Armagh Pipers Club Company Limited by Guarantee Report to the Board of Trustees on the Preparation of the Unaudited Statutory Financial Statements of Armagh Pipers Club Year ended 31 July 2023 As described on the statement of financi81 position, the trustees of the charty are responsible for the preparation of the financial statements for the year ended 31 July 2023, which comprise the statement of financial activities {including income and expenditure account), statement of financial position and the related notes. You consider that the charity is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and expla ations suppli to us. BUSINESS ACCOUNTS SERVICES Chartered accountants 11 Abbey Street Armagh BT617DX 29 May 2024
Armagh Pipers Club Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 July 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Nots Income and endowments Donations and legacies Total Income 81,179 61,179 46,127 46,127 107,3 107,306 112,226 112,226 Expenditure Expendilure on raising funds.. Costs of raising donations and legacies Total expendlture 80,848 45,802 126,650 113,436 113,436 80,848 45,802 126,650 Net expendlture and net movement in funds {19,669) 325 {19,344) (1,210) Reconcillatlon of funds Total funds brought forward Total funds carrled forward 40,285 20,616 40,285 20,941 41,495 40,285 325 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 7 to 16 form part of these flnanclal statements.
Armagh Pipers Club Company Limited by Guarantee Statement of Financial Position 31 July 2023 2023 2022 Noto Flxed assets Tangible fixed assets 10 27,999 32,800 Current assets Cash at bank and in hand 14,236 29,179 Creditors: amounts falllng due within one year N8t current Ilabilttles 11 20,334 (6,098) 21,901 20,734 8,445 41,245 Totsl assets less current liabllltles Credltors: amounts falling due after more than one year Net assets 12 960 960 20,941 40,285 Funds of the charity Restricted funds Unrestricted funds 325 20,616 (9111 41,196 40,285 Total charity funds 14 20,941 For the year endlng 31 July 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directorg, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. The directors 8ckno¥Medge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trust&es and authorised for issue on 29 May 2024, and are signed on behalf of the tM)ard by., John B. Vallely Trustee The notss on pages 7 to 16 form part of these flnancial statements.
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2023 General Informatlon The charity is a public benefit entity and a prtvate company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 12-14 Victoria Street, Armagh, BT619DT. Statement of compliance These financisl ststements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accountlng pollcles Reconcillatlon fund grants Reserves Policy Having regard to Charity Commission's guidance on the desirability of maintaining a reserve to improve the organisalion's resilience in the event of an unexpected loss of funding, the trustees had in March 2022 designated as a reserve, within the charity's current account, unrestricted funds of £28,000. The raduced funding from the Arts Council in 2022-23 meant that it had to start drawing on that reserve from early June, with just over £14,000 remaining in the sccount at year- end. Efforts will be made in 2023-24 to rebuild the reserve to a level capable of sustaining operations for several months. Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charitys ability to continue. D18closure exemptions Amagh Pipers Club satifies the criteria of being a qualified entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102- (a) No Cash flow statement has been presented for the company (b) Disclosures in respecty of financial instruments have not been presented
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 July 2023 Accounting pollcles {ntInued) Judgom•nts and key sources of estimatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These 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 accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. Incomlng resou•3 All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated wrth the transaction will flow to the charily 8nd the arnount can be reliably measured. The following specific policies are applied to particular categories of income.. Income from donations or grants is recognised when there is evldence of entitlement to the gift, reIpt is probable and its amount can be measured reliably. legacy income 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 cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measurad. No amounts are included for the contributlon 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 there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded 8s restricted.
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements (Conun() Year ended 31 July 2023 Accounting pollcles (contlnued) Resources exponded Expenditure is recognised on an accruals basis as s liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is c18ssified under headings of the statement of financial activitiés to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activrties that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apFJOrtioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs sre allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation. is r8cognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Fixtures and frtiing8 Equipment 200/0 reducing balance 20tsA reducing balance Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, wtth the recoverable smount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amounl, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 July 2023 Accounting policles (contlnued) Impaimient of fixed assets {contlnued) For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of sn individual asset, 8n estimate is made of th@ recoverable amount of the cash- gener8ting unit to which the asset belongs. The cash-genérating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financlal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabiltties are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where Investments in shares are publicly traded or their fair value can othernise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financi81 instrum@nts, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a m8rket rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are 8ub8equently measured at lair value, with any ch8ng8S recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is obsective evidence of impsimient, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the init181 g8in was recognised. For all equity inslruments regardless of significance, and other financial assets that are individually signiftcant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 10
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 July 2023 Accounting policies (continued) Financial instruments (condnued) Any reversals of impaiment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Llmlted by guarantee The Trustees of the Charlty are repsonsible for the debts generated by the Charity in the event that the charity is wound up. The extent of this guarantee does not exceed £1, Donations and legacles Unrestricted Funds Restricted Totsl Funds Funds 2023 Donations Arts Council of Northern Ireland Other Grdnts Sponsorship & Donations & Gift Aid Armagh City Banbridge & Craigavon BC SLA Fundraising Box Office Raturns Registration Fees & Instrument Scheme Performance Fees & Services Fees Sales of books, CDS and Merchandise Exam Fees Sundry Income Armagh City Banbridge & Cragavon BC Festival Grants 30,825 1,002 30,825 1,002 7,701 7,500 1,458 11,088 26,285 2,119 1,887 3,141 7,701 7,500 1,458 11,088 26,285 2,119 1,887 3,141 14,300 46,127 14,300 107,306 61,179 11
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements (¢onllntsedJ Year ended 31 July 2023 Donatlons and legacies (Contlnuod) Unrestricted Funds Restricted Total Fund8 Funds 2022 Donations Arts Council of Northern Ireland Other Grants Sponsorship & Donations & Gift Aid Amiagh City Banbridge & Craigavon BC SLA Fundraising Box Office Returns Registralion Fees & Instrument Scheme Perfonnance Fees & Services Fees Sales of books, CDS and Merchandise Exam Fees Sundry Income Armagh City Banbridge & Cragsvon BC Festival Grants 46,495 46,495 8,958 12,500 15 5,758 22,945 2,419 2,096 2,040 300 8,958 12,500 15 5,758 22,945 2,419 2,096 2,040 300 8,700 55,195 8,700 112,226 57,031 Costs of ralsing donatlons and legaclas Unrestricted Funds Restricted Total Funds Funds 2023 Costs of raislng donations and legacies - Donations 80,848 45,802 126,650 Unrestricted Funds Restricted Totsl Funds Funds 2022 Costs of raising donations and legacies - Donations 57,330 56,106 113,436 Net expendltur• Net expenditure is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets 7,008 8,200 Trustee remuneration and expenses In the year to 31 July 2023 the total amount paid to trustees of the charty was £0., 12
Armagh Pipers Club Company Limited by Guarantse Notes to the Financial Statements (continuedj Year ended 31 July 2023 Analysls of grnnts Arts Council of Northern Ireland Small Grant ACN1127279 December. issued £10.000 which was spent on tutor fees from September to Rural Engagement Arts Programme grant ACN1127468 issued £8,500 which was spent as follows.. Piping Festival artist fees £4,050,. artist accommodation £4.450. Small Grant ACN1129282 - issued £10,000 which was spent on tutor fees from March to June. Armagh Cty, Banbridge & Craigavon Borough Council Financial Assistance Policy.. 3d International Tourism Events Fund - issued £14,300 which was spent as follows.. Piping Festival artist fees £8,480,. production (lighting & sound) £1,675., advertising £715., venue hire £1,030. administration £2,400. Culture Ireland (an agency of the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media) Travel grant of E1,200, received as £1,002.23 - spent on travel by three Amiagh Pipers Club musicians to represent Ireland at the inaugural GaitaFolia piping festival in Palmela, Portugal. The above grants were issued for Restrided Expenditure as noted, Additional Unrestricted fundlng was issued as follows: Armagh City, Banbridge & Craigavon Borough Council Service Level Agreement payment8 of £7,500 (with an additional £2,500 pendlng 8t year end). 13
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements (eontlnued) Year ended 31 July 2023 10. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 August 2022 Additions 17,544 55,267 2,207 57,474 72,811 2,207 75,018 At 31 July 2023 Depreclation At 1 August 2022 Charge for the year At 31 July 2023 Carrylng amount At 31 July 2023 At 31 July 2022 17,544 12,876 934 27,135 6,074 33,209 40,011 7,008 47,019 13,810 3,734 4,668 24,265 28,132 27,999 32,800 11. Crodltors: amounts falling due wlthln one year 2023 2022 Bank loans and overdrafts Trade creditors Accruals and deferred income 159 241 20,334 20,734 20,334 20,334 12. Credltors: amounts falling due after more than one year 2023 2022 Accruals and deferred income 960 960 13. Deferred Income 2023 2022 At 1 August 2022 20,334 20,334 14
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements (Contlnued) Year ended 31 July 2023 14. Analysis of charitable funds Unrestrictsd funds At Income Expenditure 31 July 2023 At 1 August 2022 General funds Unrestricted fund 40,285 {1) 61,180 61,179 40,284 (19,668) 20,618 (80,848) (80,848) 40,285 At Income Expenditure 31 July 2022 At 1 August 2021 General funds Unrestricted fund 41,495 (1) 57,032 57,031 41,495 (2991 41,196 (57,331) (57,330) 41,495 Restrlcted funds At Income Expenditure 31 July 2023 At 1 August 2022 Restrlcted Fund Restricted Fund 48,127 {45,802) 325 46,127 (45,802) 325 At Income Expenditure 31 July 2022 At 1 August 2021 Restricted Fund Restricted Fund 55,195 55,195 (56,108) (56,106) (9111 (911> 15
Armagh Pipers Club Company Limited by Guarantee Notes to the Financial Statements (ntInued) Year ended 31 July 2023 15. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net ass6ts 24,050 14,236 (21,294) 16,992 3,949 27,999 14,236 (21,294) 20,941 3,949 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 29,176 32,627 121,536) 40,267 3,624 32,800 32,627 (25,142) 40,285 (3,606) 18 16