mysteries LSA Tour Seen by 25,272 0p1¢ across North Ameri belw¢en January-march 2023. Th¢ company of 2 cast and 2 crew members toured to 22 venues in this period, including stops in Florida, California, New Jerseyi Texas. Michigan and Gcorgia. The tour continues into April 2023. Financial revie The company is a non-profit making organisation. The results are Set out in detail on page 13. The company had net incoming resources for the year of £48,118. The surplus of income over expenditure will be reinvested in the development of new proj¢cls to allow the charity to provide an utensive programmc as the theatrical sector recovers from thc impact of COVID-19. Reserves policy The directors have examined the charity's requirements for reserves in lighi of the main risks to the funding of the organisation. Unrestricted free reserves are currently £215,192. and this level of reserves would be sufficient to fund the organisaiion's running costs for a period of four months at current levels of spending. The directors consider this level of reserves to be adequate to meet the needs of the charity.
Cahoots Nl Limited Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (ContInu) Year ended 31 March 2023 Plans for future periods In the year April 2023 - March 2024, Cahoots NI will offer- New, world cl&ss produciions in theatres for families. Immersive, live perfomances. Spectacular outdoor/site specific perforn)ances' new wriling for developmenl and production. dynamic and unique outreach and education opportunities: int¢mational touring. established and new co-productions and partnerships. Productlons & Development Danny Carn]o's Mathematical Mysteries - Conclusion of North American Tour; I'he Musicians of Bclfasl (Working Title) - Development of new work. When We Were Wild - Performances of new work ai the MAC, Belf&8t; The Vanishing Elephant - DevelopmenL Rehearsal and Belfasi Community Engagement Previews: The Vanishing Elephant - Perfonnances in the New Victory Theater, New York: Halloween al Hillsborough Castle - Outdoor event; Christm&s at Cityside, Belfast, Development. Rehearsal and Interactive Production; Christmas al The Junclion, Antrim - Inleractive Production for schools and families. The University of Wonder & Imagination - I I week North American Tour. Trustees, responslbilitles statement The trnstees, who are also d1ClorS for the puryx)ses of company law, are resp)nsibl¢ for preparing the trustees, report and the financial statements in accordance with applicable law and unit Kingdom Accounting Stsndards (United Kingdom Generally Accepied Accounting Practice). Company law requires the charity trust¢es io prepare financial statemcnts for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial slaiements, the trustces are required to: select suitable accounting policies and ihen apply them Consistently; observe the methods and principles in the applicable Charilies SORP: make judgments and accounting eslimates that are re&sonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will Continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the fancial position of the chariry and enable them to ensure that the financial stal¢m¢nts comply with the Companies Aci 2006. They are also resw)nsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection ol fraud and other iegularitICs.
Cahoots Nl Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (nnued} Year ended 31 March 2023 Small company provislons This report has bc¢n prepared in accordance with the provisions applicable to companies entitled to the small ompanies exemption. The tNstees' annual report was approved on 6 September 2023 and signed on behalf of the board of trustees by.. rity Secretary
Cahoots Nl Limited Company Limlted by Guarantee Independent Auditorfs Report to the Members of Cahoots Nl Limited MUIR & ADDY Year ended 31 March 2023 Opinion We have audited the financial stal¢menls of Cahoots Nl Limiied (Ihe 'charity') for the year ¢nded 31 March 2023 which comprise the stalernent of financial activities (including income and expenditure account), statement of financial position, statemenl of cash flows and the related notes, including a summary of SIlfICant accounting wlicies. The financial rqjorting framcwork thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Th¢ Financial Reponing Standard applicable in thc UK and Republic of Ireland (Uniied Kingdom Generally Acc¢pt¢d Accounting Practice). In OUT opinion the financial stalem¢nts: give a true and fair view of the slate of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accouniing Practice: have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2(M)8. Bas1$ for oplnion We conductcd our audit in accordancc with Iniernaiional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under thos¢ standards are further described in the audilorfs rcsponsibilities for the audit of the financial ststemenls section of our reFK)rt. We are independent of the charity in accordancc with thc ethical rcquirements that are relevant to our audit of ihe financial staiments in the UK, including (he FRC'S Ethical Standard, and the provisions available for small enlities, in the circumstanc¢s sct out below, and we have fulfilled our othcr cthical responsibilities in accordance with these requiremcnls. W¢ bclieve ihal the audit eviden¢e we have obtained is sufficieni and appropriate to provide a basis for our opinion. In auditlDg these financial statements we have applied the"Eihical Standard- Provisions Available for Small Eniities" ISSU by the Financial Rwrting Council, in the circumstances set oul in note 25 to the financial staiements. Concluslon$ relatlng to going concern In auditing the financial stalcrnents, we have concluded that the trusl¢cs' us¢ of the going wncern basis of accounting in the preparation of the financial statements is appropriate. Bascd on the work we have pcrfornied, we have not identified any material uncertainties relating to events or condilions ihat, individually or collectively, may cast significant doubt on th¢ charity's ability to continue as a going concern for a period of at leasi twelve months from when the financial statements are authoris for issue. Our rcswnsibilities and the responsibilities of the truste¢s with respect to going concern are described in the relevanl sections of this report.
Cahoots Nl Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Cahoots Nl Limited (contlnuodj MUIR & ADDY ¢IAIIEII• A¢¢IVIIAIII Year ended 31 March 2023 Other information The other inforniation comprises the infonnation included in the annual rewrt, other than the financial statements and our auditor s report ther¢on. The trustees are responsible for the other information. Our opinion on the financial slatan¢nts does not cover the other infomiation and, cxccpl to the extenl otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in doing so, consider whether the other inforn)alion is materially inconsistent wtth the financial stalernents or our knowledge obiaincd in the audit or otherwise appears to be mal¢rially misstated. If we identify such material inconsistencics or apparent malcrial misstatements, we are required to determine whether there is a malerial misstatement in the financial statements or a material missfatcment of the other inforniaiion. If, based on th¢ work we have wformed, we conclude thal th¢r¢ is a material misstatement of this other inforniation. we are required to rewrt that facl. We have nothing to report in this regard. Matters on whieh we are required to report by exceptlon In the light of the knowledge and understsnding of the charity and its environmenl obtained in the course of the audil, we have not Identifi material rnisstatements in the tnjstees, report. Wc have nothing to report in respcct of the following matters in relalion to which the Charities Act (Northern Ircland) 2008 requires us lo report to you if, in our opinion: the inforniation given in the trustees, reEK)rt is inconsistenl in any material reSt with the financial statements. or adequate accounting records have noi been kept: or the financial statements are nol in agreement with the accouniing records and Tetums; or we have nol received all the inforn]ation and explanaiions we requirc for our audil. Responsibilities of tru$tee$ As explain¢d more fully in the truste¢s' resTK)nsibilities statement, the trustees ar¢ responsible for th¢ preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as Ihe trustees delennine is necessary to enable the preparation of fuwicial statements that are fr¢¢ from material misstatcment, whether due to fraud or error. Ln preparing the financial statements, Ihe trusiees are responsible for assessing the charity's ability to continu¢ as a going concern, disclosing, as applicabl¢. matters related to going concern and using the going concern basis of accounting unless th¢ trustees either intend io liquidate the charity or to cease operations, or have no realistic aliernalive but lo do so. 10
Cahoots Nl Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Cahoots Nl Limited (contlnu•d) MUIR & ADDY Year ended 31 March 2023 Auditor'8 responsibilities for the Audit of the finanelal statements Our objectives are io obtain reasonablc assurance about whether the financial statements as a whol¢ are free from material misstatement, whether due lo fraud or error, and to issue an auditor's rewrt that includes our opinion. R¢asonable assurance is a high level of assurance. but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always detect a material misslatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in th¢ aggregate. they could reasonably be expected to influence ihe economic decisions of users taken on the basis of these fllwicial statements. Irregularities, including fraud. aT¢ instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouilin¢d above, to detwl material misstaiemenls in respect of irregularities, including fraud. The extent to which our procedures are capabl¢ of detecting irregularities, including fraud is dctailcd below: W¢ discussed laws and regulations and fraud risks during our audit planning procedures. The company musl comply with relevant Icgislation and prq)are financial statements which give a true and fair view. Fraud is mosi likely to involve the misappropriation of charity assets, for example frauduleni payments which might include the creation of fictitious suppliers or cmployees or th¢ changing of bank details. Our ¢ngagement team collectively had appropriate expersence of applicable laws and regulations and comp¢ience to recognise non-compliance. We used checklists in evaluating the presenlation, structure and contenl of the financial stalements. We consider that our audii has a reasonable chance of detecling material nonwcompliance with laws and regulations. We remain mindful that fraud, by its very natur¢, may be difficult io detect. and that misapproprialion may occur b¢fore transactions enter the accounting records of the charity. Audii procedures were planned and perfornied lo tul controls in place for authorisation and payment of supplier invoices and salaries. We also undeff ook an&11¢al procedures lo identify trends that might indicate fraudulent payments and we reviewed general ledger payments processd differently to regular supplier payments. We consider that our audit ha5 a reasonable chance of detecting a material fraud in this area. As part of an audit in accordance with ISAS {UK), we exercise professional judgment and maintain professional scq)ticism throughout the audit. W¢ also: Identify and assess the risks of malerial misstatement of the financial statements, whether due to fraud or error, design and perfom audit procedures rcsponsivc to those risks. and obtain audit evidencc that is sufficient and appropriate io provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is high¢r than for one resulting from error, as fraud may involve collusion, forgery, intenlional omissions, misrepresentations, or ihe Oveide of internal rontrol. Obtain an understsnding of internal control relevanl to the auth't in order to design audit procedures that are appropnale in the circumstances, but noi for the PUryKise of expressing an opinion on the effectiveness of the int¢rnal control. Evaluate the appropriat¢ness of accounting policies uscd and the rcasonableness of accounting estimates and relat disclosures made by the trusiees. 11
Cahoots Nl Limited Company Limited by Guarantee Independent Auditorfs Report to the Members of Cahoots Nl Limited fcontlnu8dl MUIR & ADDY ¢IAIIEIII I¢¢•IIIAIII Year ended 31 March 2023 Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, bas on the audit evidence obtain, whether a material uncertainty exists related to events or conditions thai may casl significant doubt on the charity's ability to continue as a going concffli. If we conclude that material uncertainty exists, we are rquired to draw attention in our auditor's r4rt to the related disclosures in the financial statcm¢nts or, if such disclosures are inadequate, io modify our opinion. Our conclusions are based on the audii evidence obtained up io the date of our auditor's report. However. future ev¢nts or conditions may cause the charily to cease to continue as a going concern. Evaluatc the overall presentation, structure and content of the financial statements, including the disclosurcs, and whether the financial statements r¢present the underlying transactions and events in a manner thal achieves fair prcs¢ntation. Wc communicat¢ with those charga with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in iniernal control that w¢ identify during our audit, Use of our report This reFK)rt is made solely to the charity'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 charity's members those matters we are required 10 state lo them in an auditols report and for no other purpose. To the fullest ¢xtent pern)itted by law, we do not accepi or assume responsibility lo anyone oih¢r than thc charity and th¢ charity's members as a Ixidy, for our audit worL for this rq)ort, or for the opinions w¢ havc Iornicd. Paul Leathem FCA (Senior Statutory Auditor) For and on behalf of Muir & Addy Chartercd accountants & statuiory auditor 427 Holywood Road Belfast BT4 2LT 6 September 2023 12
Cahoots Nl Llmited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds TotAI funds 2022 Unr¢stricted funds Total fvnds Note Income and endowments Grdnts and sponsorship Charitable activities Inv¢stm¢nt income Other income 6,756 332,945 679 73.045 187,635 194,391 332,945 679 73,045 257,634 190,076 15 50,710 Total income 413,425 187,635 601.0(A) 498,435 Expenditure Expenditure on charitable activities Total expenditure 9,10 350,241 202,701 552,942 443,417 350,241 202,701 552,942 443,417 Net income and net movement in funds 63,184 (15,066) 48,118 55,018 Reconclllatlon of funds Total funds broughi forward 394,179 15,2(K) 409J79 354,361 Total funds carried forward 457,363 134 457,497 409,379 The statement of financial aciivities Includl all gains and losses rognISed in the year. All incomc and expcnditure d¢rive from continuing activities. Tho not•s on pages 16 to 27 forni part of these financial statements. 13
Cahoots Nl Limited Company Limited by Guarantee Statement of Financial Posltlon 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 18 227 337 Current assets Debtors Cash at bank and in hand 19 79,134 383,829 8,097 402,945 411,042 462,963 Credltors: amount$ falllng due withln one year 20 5,693 2,000 Net current as8et$ 457,270 457,497 409,042 Total assets less currenl Ilabllltles 409,379 Net assets 457.497 409,379 Funds of the charlty Restricted funds unrestrict funds 134 457J63 457,497 15,200 394,179 Total charity funds 22 409,379 For the year ending 31 March 2023 the charity was ¢ntitled to exemption from audit undcr scction 477 of the Companies Act 2006 relating to small companies. Directors, reswnsibililies: The members have not required the company to obtain an audit of its financial statem¢nts for the year in question in accordance with section 476; Thc directors acknowledge their responsibilities for complying wilh the requirements of the Act with respect lo accounting records and the preparaiion of financial statements. These fJnan¢ial statemenls have been prepared in accoTdance with th¢ provisions applicable to companies subject to the small companies, regime. These financial stalem¢nts were approv¢d by the board of tnle¢S and authoris¢d for issue on 6 September 2023, and are signed on behalf of the board by: Fleming lec Rory owan Trustee The notes on pages 16 10 27 form part of these financial statements. 14
Cahoots Nl Llmlted Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash nows from operatlng aCtitieS Net income 4&118 55,018 Adjustmentsfor.. Depreciation of tangible fixed assets Other interest receivablc and similar income Interesl payable and similar charges Accrued ¢xpenses iio {679) 420 165 (15) 258 Changes in.. Trade and other debtors Trade and other creditors (71,037) 2,693 50,416 Cash generated from operations (19J75) 105,842 Interest paid Interest recetved (420) 679 (258) 15 Net rAsh (used in)/from opcrdting aciivities (19,116) 105,599 Net (decrease)/increase In cash And cash equivalents C8$h and cAsh equivalents at beginning of year Cash and cash equlvalents at end of yeAr (19.116) 402,945 105,599 297,346 402,945 383,829 The notos on pages 16 to 27 form part of those financial statements. 15
Cahoots Nl Limited Company Limited by Guarantee Notes to the Financlal Statements Year ended 31 March 2023 General infornlation The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charily in Northern Ireland. The address of th¢ registered olCe is Unit 3 Offices, I si Floor, Cityside Retail Park. l (X)-150 York Street. Belfast, B T15 1 WA. Statement of compllance These financial statements hav¢ b¢en prepared in compliance with FRS 102, Thc Firwicial Reporting Standard applicable in the UK and th¢ Republic of Ir¢land', the Statemcnt of Recommended Practice applicablc to chariiies preparing ih¢ir accounts in accordance with the Financial RepK)rting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Aci 2006. Aecountlng poll¢le$ Taxation The ¢ompany is registered as a charity and is therefore exempi from certain taxation. Basis of preparation Th¢ financial statements have been prepared on the historical cost basis, as modified by the r¢valuation of certain financial assets and liabilities and investment properties measured at fair value through income or expendire. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no maierial uncertainties about the chatily's abiliiy io continue. Judgements and key $ourees of estlmatlon uncertainty The preparation of the fmancial statements requires managment to make judgements, estimates and assumptions thai affect thc amounts reported. Thes¢ estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund Aeeounting The cornpany is responsible for various typcs of fimds which requir¢ separate dilosure as follows.. Restricted funds Funds carniarked by the donor for a specific purpos¢. Unrestricted funds Funds which are expendable at the discretion of the directors in the furtherance of the objeciives of the charity. 16
Cahoots Nl Llmlted Company Llmited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting pollcles (COe4) In¢omlng resources All incoming sourceS are included in the statement of financial aclivities when entiilcment has passed to the charity: il is probable thal the economic benefits associated with the transaction will flow to the charity and the amounl can be reliably measurcd. The following spccific policies are applicd to particular categories of income.. income from donations or grants is recognised when thcre is evidence of entitlement lo the gift, receipt is probable and its amount can be measured reliably. legacy incom¢ is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cosl to the donor or the estimated r¢sale value. Donated fa¢ililies and services are r¢cognised in the accounts when received if th¢ value can be reliably mcasured. No amounts ar¢ included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless ther¢ is a contrnctual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regard as restricted. Resources expended Resources ¢xp¢nded are recognised in the period in which costs or the exp¢nse is incurred. The costs of generating voluntary income include direct costs involvd in fundraising. The cost of charitable activities includes all direct costs relating to charitablc projects and also all overheads with the exception of governance costs which comprise audit and l¢gal advice for trust¢es and costs associated with constitutional and sthNtory requirements. Tangible assets Tangible assets are initially recorded al cost, and subsequently stated at cost less any accumulated depreciation and impairnient losses. Any tangible assets carried at revalued amounts are recorded at the fair value al the date of revaluation IS any Subsu¢nl accumulated depreciation and subsequent accumulaid impaimient losses. Expenditure ot. a capital nature relating to SlfIC produciions is expensed in the period relating to that production. An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless il reverses a charge for impainneni that has previously been recognised as expenditure within the statement of financial activities. A decre&se in the carying amount of an asset as a result of revaluation, is recolSed in other recolsed gains and losses. excepi to which it otTsets any previous revaluation gain, Èn which case the loss is shown within other recognised gains and losses on the slatcm¢ni of financial activilies. 17
Cahoots Nl Limited Company Limitsd by Guarantee Notes to the Financial Statements (condnu•d) Year ended 31 March 2023 Accountin% policies fcortinM¢d) Depreciation Depreciation is calculated so as to write off the cost or valuation of an &sset, less its residual value, over the usefiil economic life of that ass¢1 as follows: Fixtures & fittings 330/0 reducing balance Impairment of fixed asset$ A review for indicators of impainnenl is carried out 81 each reporting date, wilh the recoverdble amount being estimated where such indicators exist. Where the carying value exceeds the r0verable amount, the asset is impaired accordingly. Prior impairnients are also reviewed for possible reversal at each rqx)rting date. For the PUTPOS¢S of impairment testing, when it is not possibl¢ io estimate the recov¢rable amount of an individual asset, an estimate is made of the recoverdble amount of the cash-generating unit to whirh the assel bclongs. The cash-generaling unit is the smallesl identifiable group of assets that includes the asset and generates cash inflows that largely independent of thc cash inflows from other assels or groups of assets. For impairnient lesling of goodwill, the goodwill acquired in a business COTnbination is, from th¢ acquisition dat¢. allocated 10 each of the cash-generating units that are expected io tefIt from the syncrgies of the combination, irrespective of whether other assets or liabilities of ihe charity are assigned to those units. Financial instruments A financial asset or a financial liability is reCols¢d only when the entity b¢romes a party to the contra¢tual provisions of the instrumenl. Basic financial instruments initially recognised al the amount receivable or payable including any related transaction costs, unless the arrangement constituies a financing transaction, where it is recognised ai the weseni value of the fuNre payinents discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subswuenily measured at the c&sh or other consideration exp¢cted to be paid or received and not discounted. Debt instsurnents are subsequently m¢&8ured ai amortised cost. Deflned contrlbution plydns Contributions to defined contribution plans are recognised as an expense in the period in which the related service is providcd. Prepaid contributions are recognised as an asset lo the extent thai the prcpaymenl will lead lo a r¢duction in future paymenls or a cash refund. 18
Cahoots Nl Limited Company Limited by Guarantee Notes to the Financial Statements (contlnu•d) Year ended 31 March 2023 Accounting policies (cotMed) Defined contrlbution plans (conl¥nued) When contributions are not expected io be settled wholly within 12 months of the end of the reporting date in which the employees rcnder the related service, the liabiliiy is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the pwiod in which it arises. Llmlted by guarantee The company is an incorporated company limited by guarantee. In th¢ event of the company being wound up, liability is limilcd lo £1 pcr membcr. Grants and sponsorship Unrestricted Funds Restrict¢d Total Funds Funds 2023 Cjrants Grants receivable 187,635 187,635 Sponsorship Sponsorship 6.756 6,756 6.756 187,635 194J91 Unrestricted Funds Restricted Total Funds FunrfL8 2022 Gr4Dt$ Grants receivable 252,758 252,758 Sponsorship Sponsorship 4,876 4,876 4.876 252,758 257,634 19
Cahoots Nl Llmlted Company Llmited by Guarantee Notes to the Financlal Statements (nnU&d} Year ended 31 March 2023 Grants and sponsorshlp {coniiMued) The grant incomc for the year ended 31 March 2023 was received from - Unrcstricted Funds Restricted Total Fund$ Funds 2023 Arts Council of Northern Ireland Belfast City Council Arts & Business Nl F.nkalon Foundaiion Cultur¢ Ir¢land Esme Mitchcll Trust University of Ulster 122,846 31,250 122,846 31,250 5,000 2,000 16,539 5,000 5,000 16,539 187.635 187,635 The grant income for the year ended 31 March 2022 was received from - Unrestricted Funds" R¢stricted Totsl Funds Funds 2022 Arts Council of Northern Ireland Belfast City Council Garfield Wcsion Foundaiion Arts & Business NI Enkalon Foundation Culttlre Ireland The Halifax Foundation Esme Mitchell Trust University of Ulster 110,047 58.1)00 20,000 27,895 2,CM)O 10,816 110,047 58,000 20,000 27,895 10,816 4,000 5,000 15,000 15,000 252,758 252,758 Ch2rlt2ble actlvltles Unrestricied Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Perforniance fees Hire fecs Merchandise 331,296 150 1,499 331,296 150 1,499 157,883 26,784 5,409 157,883 26,784 5.409 332,945 332,945 190,076 190,076 20
Cahoots Nl Limited Company Llmited by Guarantee Notes to the Flnancial Statements (¢ontlnu•dJ Year ended 31 March 2023 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 679 679 15 15 Other Income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Creative Industries Tax Cfftlits Othcr income Covid 19 Government support schemes 73,040 73,040 35,819 1,808 13.083 35,819 1,808 13,083 73,045 73,045 50,710 50,7IO F.xpenditure on charitable activities by fund type Unrestricted Funds Restrictd Total Funds Funds 2023 Administralion expenses Pcrforniances Suppon Costs 136,121 210,593 3,527 66 202,635 136.187 413,228 3,527 350,241 202,701 552,942 Unrestricted Funds Restricted Total Funds Funds 2022 Administration expenses Performances sUprt costs 120,219 57.091 2,250 99 263,758 120,318 320,849 2,250 I79,5f> 263,857 443,417 10. Expenditure on charltable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Administration exp¢ns¢s Perforniances Governance costs 136.187 413.228 136,187 413,228 3,527 120,318 320,849 2,250 3.527 549,415 3.527 552,942 443,417 21
Cahoots Nl Limited Company Limited by Guarantee Notes to the Financlal Statements (condnued) Year ended 31 March 2023 11. Analysls of support costs Trustee meetings Audit TolAI 2023 Total 2022 Finance costs 3,000 527 3,527 2,250 12. Net income Net income is stated after chargingl(crediting): 2023 2022 Depreciation of rangible fixed assets 165 13. Audltors remuneratlon 2023 2022 Fees payable for the audii of the financial statem¢nts 3,000 14. Independent examlnation fees 2023 2022 14ees payable to the independent examiner for: Independent examination of the financial statements 2,250 15. Staff costs The totsl staff costs and cmployee benefifs for the retK)rting period are analysed as follows: 2023 2022 Wag¢s and salaries Social security costs Employer ¢ontributions to pension plans 110,562 2.938 4.602 88,192 1,344 3.823 118,102 93,359 The average head count of employees during the ycar was 3 (2022: 3). The averag¢ number of full-time equivalent employees during the ycar is analyscd as follows: 2023 No. 2022 Number of administrattve staff No employee received eniployee benefits of more than £60,(X)O during the year (2022: Nil). 22
Cahoots Nl Limlted Company Llmlted by Guarantee Notes to the Flnancial Statements (condnued) Year ended 31 March 2023 1 S. Staff cost5 {corfl•we4) Key Man2gement Personnel Key rnanagemeni personnel include all persons that have authority and responsibility for planning, directing and controlling ihe activities of the charity. The total compensaiion paid to key management personnel for services provided to the charity was £36,860 {2022:£31,742). 16. Trustee remuneratlon and expenses No rcmuncration or other benefits from emplonent with the charity or a relal¢d entity were e1Ved by thc Irustces. 17. Transfers between funds During the year the following transfers between funds were made - th¢ residual balances on the Ghost House, Cinderella and Memory Tree productions were transferred back into the general unreserved fund; 2. provisions wer¢ made for forthcoming productions Musicians and wh We Were Wild. The Vanishing Elephant, The 18. Tangible fixed assets Fixtures and fittings Total Cost At l April 2022 and 31 imarch 2023 Deprrffiatlon Ai l April 2022 Charge for th¢ year At 31 March 2023 58.509 58,172 $8,172 58,282 58,282 Carrylng amount At 31 March 2023 227 227 At 31 Mawh 2022 337 337 19. Debtors 2023 2022 Prepayments and accrued income Other d¢btors 479 78,655 479 7,618 79,134 8,097 23
Cahoots Nl Limited Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 March 2023 20. Creditors: amounts falling due Jvlthin one year 2023 2022 Accruals and defeed income Social security and other taxes 3,000 2,693 5,693 2,000 2,000 21. Pensions And other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £4,602 (2022: £3,823). 24
Cahoots Nl Limited Company Limited by Guarantee Notes to the Financial Statements (contInu) Year ended 31 March 2023 22. Analysls of eharitable funds Unrestrlcted fundj At l April 2022 At 31 March 2023 Income Expenditure Transfers General fund Ghost House Cinderella Memory Tree Th¢ Vanishing Elephanl Administrdtion & office Provision for redundancy The Musicians When We Were Wild 116.179 65,OCM) 35,OCK) 25,OCM) 43,0(X) 25,0(K) 85,0 413,425 (211,086) (61,110) (26,558) (19,885} (6,602) (25.0(X)) (103,233) (3,890) (8.442) (5,115) 77.075 215285 113,473 85,Th)0 18,605 25,000 457J63 18,605 25,(K)O 394,179 413,425 (350,241) At l April 2021 At 31 March 2022 Income Expenditure Transf¢rs General fund Ghost House Cinderella Memory Tree The Vanishing Elephant Administration & office Provision for redundancy The Musicians When We Were Wild 328,062 245,677 (179,560) (278.0(K)) 65,000 35.000 25,000 43,000 25.000 85,( 116,179 65,000 35,000 25,000 43.000 25,000 85.1)00 328,062 245,677 (179,560) 394,179 25
Cahoots Nl Llmlted Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2023 22. Analysls of charitable funds (co1#t} Restrleted funds Al l April 2022 At 31 March 2023 Income Expenditure Transfers Arts Council of Northern Ireland Arts & Business Nl Belfast City Council Culture Ireland Enkalon Foundation Garficld Weston Foundation Belfast Cathedral Black Santa Sitout Halifax Foundation for Northern Ireland Esme Mitchell Trust The Foyle Foundation Victoria Homes University of Ulster 2(K) 122,846 5,000 31,250 16,539 2,000 (122,912) (5,0(X)) (31,250) (16,539) (2,000) 134 15,000 (15,000) 5,000 (S,0) 5,000 (5,000) (202.701) 15,200 187,635 134 At l Aprtl 2021 At 31 March 2022 Income F.xpenditure Transfers Arts Council of Northern Ireland Arts & Business NI Belfast City Council Culture Ireland Enkalon Foundation Garfield Weston Foundation Belfast Cathcdral Black Santa Sitout Halifax Foundation for Northern Ireland Esmc Mitchell Trust The Foyle Foundation Victoria Hom¢s University of Ulster 299 110.047 27,895 58,000 10,816 2,000 (110.146) (27,895) (58,000) (10,816) (2,000) 2(Y) 20,000 (10,000) 15,0(XJ ( I,O(NJ) 4.000 5,000 (4.0(Xl) {5,000) (15.0(M)) (5.0(M)) (15.0(K)) 15,000 5.000 15,000 26.299 252,758 (263.857) 15,200 26
Cahoots Nl Limited Company Limited by Guarantee Notes to the Financial Statements (condnued) Year ended 31 March 2023 23. AnalysRS of net assets between funds Unrestricted Funds Restricted Total Fundj Funds 2023 Tangible fixed &ssets Current assets Crediiofs less than l ycar Yet 4sset$ 93 462,963 (5,693) 134 227 462,963 (5,693) 457,363 134 457,497 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Cr¢dilors less than l year 137 396,042 (2,000) 394,179 200 15,000 337 411,042 {2,000) Net assets 15,200 409,379 24. Analysis of changes In net debt At At l Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 402,945 {19,116) 383,829 25. Ethical standards In common with many other businesses of our size and nature our auditors assist the charity io prepare and submit returns to the tax auihorilies and assisl with the preparation of lh¢ financial stalements. 27
Cahoots Nl Limited Company Limited by Guarantee Management Infonnation Year ended 31 March 2023 The following pages do not form part of the financial statements. 28
Cahoots Nl Limited Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Income and endowments Grants and sponsorship Grants receivable Sponsorship 187,635 6,756 252,758 4,876 194J91 257,634 Charitable actlyities Perfornianc¢ fffs Hire fees Merchandise 331,296 150 1,499 157,883 26,784 5,409 332,945 190,076 Investment income Bank inlcr¢sl re¢¢ivable 679 15 Other Income Creative Industries T&x Crolits Other income Covid 19 Government supwrt schemes 73,040 35,819 1,808 13,083 73,045 50.710 Totgl income 601,0&) 498,435 29
Cahoots Nl Llmited Company Llmited by Guarantee Detailed Statement of Flnancial Activities (conllnuedl Year ended 31 March 2023 2023 2022 Expenditure Eipenditure on charitable activitles Artists costs Wages and salaries Employ¢rfs NIC Pension costs Rent & rates Rates and water Hospitality RaIrS and maintcnance Insurdnce General expens¢s Transport, travel & accommodation Legal and professional fees Telephone Printing, postsge & ststionery D¢pr¢ciation Bank charges Siaff trdining RehrSal room expenses Equipment & materials Markeling 268,254 110,562 2,938 4.602 5,750 1.030 1,033 1,065 5,028 1,579 64,850 4,027 1,423 232,104 88.192 1,344 3,823 6,853 8,436 166 5,157 1,865 37,092 2,750 1,326 225 165 258 756 3.071 41.029 8.805 420 76 794 77,881 2,735 552,942 443,417 Total expendlture 552,942 443,417 Net Income 48,118 55,018 30
Cahoots Nl Limited Company Llmited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Expenditure on charitable Vdctiyities Admlnistration expenses Actiwties undertaken directly Wages & salaries Employ&s NIC Pension costs R¢nl & rates Heal & light H05Pltality Rq)airs & maintenance Insurance General expenses Transport, travel & a0MmOdation Legal and professional fees Telephone Printing, postage & stationery Depreciation Bank charges Staff Iraining Marketing 110,562 2,938 4,602 5,750 1,030 88,192 1,344 3,823 6,853 8,436 1,065 5,028 1,579 1,231 500 1,423 166 5,157 1,865 1,252 5(M) 1,326 225 165 258 756 420 76 279 136,187 120,318 Performances Activities undertaken direcdy Artists costs Hospitality Transport, travel & accommodation Rehearsal room cxpenses Equipment and materials Marketing 268,254 224 63,619 794 77,881 2,456 232,104 35,840 3,071 41,029 8,805 413,228 320,849 Governance ¢o$t$ Accountancy fees Audit fees Costs of tDJstees' meetings 2.250 527 3,527 2,250 Expenditure on charitable aetlvities 552,942 443,417 31