COMPANY REGISTRATION NUMBER: N1026500 CHARITY REGISTRATION NUMBER: 101482 Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Financial Statements 31 March 2025 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Verbal Arts Centre (Northern Ireland) Limited The Company Llmited by Guarantee Financial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the directorfs report) Independent auditor's report to the members ststement of financial activities (including income and expenditure account) Statement of financial position Statement of cash flows 14 15 16 Notes to the financial statements 17
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025. Reference and admlnistrative detalls Registered charity name Verbal Arts Centre (Northem Ireland) Limit8d The Charity registration number 101482 Company registration number N1026500 Prlncipal office and reglstered Stable Lane and Mall Wall offjce Bishop Street Within DerrylLondonderry BT48 6PU The trustees Clara Hanley Hugh Nelson James Kerr Dr Catherine McDonnell Jason Alexander Mclntosh Paul Anthony Healy Valerie Jane Din5more June Coates St&ven Lindsay (Resigned 25 April 2025) (Resigned 6 Decernber 2024) Company secretary James Kerr Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers AIB 143-145 Strand Road DerrylLondonderry BT48 7TN
Verbal Arts Centre (Northern Ireland) Limited The Company Limlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnu•d) Year ended 31 March 2025 Structurei governance and management The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the audited financial statements of th8 charitable company for the year ended 31 March 2025. The financial statements hav8 been prepared in accordance with the Stat8ment of Recommended Practice "Accounting and Reporting by Charities" {FRS 102). United Kingdom Generally Accepted Accounting Practlce. the Charities Act (Northern Ireland) 2008 and the Companies Act 2006. The reference and administration details of the charitable company are as shown on page 1. The Chief Executive was responsible for the supervision of the day-to-day operations of the charitable company throughout th8 year.
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 R8Stricted funds Total funds Total funds 2024 Unrastricted Jnds Nots Income and endowments Donations and legacies Charitable activities other trading activities Total income 30 30 712,307 64,339 712,307 401,634 38,740 64.339 64,369 712,307 776.676 440,374 Expendlture Expenditure on charitable activities Total expenditure 248.914 715.874 964.788 666,877 248,914 715,874 964,788 666,877 Net expenditure (184.545) (3.567) (188,112) {226.503) Transfers between funds 21.822 (21,822) Net movement In funds {162,723) (25.389) (188.112) (226,503) Reconclllation of funds Total funds brought forward Total funds carried forward 1,337,143 1.174,420 79.530 1.416.673 1.643,176 1,416,673 54.141 1.228,561 The statement of financial activtties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 31 fomi part of Ihesg financial statoments. 14
Verbal Arts Centre (Northern Ireland) Limited The Company Llmlted by Guarantee statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Intangible assets Tangible fixed assets 15 16 74,294 812,446 74,294 846,497 886,740 920.791 Current assets Debtors Cash at bank and In hand 17 384,553 642.948 263,746 271.325 1.027.501 535,071 Creditors: amounts falling due within one year Net current assets 18 685.680 39,189 341.821 495,882 Total assets less current Ilabllitles 1,228,561 1,416,673 Net assets 1,228,561 1,416,673 Funds of the charity Restricted funds Unrestricted funds 54.141 1,174,420 21 1.228.561 79.530 1,337,143 1.416.673 Total charlty funds These financial statements were approved by the board of trustees and authorised for issue on 7 November 2025. and are signed on behaff of the board by: Dr Catherine M¢Donnell Truste8 The notes on pagos 17 to 31 form part of these financlal statements. 15
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operating activities Net expenditure (188.112) (226,503) Adjustments for.. Depreciation of tangible fixed assets Interest payable and similar charges Gains on disposal of heritage assets Accrued income 40,255 1,286 39.908 1,079 (21,200) (134,269) Changes in.. Trade and other debtors Trade and other creditors 11,898 648.055 (130,556) 63,346 Cash generated from operations 379,113 (273,926) Interest paid Net cash froml(used in) operating activities {1.286) 377.827 (1,079) (275,005) Cash flows from investing actlvitles Purchase of tangible assets Proceéds from sale of heritage assets Purchase of intangible assets Net cash used in investing activities (6.204) (1,810) 21.200 (74.294) (54.904) (6,204) Net in¢reasel{de¢rease) in cash and cash equivalents Cash and cash equlvalents at beglnnlng of year Cash and cash equivalents at end of year 371.623 271.325 (329,909) 601,234 642.948 271,325 The notes on pages 17 to 31 form part of thgso financial statemenls. 16
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General Information The charity is a public benefit entity and a private company limited by guarantee. regISted in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Stable Lane and Mall Wall. Bishop Street Within, DerrylLondondery, BT48 6PU. statement of compliance These financial statements 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. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of rtain 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 functlonal currency of the entity. Going concern There are no material uncertainties about the Charty's ability to continu8. Judgements and key sources of estlmatlon uncertalnty 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 expectalions of future events that are believed to be reasonable under the circumstances. Foreign ¢urrencie$ Foreign currency transactions are initially recorded in Ihe functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the 8xchange rate ruling at the reporting date. with any gains or losses being taken to the statement of financial aclivities. 17
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (¢gntinued) Year ended 31 March 2025 Accounting policies (contlnuedj Fund accounting Unrestricted funds are available for use at th8 discretion of the trustees to further any of the ¢haritVs 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 two sub-classes= restricted income funds or endowment funds. Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the Gharity., it is probable that the economic benefils associated with the transaction will flow to the charity and the amount 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 evidence of entitlement to the gfft, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and enlitlement is established. income from donated goods is measured at the fair value of the goods unless thi5 IS impraGtical 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 measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services Is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a ¢onlTactual requirement for it to be spent on a particular purpose and relurned rf unspent. in which case it may be regarded as restricted. 18
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (contlnuod) Year ended 31 March 2025 Accounting policies {contlnu•d) Resources expended Expenditure is recognised on an a¢¢ruals basis a5 a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under h8adings of the statement of financial activities to which it relates: expenditu on raising funds includes the costs of all fvndraising activities, events. non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity In undertaklng activities that further its Charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to th8 govemance of the charity apportioned 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 are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Sharad costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent basis. Intanglble assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation. as determined by reference to an active market. less any subsequent accumulated amortisation and subsequent accumulated impaimient losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economiG benefits are probable and the cost or value can be measured reliably. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets ¢arried al 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 carying amount of an asset as a result of a revaluation. Is recognised 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 carrylng 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 Iossgs on the statement of financial activities. 19
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (cont1ftdJ Year ended 31 March 2025 A¢¢ountlng pollcles (continued) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, les5 Its residual value. over the useful economic lif8 of that asset as follows: Freehold propety Fixtures and fittings Motor iiehicles 2 % straight line 25010 Straight line 25Q/L7 Stpight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the cOVerable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assats 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 ar8 expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instrumonts A financial asset or a financial liability is recognised only when the charity becomes a paty to the ¢ontractual provisions of the instrument. Basic financial instwments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or reIVed and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and 8xpenditur8. All 0th8r such investments are subsequently measured at cost less impairment. Other financial instruments, including derivative5. are initially re¢ognised at fair value, unless payment for an ass8t is deferred beyond normal business temis or financed at a rate of interest that 15 not a market 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. 20
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (continue Year ended 31 March 2025 Accounting policies f¢on(inu¢d) Financial instruments f¢ontlnu¢d) other financial instruments are subsequently measured at fair value, with any changes 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 eviden of impairm8nt at the 8nd of each reporting date. If there is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in th8 Statement of financial activities in which the initial gain was recognised. For all equlty Instruments regardless of signtficance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar cr8dit risk characteristics. Any reversals of impaimient are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what lh8 carrying amount would have been had the impairment not previously b88n recognised. Defined contributlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid wntributions are recognised as an asset to the extent that the ppaYrnent will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly withln 12 months of the end of the reporting date in which the employees nder the related servi. the liability is measured on a discounted present value basis. The unwinding of the discount is recognis8d as an expense in the period in which it arises. Limited by guarantee The Verbal Arts Centre (Northern Iland) Limited is a charitable company limited by guarantea and accordingly does not have a share capital. Every member of the company undertakes lo contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or sh8 is a member. or within one year after he or she ceases lo be a member. Donations and legacies Unrestricted Totsl Funds Unrestricted Totsl Funds Funds 2025 Funds 2024 Donatlons Donations 30 30 21
Verbal Arts Centre (Northern Ireland) Limited The Company Llmlted by Guarantee Notes to the Financial Statements (contlnu•dJ Year ended 31 March 2025 Charitable actlvltles Unrestricted Funds Restricted Total Funds Funds 2025 DCC- Core Funding ACNI Grants- Core Funding ACNI Arts & Older People ACNI REAP ACNI Digital Evolution Project ACNI Community Project Others - Project Funds TBUC TEO - Story Exchange RAPID-Taking the Next step EU - Project Funding Pea Plus - Verbal Peace Plus - Partners DOH Carers Fund Clear STF Radius Housing Cultural canvas Department of Economy The Community Foundation - Prevention Services Dormant Accounts Fund- Nl National Lottery- Trans tales CFNI- Toy Show Grow Ulster Garden Villages Creative Connections DCSDC - European Open heritage DCSDC - Culture night Supporting POCA DCSDC - Spookybones Macmillan Centre DCSDC- Halloween Rayne Fund st Stephen's green trust 17.000 208,320 2.978 7,731 4,504 4,000 17.000 208,320 2.978 7.731 4,504 4,000 17.174 2.000 (14,459) 161.259 149.217 27,020 17,174 2,000 (14.459) 161,259 149.217 27.020 1,888 1,888 17,920 17,920 39,835 19,443 39,027 6,700 750 39.835 19,443 39.027 6.700 750 712,307 712.307 22
Verbal Arts Centre (Northern Ireland) Limited The Company Lirnited by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2025 Charltable aclivities (continued) Unrestricted Funds Restricted Total Funds Funds 2024 DCC- Core Fundlng ACNI Grants- Core Funding ACNI Arts & Older People ACNI REAP ACNI Digital Evolution Project ACNI Community Project Others - Project Funds TBUC TEO - Story Exchange RAPID-Taking the Next Step EU- Project Funding Peace Plus- Verbal Peace Plus - Partners DOH Carers Fund Clear STF Radius Housing Cultural canvas Department of Economy The Community Foundation - Prevention Services Dormant Accounts Fund - Nl National Lottery- Trans tales CFNI- Toy Show Grow Ulster Garden Villagès Creative Connections DCSDC - European Open heritage DCSDC - Culture night Supporting POCA DCSDC - Spookybones Macmillan Centre DCSDC- Halloween Rayne Fund St Stephen's green trust 17,000 210,820 3.759 978 4,504 4.000 17,000 210.820 3,759 978 4,504 4,000 12.044 126 12,044 126 27,020 3.893 5,036 1.043 1,629 5,000 39.834 27.020 3,893 5.036 1,043 1.629 5,000 39,834 13,300 6.934 498 400 10,060 972 4,893 2.000 20.000 5.891 13.300 6.934 498 400 10,060 972 4,893 2.000 20.000 5,891 12,044 389.590 401.634 23
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (contlnu•dJ Year ended 31 March 2025 Other tradlng actlvities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Education Fees Room Hire Cat8ring & Refreshments Media Digilal Storytelling Online Storytelling Research Services Summer S¢heme5 Reading Rooms Delivery 27,003 22.594 27,003 22,594 8,905 15.732 345 1,643 5,425 2,671 4,019 8,905 15.732 345 1,643 5,425 2,671 4,019 508 94 508 50 14,006 50 14,006 64,339 64,339 38.740 38.740 Expenditure on charltable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Charitsble Activities Support costs 111,888 137.028 715,874 827,760 137.028 248.914 715.874 964.788 Unrestricted Funds R8Stricted Total Funds Funds 2024 Charitable Activities Support costs 221,960 50.907 272.867 343.470 50.540 394.010 565,430 101,447 666.877 Expenditure on charitable activities by activity typo Activities undertaken directly Support costs Tolal funds 2025 Total fund 2024 Charitable Activities G0veMan Gosts 827,760 88,543 48.485 916,303 48,485 647,910 18,967 827,760 137,028 964,788 666.877
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (contlnu•d) Year ended 31 March 2025 10. Analysis of support costs Support Costs Total 2025 Total 2024 staff Costs Premises Communications and IT General offica Finance costs Governance costs 2,522 34,011 31.461 19.263 1.286 48.485 2,522 34,011 31,461 19,263 1,286 48,485 10,512 32,366 25,723 12,800 1,079 18,967 137.028 137,028 101,447 11. Net expenditure Net expenditure is stated after chargingl{crediting): 2025 2024 Depreciation of tangible fixed assets Disposal of red asset Foreign exchange differences 40,255 39.908 (21,200) (4,174) 17 12. Audltors remuneratlon 2025 2024 Fees payable for the audit of the financial statements 8,340 7.511 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows= 2025 2024 Wages and salari8s Social security costs Employer Gontributions to P8nsion plans other employee benefits 495,078 48,424 20,439 14,252 578,193 456.251 37.794 19,286 513.331 The average head count of employees during the year was 17 (2024: 18). Th8 number of employees whose remuneration for the year fell within the following bands, we. 2025 2024 No. £60.000 to £69.999 25
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (¢gntinuod) Year ended 31 March 2025 13. staff costs feontlnu•d) Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charfty was £148,110 (2024:£153,011). 14. Trustee remuneration and expenses The trustees were not paid or received any other benefits from employment neither where they reimbursed expenses during the year (2024: £Nil). 15. Intangible assets Intangible Asset Cost At 1 April 2024 and 31 March 2025 Amortisation At 1 April 2024 and 31 March 2025 Carrylng amount At 31 March 2025 74,294 74,294 74,294 At 31 March 2024 16. Tangible fixed assets Freehold Fixtures and property fittings Total Cost At 1 April 2024 Additions 1.680,074 240.701 6.204 1,920,775 6,204 At 31 March 2025 1.680,074 246,905 1,926,979 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 847,924 33,601 226,354 6,654 233,008 1.074.278 40.255 881.525 1,114,533 Carrying amount At 31 March 2025 798,549 13,897 812.446 At 31 March 2024 832.150 14,347 846.497 The Freehold property at Stable Lane. DerylLondondery is held at cost. 26
Verbal Arts Centre (Northern Ireland) Limited The Company Llmited by Guarantee Notes to the Financial Statements (contlnu8dJ Year ended 31 March 2025 17. Debtors 2025 2024 Trade debtors Prepayments and accrued Income 1,118 383,435 12,954 250,792 384,553 263,746 18. Credilors: amounts falling due withln one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes other creditors 4,973 512,643 15.138 152.926 685.680 8.707 10.898 18.812 772 39,189 19. Deferred Income 2025 2024 Amount defeed in year 503.309 20. Pensions and other post retirement benefits Defined contribution plans The amount r8cognised in income or expenditure as an expens8 in relation to defined contribution plans was £20.439 (2024.. £19,286). 21. Analysis of charitable funds Unrestrlcted funds At 31 March 202 At 1 April 2024 Income Expenditure Transfers General funds Capital Assets Designated Funds 1,037,143 64.369 (248.914) (542,361) 864.183 (300.000) 21,822 310,237 864.183 300.000 1,337,143 64,369 (248,914) 1,174,420 At 31 March 202 At 1 April 2023 Income Expenditure Transfers General funds Capital Assets Designated Funds 1,259.226 50.784 (272,867) 1,037,143 300.000 300,000 1,559,226 50.784 (272.867) 1.337,143 27
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 21. Analysls of charltable funds (eontlnu8d) Transfers have taken place in the relation in relation to management fees. Transfers have also tsken plac8 in the year from unr8Strict8d to restricted funds. Restrlcted funds At 31 March 2025 At 1 April 2024 Income Expenditure Transfers ACNI Equipment Fund ACNI H&S Funding ACNI REAP The Community Foundation - Prevention Services Garfield Weston Foyle Foundation Verbal Wellbeing ACNI Grants- Core Funding DCC - Core Funding ACNI Arts & Older People ACNI Digital Evolution Project ACNI Community Project EU- Project Funding TBUC DOH Carers Fund Ulster Garden Villages Creative Connections DCSDC- European Open heritage DCSDC - Cullure night Supporting POCA DCSDC - Spookybones Macmillan Centre DCSDC - Halloween Rayne Foundation St stephen's green trust Clear STF - Beyond Pages Radius Housing Cultural canvas Department of Economy DormantAccounts Fund - Nl National Lottery CFNI Toy show grow TEO - Story Exchange RAPID- Taking the next step SEUPB - Peace Plus SEUPB - Peace Plus - Verbal 6,050 1,700 (6.050) (1,700) 7,731 7,731 267 (267) 208.320 17,000 2.978 4,504 4.000 (14,459) (192,259) (16,061) (10,058) (6.942) (1,430) (1,837) (5,373) (8,000) 289 869 4,000 14.459 7,093 27.020 8.700 750 (31,426) (2,687) (6.700) (531) (219) 6.764 (6.405) (359) 13.547 3,570 (12,922) (3.570) (625) 1,835 360 475 32,711 1.888 (3,134) (360) (15,578) (1.008) (39,892) (17,725) (1.718) (22,113) (4.967) 11,947 (17,905) 731 (2,000) (149,217) (161.259} (715.8741 (21,822) {589) 17,920 39.835 19.443 39.027 17.174 2.000 149.217 161,259 79,530 712,307 1.809 32,654 54,141 28
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (contlnuodj Year ended 31 March 2025 21. Analysls of charilable funds (continued) At 31 March 2024 At 1 April 2023 Income Expendlture Transf8rs ACNI Equipment Fund ACNI H&S Funding ACNI REAP The Community Foundation- Prevention Services Garfield Weston Foyle Foundation Verbal Wellbeing ACNI Grants- Core Funding DCC - Core Funding ACNI Arts & Older People ACNI Digital Evolution Project ACNI Community Project EU - Projact Funding TBUC DOH Carers Fund Ulster Garden Villages Creative Connections DCSDC - European Open heritage DCSDC- Culture night Supporting POCA DCSDC - Spookybones Macmillan Centre DCSDC - Halloween Rayne Foundation St Stephen's green trust Clear STF - Beyond Pages Radius Housing Cultural canvas Department of Economy Dormant Accounts Fund - Nl National Lott8ry CFNI Toy show grow TEO - Story Exchange RAPID- Taking the next step SEUPB - Peace Plus SEUPB - Peac8 Plus- V8rbal 10,970 5,758 8,797 (4,920) (4,058) (9.775) 6,050 1.700 978 24,688 5,000 21.583 11.890 264 (29,688) (21.316) (11,890) (264) (210,820) (17,000) (3,470) (3,635) 267 210,820 17,000 3.759 4.504 4,000 289 869 4.000 126 27,020 13,300 6,934 498 400 10,060 972 4,893 2.000 20,000 5,891 3,894 5,036 1.043 1,629 39,833 (126) (19.927) (13.300) {6.934) {498) {400) (3,296) (972) (4,893) (2,000) (6,453) (2,321) (3,894) (3.201) (683) (1.154) (7.122) 7,093 6,764 13.547 3.570 1.835 360 475 32,711 83,950 389,590 (394.010) 79.530 29
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Financial Statements (continugd) Year ended 31 March 2025 22. Analysis of net assets between funds Unrestricted Fund5 Restricted Endowment Total Funds Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 864,183 22.557 339.445 688,056 (29.208) (656,472) 1,174,420 54.141 886.740 1.027.501 (685,680) 1,228,561 Unrestricted Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 901,963 171,551 (36,371) 1,037,143 18.828 63,520 (2.818) 79.530 920,791 535,071 (39,189) 1.416,673 300,000 300,000 23. Taxation The Company is a regISted charity, and as such is entitled to tax exemptions on income and profits in furtheranc8 of th8 charity's primary objectives. 24. Contingencles A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the Gharity. In the opinion of the Trustees. the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 25. Ethical standards In common with many other businesses of our size and nature we usa our auditors to prepare and submit relurns to the tax authorities and assist with the preparation of the financial statements. 26. Analysis of changes in net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 Cash at bank and in hand 271,325 371.623 642,948 30
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the.Financial Statements (contlnuedl Year ended 31 March 2025 27. Related Partles The Verbal Arts Centre has two subsidiary companies.. Lagan Press and Sevengate. Lagan Press was incorporatad into Verbal's governance structure at the request of the Arts Council of Norlhern Ireland. Following subsequent reductions In public funding, the Arts Council grant to Lagan Press was discontinued. The company continu8d to publish new titles for a number of years,. however, publishing activity has now ceased. Lagan Press ¢urr8ntly op8rates on a limited basis. fulfilling online orders for titles from its existing back catslogue. Sevengate, established in 2012. serves as Verbal's trading subsidiary. It was created to facilitate access to business support programmes and to generate unrestricted income for the organisation. 31
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2025 The following pages do not form part of the flnanclal ststements. 32
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowmenls Donatlons and legacles Donations 30 Charitable activities DCC- Core Funding ACNI Grants- Core Funding ACNI Arts & Older People ACNI REAP ACNI Digital Evolution Project ACNI Community Project Others- Project Funds TBUC TEO - Story Exchange RAPID-Taking the Next Step EU - Project Funding Peace Plus - Verbal Peace Plus - Partners DOH Carers Fund Clear STF Radius Houslng Cultural canvas Department of Economy The Community Foundation - Prevention Services Dormant Accounts Fund - Nl National Lottery- Trans tales CFNI - Toy Show Grow Ulster Garden Villages Creative Connections DCSDC - European Open heritage DCSDC- Culture night Supporting POCA DCSDC- Spookybones Macmillan Centre 17,000 208,320 2.978 7,731 4,504 4,000 17,000 210,820 3,759 978 4,504 4,000 12,044 126 17,174 2,000 (14,459) 161.259 149,217 27.020 27,020 3,893 5,036 1,043 1,629 5.000 39,834 1.888 17,920 39,835 19,443 39,027 6,700 750 13.300 6.934 498 400 10,060 972 4,893 Carried forward (712,307) (373,743) 33
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Detailed Statement of Financial Activities (wntinued) Year ended 31 March 2025 2025 2024 Brought forward (712,307) (373.743) DCSDC - Halloween Rayne Fund St Stephen's green trust 2,000 20,000 5.891 712,307 401,634 Other trading activities Education Fees Room Hire Catering & Refreshments Media Digital Storytelling Online Storytelling Research Services Summer Schemes Reading Rooms Delivery 27,003 22,594 8,905 15,732 345 1,643 5,425 2,671 4,019 508 50 14,006 64,339 38,740 Total income 776,676 440,374
Verbal Arts Centre (Northern Ireland) Limited The Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expendlture on Charitable activities Charitable Actlvltles Activities undertaken directly Wageslsalaries Employer's NIC Pension costs Other Benefits Print & Design Costs Catering Membership & Subscription Telephone & Postage Printing & Stationery Sundry Expenses Motor vehicle expenses Arts & Education Program Costs Staff Travel Recruitment Costs Staff Training Depreciation Foreign exchange gainlloss Disposal of fixed asset gainlloss EU - Project Funding - Partner Payments 495,078 48,424 20.439 14.252 456,251 37,794 19,286 107 344 6,446 6,003 5,055 1.562 154 11,984 5,910 7,538 5.050 4.236 5,862 26,252 3.963 5,386 1,707 40,255 17 39.908 (4.174) (21,200) 149.217 827,760 565.430 Support Costs Recruitment Costs Heat & Light Insurance Cleaning Rent & Rates Repairs & Maintenance Computer Costs Other interest payable and similar charges Staff Training & Development Costs 739 15,091 13,463 1.038 1.897 21,785 31,461 1,286 1.783 4,296 19,350 12.070 730 1,644 11,372 25,723 1.079 6,216 82,480 .. 88,543 Governance costs Govemance costs - audit fees Governance costs - legal and other professional fees Governance costs - Consultancy 8.971 1,362 38,152 48,485 7,511 314 11,142 18,967 Expendlture on charitable activities 964,788 666,877 Net expendlture (188,112) (226.503) 35