Charfty Ragistration No. NIC1009041xf1684 Compary Registration No. N1062936 (Northern Irela OH YEAH MUSIC CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
OH YEAH MUSIC CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees G Murray J F Fitch L J McDowell A McKenna KSBell P Mcclean C G Southem P H EdnS Charity number NIC1009041xf1684 Company number N1062936 1 S-21 Gordon Street Belfast c Antrim Northern Ireland BT1 2LG FPM Accountants Limited 1 - 3 Arthur Street Belfast Co. Antrirn Northern Ireland BT14GA
OH YEAH MUSIC CENTRE s7ATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT KOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Restricted funds funds Z023 2023 Total Unrestricted Restricted funds funds 2022 2022 TDLII 2023 2022 Notes In<ome and endowments frorn: Donations and legacies Charitable artivities other trading activities Investments Qther income 144,572 56,866 137,285 168,256 55,610 311828 112,476 137,285 177,825 23,813 102,011 170 154,276 146,117 332.101 169,930 102,011 170 250 250 Total income 338.973 223,866 562,839 303,819 300,393 604,212 enditure on.. Charitable activities 350,024 238,830 588.854 370,878 293,421 664,299 Net o•Jtyolng resources before transfers (11,051) {14.964) (26,01 S) (67,059) 6.972 (60m7) Gros5 transfers btheen funds 11228 (12,228) 19,168 (19,168) Net Incomel{expenditure) for thè yearl Net movement in funds 1,177 {27,192) (26,0151 (47,8911 (12,196) (60.087) Fund balanS at 1 April 2022 162,336 258,515 420,851 210,227 270,711 48Q,938 Fund balances at 31 March 2023 163,513 231,323 394.836 162,336 258,515 420,851 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie& The ststement of financial activities also complies with the requirements for an income and expenditur? account under the Companies Act 2006.
OH YEAH MUSIC CENTRE BALANCE SHEET ASA r31 AURCH2023 2023 2022 Notes Fixed assets Tangible assets 12 21K1,721 173.830 Debto Cash at bank and in hand 13 121,400 95,012 81,794 198,671 216.412 280,465 CreditorR amount5 tdlling due wlthin one year 14 (21297) (33A44) Net current assets 194115 247.021 Tolal assets less current Kabilltles 394,836 420,851 Income funds Restricted fvnds Unrestricted fijnds 15 231323 163.513 258,515 162,336 394.836 420.851
OH YEAH MUSIC CENTRE BALANCE SHEET (CONTINUED) ASAf31 MARCH 2023 The company is entitled to the exemption from the audit reqiiir@ment containpd in sertion 4n of the Cornpanies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under section 65 of the Charitie5 Act (Northern 1reland} 2008. No member of the company has deposited a notice. pursuant to sertion 476, requiring an audit of these accounts under the requirements of the Companies Art 2006. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair View of the state of affair5 of the cornpany as at the end of the financial year and of its incoming re50urce5 and application of resources, including it5 income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otheiSe comply with the reqLJirements of the Companies Act 2006 relating to fi nancial Statements. so far a5 applicable tD the company. The member5 have not required the company to obtain audit of its financial statements under the reqUirnents OF the Companies Act 2006, for the year in question in accordance with Section 476. These financial statements have been PrePad in accordance with the provisions applicable to companies subjett to the small companie5 girn The financial statements were approved by the Trustees on ..o.I 1.1 Ll..i.oi P H Evans Trustee Company Registration No. N1062936
OH YEAH MUSIC CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operating activities Cash absorbed by operations 19 (50,68 (36B03) Investing acti¥ities Purchase of tsngible fixed assets Investment income received (51973) (50,095) 170 Net cash used in investing artlvltie5 (51973) (49,925) Net cash used In firwKing acii¥ities Net decrease in cash and cash equivalonts (103,660) (86,728) Cash and cash equivalents at beginning of year 19&6TI 285,399 Cath and cash equivalents at end of year 95,012 198,671 -?n.
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Charity inforniation Oh Yeah Music Centre 15 a private company limited by guarantee incorporated in Northern Ireland. The registered office is 15-21 Gordon Street, Belfast, Co. Antrim, BTI 2LG, Northem Ireland. 1.1 Accounting convention The accounts have been prepared in accordance with the Chaity'5 governing document the Comparkie5 Att 2006 and °Accaunting and Reporting by Charities= Statetnent of Recommended Practice applicable to charrties preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland [FRS 102)- las amended for accounting period5 commencing from 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Charity- Monetsry amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical c05t convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial Statements, the Trustees have a reasonable expertation that the Charity has adequate re50urces to continue in operational existence for the foreseeable futurè. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial 5tstements. 1.3 Charitable funds unstricted funds are available for use at the discretion of the Trustees in furtherance of their charitsble objectives. Restricted ndS are Subject to specific conditions by donors as to how they may be used. The purposes and u5e5 of the restricted funds are set out in the notes to the financial statements. Endowment fund5 are subjert to Specific conditions by donors that the capital must be maintained bythe Charity. 1.4 Income InC0e is recognised when the Charity is legally entitled to it after any performance conditions he been met, the amounts can be measured reliably, and it is probable that i ncome will be received. Cash donation5 are recagnised on receipL Other donations are recognised once the Charty has been notified of the donation, kJnle55 perfoftnae conditions require deferral of the amount Income tax recoverable in relation to donations received under Grft Aid or deeds of covenant is recogni5ed at the time of the donation. Legacies are COgnIsed on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known. and receipt is experted. If the amount Is not known. the legary s treated as a contingent asset. 1.5 Expenditufe
OH YEAH MUSIC CENTRE IOTES TO THE FINANCIAL STATEMENTS (CONTINUED) KOR fHE YEAR ENDED 31 MARCH 2023 Accountlng policies (Continued) Expenditvre is recognised once there is a legal Of constructive obligation to make a payfflent to a third party, It is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings". Expenditure on charitable activitie5 includes the costs of supporting refjJgee farnilies and activitie5 undertaken to further the purpose5 of the charity and their associated support costs,. Irrecoverable VAT is charged as a cost against the activlty for which the expenditure was incurred. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuation. net of depreciation and any impainnent losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their usefijl lives on the following bases.. Leasehold land and buildings Fixtures and fittings Office Equipment Motor vehicles 18 Years Straight Line 25% Reducing Balance 25% Reduang Balance 20% Reducing Balance The gain or 1055 arising on the disposal of an asset is determined as the differen between the sale proceeds and the carrying value of the asset and is recogni5ed in net income/(expenditure) for the year. 1.7 Impairnient of fixed a55ets At each reporting end date, the Charity reviews the carrying arnounts of its tsngible assets to detemine whether the is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset 15 estimated in order to detemiine the extent of the irnpairment loss (if any). 1.8 Cash and cash equlv)lents Cash and cash equivalents indude cash in hand, deposits held at call with bank5, Other 5hort-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts ¥e shown within borrowings in current liabilitie5.
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.9 Financial instruments The Charity has elected to apply the provi510r15 of Section 11 'Ba5ic Financial Instruments, and Section 12 'Other Financial Instrurnents Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity become5 paty to the contrartual provisions of the instrument. Financial a55ets and liabilities are offset, with the net amounts prtssented in the financial statements. when there is 3 legally enforceable right to set off the recogr)ised amounts and there is an intention to settle on a net basi5 or to reali5e the asset and settle the liability simultsneously. Basic financlalassets Basic financial assets, which include debtors and cash and bank balances, are initially measured at trarssattion price including transaction costs and are subsequently carried at amortised cost Using the effective interest method unle55 the arrangement constitutes a financing transaction. where the transxtion is measured at the present value of the future reipts discounted at a market rate of terest Financial assets classified a5 receivable within one year are not amortised. Basic ffnancial /labJYities Basic financial liabilities, including creditors and bank loans are initially recognised at transartion price unless the arrangement constitutes a financing transaction, where the debt instNment is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable wrthin one year are not amortised. Debt instruments are Subsequent carried at amortised cos( usin9 the effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations frorn suppliers. Amounts payable are classified as current liabilities if paymerrt is due within one year or less. If not, they are presented as non-current liabiliti2s. Trade creditors are recognised nitially at transaction price and subsequently measured at 8mortised cost Using the effective Inte5t method. Dereeognition of finanual Ilabllknes Financial liabilitie5 are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contribLJtion retirement benefit schemes are charged as an expense a5 they fall due. ??.
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 31 MARCH 2023 Critical accounting estimates and Judgements In the application of the Charit*s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and a550ciated assumptions are based on historical experience and other factors that a considered to be relevant ACal result5 may differ from these estimates. The estimates and underlying a55UmPtions are reviewed on an ongoing basis. Revisions to accounting estimate5 are recognised in the period in which the estimate is revisod Whe the revision affects only that period, ar in the period of the revision and fijture periods where the rewsion affErt5 both currer)t and future periods. Donations and legacies Unrestrlrted Restrirted fund5 funds Totsl Unrestritted funds Restricted fijnds Total 2023 2023 2023 2022 2022 2022 Donations and gift5 Grant Income 121,719 21853 121.719 191,109 98,008 79,817 98,(Ki8 234093 168,256 154,276 144.572 168.256 31228 177.825 154,276 332,101 Grants receivable for ore activities Arts Council Nl - Renue Belfast City Council - Core Funding PRS Foundation Arts Council Nl - Covid Recovery ACNI Health and Satefy Capital Programme Furlough Arts Council Nl Other 66.674 66,674 53.075 53,075 56,000 56,CN)O 21,050 56,000 56,000 17,000 21,050 17,000 50,000 50.000 45,582 45,582 45,201 45,201 12,817 12,817 1,803 1,803 22,853 168,256 191,109 79,817 154,276 234,D93
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 3r MARCH 2023 Charitable activities Unrestr1rt Re5trictsd Funds Z023 Totsl Unrestrlct•d 2023 Funds 2022 Rèstricted Fund5 2022 Total 2022 2023 SerVIs prowded under contract Performance related grants 47,438 47,438 3.000 9,428 55.610 65.038 20.813 146,117 166,930 5fi866 55,610 112,476 23,813 146,117 169.930 Analysis by fund Unrestricted fijnds Restricted funds 56,866 56,866 55,610 23,813 23.813 146,117 55,610 146,117 56,866 55,610 111476 23,813 146.117 169,930 Perforniance r•latsd grarrts ACNI - Arts & Older People Wellbeing Grant Women's car$ Project Belfast City Council C5uster Grant Futu Sueen Nl Dept for Communities Help Musicians ABBSM Nl Screen Education Authority Other 4.694 4694 1,988 6,835 1.988 &835 16,100 16.100 21.919 4,376 21,919 4.376 2,130 2.130 1,900 9.428 9.428 60,0 49,994 15,329 60,000 57,382 1 5,901 11744 16,571 la744 16,571 7.388 572 9.428 55,610 65,038 20,813 146,117 166,930
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) KOR THE YEAR EIVDED 31 MARCH 2023 Other trading acthiities Unrestricted Unrestritted funds fvnds 2023 2022 Venue Hire Membership subscriptions and sponsorships which are in substance a payrnent for goods and services Bar & Café Income Rental Income Bus Tours & Workshop Income Events Income 36,862 20,947 10,715 4,766 70,542 4,095 15.071 70.333 200 5,677 Other trading activities 137,285 102.011 Both the 2Q23 and 2022 totals above have been treated as unrestricted income. Investments Total Unrestricted funds 2023 2022 Bank Interest 170 The 2022 total of £170 has been treated as unrestricted income. Other income Unrestrlcted funds Totsl 2023 2022 Other income 250
OH YEAH MUSIC CENTRE IOTES TO THE FINANCIAL STATEMENTS (CONTINUED) KOR THE YEAR ENDED 37 MARCH 2023 Charitable activities Unrestwicted Restricted Fund5 Funds 2023 2023 Total Unre5trirted Restricted 2023 Funds Funds 2022 2022 Total 2022 Stsff costs Advertising Events Hire of Equipment Other Staff Costs Volunteer Expenses Production/Studio 8us Tours Sound of 8elfast Café & Bar Supplies Wornen's Work Bad Debts Scratch My Progress 83,584 19,878 42,799 1,750 370 335 1,625 1,590 72.330 670 168,413 251,997 19,878 114,544 9,800 16,273 300 20 27 128,123 11,578 28,534 242,667 21.378 44,807 31)3 20 27 22,751 17,745 1,750 1,111 335 2,675 1,590 83,359 833 741 1,050 17,811 11.029 163 102,888 1,242 7,521 35 8,642 16,500 22 119,388 1.264 7,521 35 8,642 224.931 199.141 424,072 266,232 202,568 468,800 Share of support costs (see note 9) Share of governance costs (S note 91 11&231 39.489 155,720 97,132 81,613 178,745 8,862 200 9,Q62 7,514 9,240 16,754 350,024 23&830 588,854 370.878 293.421 664.299 Anatysis by fund Unrestricted funds Restricted funds 350,024 350.024 238.830 370,878 370.878 293.421 23&830 293,421 35Q,024 238,830 588.854 370,878 293,421 664,299
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Governance Costs 2023 Support Governance costs costs 2022 Depreciation Estsblishment costs Travel & subsisten Printing, postage & Stationery General expenses Bank charges Membership fees 26,081 115,105 &088 26,081 115,105 8,088 17,615 151,532 2,896 17.615 151,532 2,896 1,410 1,475 388 3.173 1,410 1,475 388 3,173 1,437 1,888 276 3.101 1,437 1.888 27S 3.101 Audit fees Legal and professional 3.000 6,062 3,CKIO 6,062 3,000 13.754 3,000 13,754 155,720 9.062 164,782 178.745 16,754 195A99 Analysed btheen Charitsble attivities 155,720 9,062 164,782 178.745 16.754 195,499 Govemance costs indudes payrnents to the aLMditor5 of £3,000 (2022- £3.000) for audit fees 10 Trustees The Twstees were repaid £Nil for travel expenses incurred during the year (2022 - £Nil).
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH a123 11 Employqes The average monthly number of employees during the year wa5: 2023 Number 2022 Number 10 Employment Costs 2023 2022 Wages and salaries Sodal security costs Other pension costs 185,842 54,097 11058 174607 54.383 9,677 251,997 242.667 No Employee received remuneration of more than £60,IX4) during the year P022 - Nil). Remuneration received in the year by the Charity's key management amounted to £87,480 p021. £81,(M)O).
OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) KOR THE YEAR EIVDED 31 MARCH 2023 12 Tangible red assets Leasehold land Fixtyres and bulldlw5 fftting5 Offic•Motor vehides Equipment Totsl Cost At 1 April 2022 Additions 169.162 81,698 50,404 58,280 2.569 13,800 322.940 52.973 At 31 March 2023 169,162 131102 E4).849 13,800 375.913 Depreciation and impaimient At 1 Aoril 2022 Depreciation charged in the year 52.148 9,398 50,422 10,376 39,807 6,734 1.413 149,111 26,081 At 31 March 2023 61,546 60.798 44,701 &147 175,192 Carrying amount At 31 Mardi 2023 107.616 71,304 16,148 5.653 200,721 At 31 March 2022 117,014 31,276 18,474 7,066 173,830 13 Debtors 2023 2022 Amounts falling due within one year. Trade debtots Amounts due frorn related parties Grants Receivable Other debtors PPayMents and accrued income 17.287 86.923 13,390 9,475 45,952 21,346 1588 2.433 3,795 121,400 81,794 ?n
OH YEAH MUSIC CENTRE MOTES,TO THE FINANCIAL STATEMENTS (CONTINUED) KOR fHE YEAR ENDED 31 MARCH 2023 14 Creditor% amounts falling du• within year 2023 2022 Not•5 Deferred income Trade credltors Other creditors cruals 14,899 6,543 13,194 1,744 7,359 1 1002 22,297 33.444
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OH YEAH MUSIC CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2023 16 Analysis of net assets between funds Unrestrirted Restricted Funds Funds 2023 2023 Totsl Unrestricted Restrirted Funds Funds 2022 2022 Total 2023 2022 Fund balances at 31 March 2023 are represented by.. Tangibl@ assets Current assets/lliabilitiesl 34,763 128.750 165.958 65,365 200,721 194.115 31,680 130,656 142,150 116,365 173,830 247,021 163.513 231.323 394.836 162,336 258.515 420.8SI 17 Company Limited by Guararrtee Oh Yeah MusK Centre 15 a company limtted by guarantee and accordingly doe5 not have share capit Every member of the company undertakes to contribute Such amount as may be required. not exceèding £1. to the as5et5 of the charitable company in the event of it being wound up while they are a current mernber, or within one year after they cease to be a member. 18 Related paty transartions At the year end Oh Yeah Music Centre Bar Ltd, a related paty by way of common control, owed £86.923 {2022.' £45,952) to Oh Yeah Music Centre Ltd, 19 Cash generated from operations 2023 2022 Deficit for the year 126,015) (60.0871 Adjustments for. Investment income recognised in statement of financial activities Depreaation and impairment of tangible fixed a55et5 (170) 17,615 26.081 Movements in working capital: (Increa5e)/decrease in debtor5 Increaselldecreasel in creditors (Decrease) in deferred income (39.606} 3,752 (14.899) 10,859 (1604) (1416) Cash absorbed by operations (50,687) (36,8031 20 Analysis of changes in net fiinds The Charity had no debt during the year. ?2_