**Company Registration Number: NI026500 Charity Registration Number: 101482**
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee) Annual Report and Audited Financial Statements**
**For the year ended 31 March 2023**
CavanaghKelly Chartered Accountants and Statutory Auditors 36-38 Northland Row Dungannon Co Tyrone BT71 6AP
**_________________________________________________________________**
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **CONTENTS For the year ended 31 March 2023**
||**Page**|
|---|---|
|General Information|3|
|Directors’ Report|4 – 9|
|Independent Auditor’s Report|10 – 13|
|Statement of Financial Activities|14|
|Statement of Financial Position|15|
|Statement of Cash Flows|16|
|Notes to the Financial Statements|17 – 29|
**____________________________________________________________________________________**
2
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **GENERAL INFORMATION**
## **Board of Directors**
Joseph Mark Moroney _(resigned 31 January 2023)_ Padraig Canavan _(resigned 31 January 2023)_ Patrick Gerald Cleary _(resigned 12 May 2023)_ Steven Lindsay June Elizabeth Coates Jason Alexander McIntosh Valerie Jane Dinsmore Ciara Hanley Paul Anthony Healy Dr Catherine McDonnell _(appointed 29 July 2022)_
**Company Secretary Chief Executive Registered Office**
**Company Registration Number Charity Registration Number Independent Auditors**
James Kerr James Kerr Stable Lane and Mall Wall Bishop Street Within Derry/Londonderry BT48 6PU NI026500
101482
CavanaghKelly Chartered Accountants and Statutory Auditors 36 - 38 Northland Row Dungannon Co Tyrone BT71 6AP
**Solicitors**
Mark Reid Solicitor 2A Woodburn Park Lisnagelvin Waterside Derry/Londonderry BT47 5PS
## **Bankers**
Allied Irish Banks Meadowbank 143-145 Strand Road Derry/Londonderry BT48 7TN
**____________________________________________________________________________________**
3
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **DIRECTORS’ REPORT for the year ended 31 March 2023**
The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the audited financial statements of the charitable company for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102), United Kingdom Generally Accepted Accounting Practice, the Charities Act (Northern Ireland) 2008 and the Companies Act 2006.
## **Reference and Administration Details**
The reference and administration details of the charitable company are as shown on page 3.
The Chief Executive was responsible for the supervision of the day-to-day operations of the charitable company throughout the year.
## **Objectives and Activities**
The Verbal Arts Centre (Northern Ireland) Limited which now trades under the name “Verbal” is recognised and acknowledged as the main centre for literature/language arts development and storytelling on the island of Ireland.
The Centre continues to promote creative activity under the organisational vision of "A world where every story matters".
The vision statement conveys the organisation's ambition and continuous direction of travel in respect of what it wishes to achieve.
Our vision places an emphasis on the fundamental tenet upon which Verbal is based which is that making and listening to stories are the primary tools available to all that we use to make meaning of the world around us.
Verbal actively works to address persistent resource and access disadvantages among deprived and marginalised communities (either geographic or of interest) which prevent, restrict or deny individuals and communities from telling their stories and having them heard compounding poverty, inequality, discrimination, injustice and isolation.
Verbal continues to focus on the intersectionality between marginalisation/vulnerability and mental health & emotional wellbeing. Our vision statement makes specific reference to wellbeing in its mission statement; “Using our unique multi-disciplinary approach to the art of storytelling Verbal works in partnership to enhance well-being among individuals & communities.”
The principles of partnership working and interdisciplinary delivery in the service of art, storytelling and wellbeing remain of central importance to Verbal.
We continue to use storytelling & story making either in the form of publishing, commissioning writers, creative production or reading aloud to provide those most disadvantaged, those who are seldomly listened, with the opportunity to:
1. Challenge the assumptions and prejudices of everyday life;
2. Raise questions and insights regarding the living conditions and circumstances of the vulnerable and marginalised;
3. Encourage reconsideration of what is "taken for granted"; and
4. Propose new and better ways to improve the quality of life of those most in need.
**____________________________________________________________________________________**
4
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **DIRECTORS’ REPORT for the year ended 31 March 2023 (Continued)**
Our focus on Mental health & emotional wellbeing through storytelling and bibliotherapy consists of several components, including: the ability to support participants to recognise different types of psychological distress, transfer through stories knowledge and beliefs about risk factors and causes as well as knowledge and beliefs about self-help interventions; and reflect upon attitudes which facilitate recognition and appropriate help-seeking.
Reflecting the uniqueness of the organisation 2022/23 saw Verbal continue to refine on an iterative basis how we develop and deliver the annual programme of work. We maintained the 3 different delivery categories below:
|**THEME**|**Description**|
|---|---|
|PREVENTION|We use storytelling and creative activities to address the determinants of
mental health & wellbeing problems before a specific issue has been
identified in an individual orgroup.|
|INTERVENTION|We use storytelling and creative activities which focus on reducing the
progress of poor mental health and improving emotional wellbeing.|
|RECOVERY|We use storytelling and creative activities to empower and enable people
to self-manage their own mental and emotional wellbeing through
creative activities.|
Our work is divided into 3 departments
1. Adults & Communities
2. Children & Young People
3. Publishing
We deliver our work across 4 programmes
1. Verbal Wellbeing
2. Storyteller Recovery
3. Story exchange
4. Events & publishing
Verbal Wellbeing works with Primary school children (aged 4-11), Post Primary (aged 11-16 integrated into English curriculum) and Adult Community mental health and is a Mental Health Literacy/prevention programme.
Storyteller Recovery is a participation-based programme of multi-arts storytelling activities that combine language arts/verbal skills-based learning to create a dedicated 'safe' space for adults on a journey of recovery and wellbeing. Verbal also delivers as specialist Storyteller Recovery programme for ex-offenders.
Story Exchange works with social housing communities and aims to develop facilitated cross community conversations that support the development of shared community cohesion.
In relation to publishing & events the aims of our activities are to:
1. support writers to showcase their work and develop new audiences/readerships
2. commission new work from local writers (poetry & prose) for new audiences
3. commission critical responses to reading
Verbal continues to publish the Honest Ulsterman magazine of new writing which is the longest continuous magazine of new writing in Europe starting in 1968. The magazine is published quarterly and showcases at least 50 literature-based articles/interviews/features per issue. Alongside an open submission poetry and short story element giving approximately 200 local writers per year, established & emerging a platform for their work. Verbal also produces and manages the Human archive which makes accessible previously published creative writing from many short run literary publications.
**____________________________________________________________________________________**
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## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **DIRECTORS’ REPORT for the year ended 31 March 2023 (Continued)**
## **Public Benefit Statement**
The Directors of The Verbal Arts Centre (Northern Ireland) Limited confirm that they have complied with their duty under section 4(6) of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland’s guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2023.
## **Achievements and Performance**
A sample of achievement highlights in the year are noted below:
Activity levels for Verbal Wellbeing continued to grow across Northern Ireland, the Republic of Ireland and Great Britain.
This year working in close partnership with statutory bodies and public agencies, Verbal's annual programme was delivered with and to:
- Looked After Children
- Young people aged 16+ on the edge of care or at risk
- Social housing communities experiencing community tension
- Older people experiencing social isolation
- Adults with mental health issues
- Communities living at interfaces
Verbal continues to accelerate its digital programme bringing on additional software development skills into the organisation. Along with this Verbal has created a stable digital delivery platform which is ready to roll out next year.
The level of internal Psychology and Literature expertise continues to grow with the recruitment of post-doctoral staff who are integrated with the existing creative team.
Storyteller Recovery was rolled out successfully as a regional programme of creative recovery based activity working right across Northern Ireland.
Story exchange worked intensively with multiple communities living on interface areas in Belfast.
Honest Ulsterman saw a year-on-year growth in its readership.
**____________________________________________________________________________________**
6
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **DIRECTORS’ REPORT for the year ended 31 March 2023 (Continued)**
## **Financial Review**
## _**Financial Performance**_
The financial performance was in line with the Board of Director’s expectations. The charitable company remains in a sound financial position at the year end. The results for the year are set out in detail on pages 14 to 29. The charitable company made net outgoing resources for the year of £119,515 (2022 – net incoming resources of £325,114).
At 31 March 2023, the total funds of the charity amounted to £1,643,176 (2022: £1,762,691) comprising restricted funds of £83,950 (2022: £117,227), designated funds of £300,000 (2022: £300,000) and unrestricted funds of £1,259,226 (2022: £1,345,464). Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements.
## _**Reserves Policy**_
The charitable company has free reserves of £374,631 (2022: £430,389) which represents 6 months (2022: 25 months) unrestricted expenditure on charitable activities. The Directors believe that it is prudent to work towards holding 6 months funding.
The main reason for holding reserves is to ensure that the charity has enough resources to fund the programmes it is supporting and to meet any emergencies that may arise. For this purpose the charitable company is holding £300,000 in designated funds (2022: £300,000).
## _**Risk Management**_
The Board of Directors has conducted a review of the key risks facing the charity and has established a strategic plan and procedures to manage those risks. Continuous external risks in relation to funding have led to the development of a structured approach which allows for the longer-term diversification of funding and activities. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charity.
## **Plans for Future Periods**
The 5 key areas that the Directors are focused on:
1. Create and implement the conditions for the digital product to thrive and co-exist alongside the charity’s programmes; specifically:
- Getting Verbal ready to manage the difficult transition period inherent in operating both a project led and product led organisation.
2. Accelerate income diversity and growth of unrestricted income; specifically:
- Resourcing the distribution and dissemination of the digital delivery model (Verbal Wellbeing) to better meet existing needs and introduce the potential of scale.
3. Provide clarity of management and accountability; specifically:
- Commencing a change process from project based to service delivery-based organisation to address sustainability challenges and maintain quality.
4. Promote staff development and retention; specifically:
- Reviewing the organisation’s current delivery structure; and
- Continuing to build a high quality existing interdisciplinary staff team that supports the development of evidence based creative storytelling programming.
5. Build and maintain a wide network of statutory and non-statutory partnerships; specifically:
- Continue to innovate using storytelling and psychology to bridge the gap in provision that exists for individuals and communities in respect of emotional wellbeing services.
**____________________________________________________________________________________**
7
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **DIRECTORS’ REPORT for the year ended 31 March 2023 (Continued)**
## **Structure, Governance and Management**
## _**Organisational Structure**_
The charitable company is a company limited by guarantee, not having a share capital.
The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.
In accordance with the Articles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put forward at the Annual General Meeting. A retiring member shall be eligible for re-election.
The charitable company is governed by the Board of Directors. None of the Directors have any beneficial interest in the charitable company. Any person wishing to become a director must apply in writing prior to the annual general meeting. A vote is then taken at the annual general meeting as to whether that person is appointed.
## _**Directors**_
The Directors during the year are the same as the Directors as listed on page 3.
## _**Taxation Status**_
The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992.
## **Directors' Responsibilities**
The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Funds held as custodian trustees on behalf of others**
The charity holds no funds as custodian- trustees on behalf of others.
**____________________________________________________________________________________**
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## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **DIRECTORS’ REPORT for the year ended 31 March 2023 (Continued)**
## **Statement of Disclosure of Information to Auditor**
In so far as the Directors, who held office at the date of approval of these financial statements, are aware:
- there is no relevant audit information of which the charitable company’s auditor is unaware; and
- the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
## **Small Companies Exemption**
This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
This report was approved by the Board of Directors on 27 October 2023 and signed on its behalf by:
## **Registered office:**
Stable Lane and Mall Wall Bishop Street Within Derry/Londonderry BT48 6PU
_______________________________ **James Kerr Company Secretary**
**____________________________________________________________________________________**
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**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **Company Registration Number: NI026500 Charity Registration Number: 101482**
**INDEPENDENT AUDITORS’ REPORT to the Directors of The Verbal Arts Centre (Northern Ireland) Limited for the year ended 31 March 2023**
## **Opinion**
We have audited the financial statements of The Verbal Arts Centre (Northern Ireland) Limited ('the charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the charitable company’s Directors, 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 charitable company’s Directors those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s Directors as a body, for our audit work, for this report, or for the opinions we have formed.
In our opinion the financial statements:
- Give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its total incoming resources and expenditure of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
**____________________________________________________________________________________**
10
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS’ REPORT to the Directors of The Verbal Arts Centre**
**(Northern Ireland) Limited for the year ended 31 March 2023 (Continued)**
## **Other Information**
The directors are responsible for the other information. The other information comprises the information included in the Directors’ Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent 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 information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Directors’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- - the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the Directors’ Report.
## **Responsibilities of Directors**
As explained more fully in the Directors’ Responsibilities Statement, the directors (who are also the trustees of the charitable company for the purpose of charity law), are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.
**____________________________________________________________________________________**
11
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
**INDEPENDENT AUDITORS’ REPORT to the Directors of The Verbal Arts Centre (Northern Ireland) Limited for the year ended 31 March 2023 (Continued)**
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company's financial statements and considered the most significant are the Companies Act 2006 and Financial Reporting Standards (FRS102);
- We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;
- We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;
- - Understanding the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations; and
- Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.
## **The audit response to risks identified included:**
- Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
**____________________________________________________________________________________**
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## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS’ REPORT to the Directors of The Verbal Arts Centre (Northern Ireland) Limited for the year ended 31 March 2023 (Continued)**
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
_______________________________
## **Mr. Ryan Falls FCA (Senior Statutory Auditor) For and on behalf of CAVANAGHKELLY**
Chartered Accountants and Statutory Auditors 36 – 38 Northland Row Dungannon Co. Tyrone BT71 6AP
## **Date: 27 October 2023**
**____________________________________________________________________________________**
13
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(Including an income & expenditure account) For the year ended 31 March 2023**
|**Note**
**INCOME AND**
**ENDOWMENTS**
Charitable Activities
3
Other Trading Activities
3
**TOTAL INCOME AND**
**ENDOWMENTS**
**RESOURCES**
**EXPENDED**
Charitable Activities
4
**TOTAL RESOURCES**
**EXPENDED**
**Net incoming/**
**(outgoing) resources**
**for the year**
Transfers between
funds
Balance brought
forward
**Balance carried**
**forward**|**Unrestricted**
**Restricted**
**Designated**
**Total**
Unrestricted
Restricted
Designated
Total
**Funds**
**Funds**
**Funds**
**Funds**
Funds
Funds
Funds
Funds
**2023**
**2023**
**2023**
**2023**
2022
2022
2022
2022
**£**
**£**
**£**
**£**
£
£
£
£
622,094
381,696
-
**1,003,790**
549,588
892,163
-
1,441,751
12,176
-
-
**12,176**
3,008
-
-
3,008|
|---|---|
||**634,270**
**381,696**
**-**
**1,015,966**
552,596
892,163
**-**
1,444,759|
||(757,943)
(377,538)
-
**(1,135,481)**
(208,970)
(910,675)
-
(1,119,645)|
||**(757,943)**
**(377,538)**
-
**(1,135,481)**
(208,970)
(910,675)
-
(1,119,645)|
||**(123,673)**
**4,158**
**-**
**(119,515)**
343,626
(18,512)
-
325,114
37,435
(37,435)
-
**-**
(244,835)
(55,165)
300,000
-
1,345,464
117,227
300,000
**1,762,691**
1,246,673
190,904
-
1,437,577|
||**1,259,226**
**83,950**
**300,000**
**1,643,176**
1,345,464
117,227
300,000
1,762,691|
The above Statement of Financial Activities includes all information as required to be disclosed by the Companies Act 2006. All of the activities of the charitable company are classed as continuing.
The Statement of Financial Activities includes all gains and losses recognised during the year.
The notes on pages 17 to 29 form an integral part of these financial statements.
**____________________________________________________________________________________________________________________________________**
14
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **STATEMENT OF FINANCIAL POSITION as at 31 March 2023**
|**Note**
**Fixed Assets**
Property, Plant and Equipment
**8**
**Current Assets**
Receivables
**9**
Cash and Cash Equivalents
**Payables: amounts falling due within**
**one year**
**10**
**Net Current Assets**
**Net Assets**
**11**
**REPRESENTED BY:**
Unrestricted Funds
**12**
Restricted Funds
**12**
Designated Funds
**12**
**Total Funds**
**12**|**2023**
2022
**£**
£
**884,595**
915,075|
|---|---|
||**327,092**
611,169
**601,234**
315,137|
||**928,326**
926,306
**(169,745)**
(78,690)
**758,581**
847,616|
||**1,643,176**
1,762,691|
||**£**
£
**1,259,226**
1,345,464
**83,950**
117,227
**300,000**
300,000|
||**1,643,176**
1,762,691|
These financial statements have been prepared in accordance with the provisions applicable to the small companies’ regime within Part 15 of the Companies Act 2006.
The notes on pages 17 to 29 form an integral part of the financial statements.
These financial statements were approved and authorised for issue by the Board of Directors on 27 October 2023 and signed on their behalf by:
_______________________________
**Director Director Dr Catherine McDonnell Paul Anthony Healy**
**Company Registration Number: NI026500 Charity Registration Number: 101482**
**_________________________________________________________________**
15
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **STATEMENT OF CASH FLOWS For the year ended 31 March 2023**
|**Cash flows from operating activities**
(Deficit)/Surplus for the year
Adjustments for:
Depreciation
Movements in working capital:
Movement in receivables
Movement in payables
**Net cash generated/(used in) from operating**
**activities**
**Cash flows from investing activities**
Payments to acquire property, plant and equipment
**Net increase/(decrease) in cash and cash**
**equivalents**
**Cash and cash equivalents at beginning of**
**financial year**
**Cash and cash equivalents at end of financial**
**year**
Cash and cash equivalents consists of:
Cash at bank and in hand|**2023**
2022
**£**
£
**(119,515)**
325,114
**42,015**
46,682|
|---|---|
||**(77,500)**
371,796
**284,077**
(297,535)
**91,055**
(43,042)|
||**375,132**
(340,577)|
||**297,632**
31,219|
||**(11,535)**
(16,953)|
||**286,097**
14,266
**315,137**
300,871|
||**601,234**
315,137|
||**2023**
2022
**£**
£
**601,234**
315,137|
**____________________________________________________________________________________**
16
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023**
## **1. GENERAL INFORMATION**
The Verbal Arts Centre (Northern Ireland) Limited is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address of the registered office is as shown on page 3.
The charitable company constitutes a public benefit entity as defined by FRS 102.
The financial statements are stated in £ sterling which is the functional currency of the charitable company.
## **2. ACCOUNTING POLICIES**
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company’s financial statements.
## **2.1 Statement of Compliance**
The financial statements have been prepared in accordance with Accounting and Reporting by Charites: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008 and the Companies Act 2006.
## **2.2 Basis of Preparation**
The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company's financial statements.
## **2.3 Going concern**
The financial statements are prepared on a going concern basis. Taking account of the risk review undertaken by the directors, they do not consider there to be a risk to the going concern status of the charitable company.
## **2.4 Income and Endowments**
## **(i)Other Trading Activities**
Voluntary income includes incoming resources from gifts, donations and grants and is recognised in full in the Statement of Financial Activities when receivable. Activities for generating funds are commercial activities which are recognised as earned when the related goods and services are provided.
**____________________________________________________________________________________**
17
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2023**
## **2. ACCOUNTING POLICIES (Continued)**
## **2.4 Income and Endowments (Continued)**
## **(ii)Charitable Activities**
Incoming resources from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. Income will only be recognised as the specified goods and services have been provided by the charity. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
## **2.5 Resources Expended**
Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.
## **(i)Charitable Activities**
This compromises all the resources applied by the charity in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charity.
## **(ii)Support Costs**
Support costs include the central office functions such as general management, payroll administration, budgeting and accounting, information technology, human resources and financing. These have been allocated to charitable activities, costs of generating funds and governance costs on a basis consistent with the use of these resources.
## **2.6 Fund Accounting**
The charity has two types of funds for which it is responsible at the year end:
**Unrestricted Funds** – Funds which are expendable at the discretion of the directors in furtherance of the objectives of the charity. In addition, funds may be held in order to finance capital investment and working capital.
**Restricted Funds** – Income received for specific purposes. Such purposes are within the overall aims of the charity.
**Designated Funds** – Funds that have been specifically earmarked by the charity towards its reserves policy. The charity aims to maintain reserves of up to six months expenditure.
**____________________________________________________________________________________**
18
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2023**
## **2. ACCOUNTING POLICIES (Continued)**
## **2.7 Property, Plant and Equipment and Depreciation**
All fixed assets are initially recorded at cost. The cost of fixed assets is their purchase cost, together with any incidental costs of acquisition.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 25% Straight line Buildings 2% Straight line Motor vehicles 25%/33% Straight line
## **2.8 Trade and Other Receivables**
Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts.
## **2.9 Trade and Other Payables**
Trade and other payables are initially recognised at fair value and thereafter stated at cost.
## **2.10 Taxation**
As a charity, the charitable company is not liable to Corporation Tax.
## **2.11 Pension**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2.12 Financial instruments**
The charitable company have chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.
## (i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
**____________________________________________________________________________________**
19
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 March 2023**
## **2. ACCOUNTING POLICIES (Continued)**
## **2.12 Financial instruments (continued)**
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Financial Activities.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
## (ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
## **2.13 Critical accounting estimates and judgements**
In the application of the charitable company’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 associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
**____________________________________________________________________________________**
20
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **3. INCOME AND ENDOWMENTS**
|**Income from Charitable Activities**
Arts Council Northern Ireland:
-
Core Funding
-
Equipment funding
-
Covid Funding
-
Arts & Older People
-
REAP
Derry City Council:
- Core Funding
SEUPB Peace IV (NIHE)
SEUPB Peace IV (Extern)
Children in Need
HSE Bibliography Storyteller
PHA Health Integration
Sustaining Communities
The Community Foundation – Prevention
Services
The Next Chapter
Trinity College
Garfield Weston
Culture Night
Foyle Foundation
Verbal Wellbeing:
-
Western Area
-
Belfast Area
Intervention Services
Recovery Services
Reading Rooms
Other
**Total Income from Charitable Activities**|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
-
208,320
**208,320**
-
11,450
**11,450**
-
-
**-**
-
4,493
**4,493**
-
8,797
**8,797**
-
17,000
**17,000**
-
-
**-**
-
-
**-**
-
9,830
**9,830**
-
-
**-**
-
-
**-**
-
-
**-**
-
49,717
**49,717**
-
-
**-**
-
3,203
**3,203**
-
40,000
**40,000**
-
300
**300**
-
20,000
**20,000**
-
4,293
**4,293**
-
4,293
**4,293**
498,697
-
**498,697**
68,850
-
**68,850**
-
-
**-**
54,547
-
**54,547**|
|---|---|
||622,094
381,696
**1,003,790**|
**____________________________________________________________________________________**
21
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **3. INCOME AND ENDOWMENTS (Continued)**
|**Other Trading Activities**
Education Fees
Room Hire
Equipment Hire
Catering and Refreshments
Media
Other Income
Donations
**Total Income from Other Trading**
**Activities**
**Total Income**|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
1,600
-
**1,600**
5,186
-
**5,186**
255
-
**255**
55
-
**55**
4,178
-
**4,178**
2
-
**2**
900
-
**900**|
|---|---|
||**12,176**
**-**
**12,176**|
||**634,270**
**381,696**
**1,015,966**|
**____________________________________________________________________________________**
22
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **3. INCOME AND ENDOWMENTS (Continued)**
## **COMPARATIVE INCOME AND ENDOWMENTS**
|**Income from Charitable Activities**
Arts Council Northern Ireland:
-
Core Funding
-
Equipment funding
-
Covid Funding
-
Arts & Older People
-
REAP
Derry City Council:
- Core Funding
SEUPB Peace IV (NIHE)
SEUPB Peace IV (Extern)
Children in Need
HSE Bibliography Storyteller
PHA Health Integration
Sustaining Communities
The Community Foundation – Prevention
Services
The Next Chapter
Trinity College
Garfield Weston
Culture Night
Foyle Foundation
Verbal Wellbeing:
-
Western Area
-
Belfast Area
Intervention Services
Recovery Services
Reading Rooms
Other
**Total Income from Charitable Activities**|**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
-
208,320
**208,320**
-
13,796
**13,796**
50,000
-
**50,000**
-
-
**-**
-
-
**-**
-
17,000
**17,000**
-
259,884
**259,884**
-
237,437
**237,437**
-
39,467
**39,467**
-
2,797
**2,797**
-
24,795
**24,795**
-
20,680
**20,680**
-
49,787
**49,787**
-
18,200
**18,200**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
-
-
**-**
249,040
-
**249,040**
210,548
-
**210,548**
40,000
-
**40,000**
-
-
**-**|
|---|---|
||549,588
892,163
**1,441,751**|
**____________________________________________________________________________________**
23
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **3. INCOME AND ENDOWMENTS (Continued)**
## **COMPARATIVE INCOME AND ENDOWMENTS**
|**Other Trading Activities**
Education Fees
Room Hire
Equipment Hire
Catering and Refreshments
Media
Other Income
Donations
**Total Income from Other Trading**
**Activities**
**Total Income**
**4. RESOURCES EXPENDED**
**Charitable Activities**
Wages and Salaries
Project Facilitator Fees
Travel and Subsistence
Arts and Education Program Costs
Membership and Subscriptions
Printing and Stationery
Print and design costs
Telephone and Postage
Sundry expenses
Fundraising and Advertising
Provisions and catering costs
Depreciation||**Unrestricted**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
(121)
-
**(121)**
980
-
**980**
130
-
**130**
1,844
-
**1,844**
-
-
**-**
(36)
-
**(36)**
211
-
**211**
**3,008**
**-**
**3,008**
**552,596**
**892,163**
**1,444,759**
**Unrestricted**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
**Total**
**Funds**
**2023**
**£**
278,558
296,675
**575,233**
252,303
-
**252,303**
13,604
2,301
**15,905**
29,269
20,342
**49,611**
8,315
-
**8,315**
6,447
22
**6,469**
434
597
**1,031**
6
8,997
**9,003**
35,583
-
**35,583**
-
75
**75**
447
-
**447**
42,015
-
**42,015**|
|---|---|---|
||||
||||
||||
|||666,981
329,009
**995,990**|
**____________________________________________________________________________________**
24
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **4. RESOURCES EXPENDED (CONTINUED)**
|**Support Costs**
Recruitment Costs
Staff Training and Development Costs
Rent and Rates
Insurance
Computer Costs
Heat and Light
Cleaning
Repairs and Maintenance
Bank fees and Interest
Consultancy
Legal and Professional fees
Audit and Accountancy
Bad Debt expense
**Total Expenses**
**Comparative Resources Expended**
**Charitable Activities**
Wages and Salaries
Project Facilitator Fees
Travel and Subsistence
Arts and Education Program Costs
Membership and Subscriptions
Printing and Stationery
Print and design costs
Telephone and Postage
Sundry expenses
Fundraising and Advertising
Provisions and catering costs
Depreciation|**Unrestricted**
**Funds**
**2023**
**£**
**Restricted**
**Funds**
**2023**
**£**
**Total**
**Funds**
**2023**
**£**
2,492
43
**2,535**
7,312
495
**7,807**
2,314
-
**2,314**
5,230
7,331
**12,561**
27,757
5,545
**33,302**
8,304
11,613
**19,917**
3,492
-
**3,492**
-
17,702
**17,702**
1,078
-
**1,078**
31,085
800
**31,885**
3,019
-
**3,019**
1,879
5,000
**6,879**
(3,000)
-
**(3,000)**|
|---|---|
||90,962
48,529
**139,491**|
||**757,943**
**377,538**
**1,135,481**|
||**Unrestricted**
**Funds**
**2022**
**£**
**Restricted**
**Funds**
**2022**
**£**
**Total**
**Funds**
**2022**
**£**
90,110
531,989
**622,099**
31,070
-
**31,070**
5,776
9,854
**15,630**
184
114,161
**114,345**
-
6,688
**6,688**
3,295
2,133
**5,428**
39
1,551
**1,590**
-
5,503
**5,503**
6,724
26,175
**32,899**
8,890
335
**9,225**
1,093
-
**1,093**
33,871
12,811
**46,682**|
||181,052
711,200
**892,252**|
**____________________________________________________________________________________**
25
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **4. RESOURCES EXPENDED (CONTINUED)**
## **Comparative Resources Expended**
|**Support Costs**
Recruitment Costs
Staff Training and Development Costs
Rent and Rates
Insurance
Computer Costs
Heat and Light
Cleaning
Repairs and Maintenance
Bank fees and Interest
Consultancy
Legal and Professional fees
Audit and Accountancy
Bad Debt Expense
**Total Expenses**|**Unrestricted**
**Funds**
**2022**
**£**
**Restricted**
**Funds**
**2022**
**£**
**Total**
**Funds**
**2022**
**£**
-
4,783
**4,783**
1,077
2,492
**3,569**
-
1,133
**1,133**
-
10,423
**10,423**
2,243
22,849
**25,092**
2,897
-
**2,897**
-
5,497
**5,497**
10
12,455
**12,465**
-
1,231
**1,231**
14,947
131,880
**146,827**
-
93
**93**
-
6,639
**6,639**
6,744
-
**6,744**|
|---|---|
||27,918
199,475
**227,393**|
||208,970
910,675
**1,119,645**|
## **5. NET INCOME FOR THE YEAR**
Net income is stated after charging:
|Depreciation
Auditors’ remuneration
**6. AUDITORS' REMUNERATION**
Auditor’s remuneration
– audit services|**2023**
2022
**£**
£
**42,015**
46,682
**6,879**
6,639|
|---|---|
||**2023**
2022
**£**
£
**6,879**
6,639
**6,879**
6,639|
**____________________________________________________________________________________**
26
**The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Year Ended 31 March 2023**
## **7. STAFF COSTS AND EMPLOYEE BENEFITS**
The average number of persons employed by the charitable company during the year was 18 (2022: 28).
The total staff costs and employee benefits were as follows:
|Gross wages and salaries
Employers’ national insurance contributions
Pension|**2023**
2022
**£**
£
**502,955**
558,102
**43,867**
52,977
**21,401**
11,020
**568,222**
622,099|
|---|---|
One employee of the charity earned between £60,000-£70,000 in the period in question.
## **7.1. DIRECTORS’ REMUNERATION**
The Directors received nor waived any remuneration or any other benefits during the year.
Travel expenses of £nil (2022: £Nil) were reimbursed to Directors for out of pocket costs.
## **8. PROPERTY, PLANT AND EQUIPMENT**
|**Cost**
At 31 March 2022
Additions
At 31 March 2023
**Depreciation**
At 31 March 2022
Charge for year
At 31 March 2023
**Carrying amount**
**At 31 March 2023**
At 31 March 2022|**Buildings**
**£**
**Fixtures,**
**fittings and**
**equipment**
**£**
**Motor**
**vehicles**
**£**
**Total**
**£**
1,680,074
227,356
85,290
1,992,720
-
11,535
-
11,535|
|---|---|
||1,680,074
238,891
85,290
2,004,255|
||780,722
211,633
85,290
1,077,645
33,601
8,414
-
42,015|
||814,323
220,047
85,290
1,119,660|
|||
||**865,751**
**18,844**
**-**
**884,595**|
||899,352
15,723
-
915,075|
**____________________________________________________________________________________**
27
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 March 2023**
## **9. RECEIVABLES**
|**9. RECEIVABLES**||
|---|---|
|Trade receivables
Other receivables
Prepayments
**10. PAYABLES: amounts falling due within one year**
Trade payables
Other payables
Accruals
Other taxes and social securities|**2023**
2022
**£**
£
**27,090**
142,405
**294,465**
462,394
**5,537**
6,370
**327,092**
611,169|
||**2023**
2022
**£**
£
**138,071**
10,933
**772**
-
**19,431**
50,993
**11,471**
16,764
**169,745**
78,690|
## **11. ANALYSIS OF NET ASSETS**
|Fixed Assets
Current Assets
Current Liabilities
**Net Assets**|**Restricted**
**Funds**
**Unrestricted**
**Funds**
**Designated**
**Funds**
**Total**
**£**
**£**
**£**
**£**
27,810
856,785
-
**884,595**
56,140
572,186
300,000
**928,326**
-
(169,745)
-
**(169,745)**
**83,950**
**1,259,226**
**300,000**
**1,643,176**|
|---|---|
**____________________________________________________________________________________**
28
## **The Verbal Arts Centre (Northern Ireland) Limited (Charitable Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS (continued) For the Year Ended 31 March 2023**
## **12. ANALYSIS OF FUNDS**
|**Opening**
**Balance**
**£**
**Income**
**£**
**Expenditure**
**£**
**Transfer**
**Between**
**funds**
**Closing**
**Balance**
**£**
Arts Council Northern Ireland
-
Core Funding
-
208,320
(199,906)
(8,414)
**-**
-
Equipment Funding
2,606
11,450
(3,086)
-
**10,970**
-
H & S Funding
9,738
-
(3,980)
-
**5,758**
-
Arts & Older People
**-**
4,493
(4,502)
9
**-**
-
REAP
**-**
8,797
-
-
**8,797**
Derry City Council
-
Core Funding
**-**
17,000
(17,000)
-
**-**
The Reading Agency
1,778
-
-
(1,778)
**-**
The Next Chapter
12,437
-
(11,071)
(1,366)
**-**
Children In Need
41,767
9,830
(32,005)
(19,592)
**-**
HSE Bibliography
Storyteller
2,797
-
-
(2,797)
**-**
PHA Health Integration
111
-
-
(111)
**-**
TCF Prevention Services
45,993
49,717
(71,022)
-
**24,688**
Trinity College
**-**
3,203
(18)
(3,185)
**-**
Garfield Weston
-
40,000
(18,417)
-
**21,583**
Culture Night
-
300
(99)
(201)
**-**
Foyle Foundation
-
20,000
(8,110)
-
**11,890**
Verbal Wellbeing
-
Western Area
-
4,293
(4,161)
-
**132**
-
Belfast Area
-
4,293
(4,161)
-
**132**
**Total Restricted**
**Funds**
**117,227**
**381,696**
**(377,538)**
**(37,435)**
**83,950**
**Unrestricted Funds**
**1,345,464**
**634,270**
**(757,943)**
**37,435**
**1,259,226**
**Designated Funds**
**300,000**
**-**
**-**
**-**
**300,000**
**Total**
**1,762,691**
**1,015,966**
**(1,135,481)**
**-**
**1,643,176**|**Opening**
**Balance**
**£**
**Income**
**£**
**Expenditure**
**£**
**Transfer**
**Between**
**funds**
**Closing**
**Balance**
**£**
Arts Council Northern Ireland
-
Core Funding
-
208,320
(199,906)
(8,414)
**-**
-
Equipment Funding
2,606
11,450
(3,086)
-
**10,970**
-
H & S Funding
9,738
-
(3,980)
-
**5,758**
-
Arts & Older People
**-**
4,493
(4,502)
9
**-**
-
REAP
**-**
8,797
-
-
**8,797**
Derry City Council
-
Core Funding
**-**
17,000
(17,000)
-
**-**
The Reading Agency
1,778
-
-
(1,778)
**-**
The Next Chapter
12,437
-
(11,071)
(1,366)
**-**
Children In Need
41,767
9,830
(32,005)
(19,592)
**-**
HSE Bibliography
Storyteller
2,797
-
-
(2,797)
**-**
PHA Health Integration
111
-
-
(111)
**-**
TCF Prevention Services
45,993
49,717
(71,022)
-
**24,688**
Trinity College
**-**
3,203
(18)
(3,185)
**-**
Garfield Weston
-
40,000
(18,417)
-
**21,583**
Culture Night
-
300
(99)
(201)
**-**
Foyle Foundation
-
20,000
(8,110)
-
**11,890**
Verbal Wellbeing
-
Western Area
-
4,293
(4,161)
-
**132**
-
Belfast Area
-
4,293
(4,161)
-
**132**
**Total Restricted**
**Funds**
**117,227**
**381,696**
**(377,538)**
**(37,435)**
**83,950**
**Unrestricted Funds**
**1,345,464**
**634,270**
**(757,943)**
**37,435**
**1,259,226**
**Designated Funds**
**300,000**
**-**
**-**
**-**
**300,000**
**Total**
**1,762,691**
**1,015,966**
**(1,135,481)**
**-**
**1,643,176**|
|---|---|
|-
Core Funding
-
Equipment Funding
-
H & S Funding
-
Arts & Older People
-
REAP
Derry City Council
-
Core Funding
The Reading Agency
The Next Chapter
Children In Need
HSE Bibliography
Storyteller
PHA Health Integration
TCF Prevention Services
Trinity College
Garfield Weston
Culture Night
Foyle Foundation
Verbal Wellbeing
-
Western Area
-
Belfast Area
**Total Restricted**
**Funds**
**Unrestricted Funds**
**Designated Funds**
**Total**||
||**117,227**
**381,696**
**(377,538)**
**(37,435)**
**83,950**
**1,345,464**
**634,270**
**(757,943)**
**37,435**
**1,259,226**
**300,000**
**-**
**-**
**-**
**300,000**
**1,762,691**
**1,015,966**
**(1,135,481)**
**-**
**1,643,176**|
## **13. RESTRICTED FUND DESCRIPTIONS**
The Verbal Arts Centre (Northern Ireland) Limited has a wide portfolio of funded projects. In terms of funding value, the main funding sources/projects have been: -
## **Arts Council Northern Ireland:**
Principal funding received from the Arts Council of Northern Ireland Annual Funding Programme. This fund relates mainly to the general running and administrative core costs.
## **Derry City Council:**
This is a fixed level of core funding awarded by Derry City Council on an annual basis which provides contribution towards specifically defined operational costs.
## **14. CONTINGENT LIABILITIES**
A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charitable company.
**____________________________________________________________________________________**
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