Charity registratlon number NIC 101603 Company registration number N1609126 {Northern Ireland) ARTS & BUSINESS NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 ARTS & BUSINESS NORTHERN IRELAND LEGALAND ADMINISTRATIVE INFORMATION Trustees S Hayles S Deignan D Mc Parland L P Murphy C Sharpe D M Roberts G Amstrong Secretary D Mc Parland Charfty numbor NIC 101603 Company number N1609126 Reglstered offlce East 8elfast Ne￿Ork Centre 55 Templemore Avenue Belfast BT5 4FP Audltor Harbinson Mulholland Centrepoint 24 Omieau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS ARTS & BUSINESS NORTHERN IRELAND CONTENTS Page Chair's Report Trustees, report Statement of trustees, responslbilities Independent auditorfs report 10-12 Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-27 ARTS & BUSINESS NORTHERN IRELAND CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2023 At Arts & Business Nl our core belief is that creativity drives performance and prosperity and Ihal the Arts are fundamental to how we successfully function as a society We are committed to our objectives of proiriding strategic and practical support to the arts sector, working alongside our arts and private sector partners to inspire, grow and support artslbusiness relationships and inveslment in the Arts to strengthen the sector and shape a sociely that is culturally, socially and economically prosperous. To play our part in supporting the growth of a culturally rich and strong Northern Ireland, able to withstand exlernal economic pressures, we must be adaptable and ambitious. Anticipating and understanding the needs of our members is critical as we work to ensure we are delivering timely, effective and targeted programming. Throughout 2022123 we were proud to deliver a high-quality programme of activities and services to drive performance across both the arts and business sectors. This was made possible through the support of our principal funder the Arts Council of N l and our other funding stakeholders and partners. Our Arts members b8nefitted from a wealth of bespoke support and advice as well as Ihought-leadership, govemance and funding information provided via one-lo-one surgeries. podcasts, webinars, workshops and conferences throughout the year. Our programme was designed lo encourage fresh thinking and build confidence in tackling the many issues facing arts organisations at this time. Under the deslabilising effects of reduced government support, coupled with a cost of living crisis and rising cost5, the work that Arts & Business Nl undertakes has never been more important. New business models, diversified income streams, effective impact evaluation and robust governance are essential for sutvival in the current climate. Arts & Business Nl provides the guidance and support our members need to thrive and make Northern Ireland a better place for all of us. Our pioneering Blueprint Programme supported 30 Arts organisations over 6 months, providing training via peer learning, mentoring and learning resources. 17 of the organisations have continued lo Phase 2 which will support them for 4 years through the provision of investment grants, board development, mentoring and training, all tailored to their specific needs. The investment grants are critical to help them free up capacity, lest new income generating ideas and invest in, and incentivise, financial growth. Our private sector network continued lo help strengthen and Support the arts, We trained and plac￿1 business people onto arts boards, brokered creative partnerships and facilitated skills exchange and mentoring opportunities. Our business professionals engaged with and informed our advice and support across our memberships We were pleased to maintain our business member numbers over the year and new members matched any resignations, reinforcing our belief that the private sector values the arts and the enrichment the arts bring lo their businesses. Our business events were designed to address business challenges identified Ihrou9h round-lable discussions with members and led,to high levels of engagement and altendance. The A&BNI Investment Programme, funded by Arts Council of Northem Ireland continued lo strengthen partnerships be￿een local businesses and arts organisations. In this financial year we supported 21 projects through the A&BNI Investment Programme and we are pleased to note 750/0 of those were first time partnerships and 33010 were for activities taking place outside Belfast. The number of applications comin9 through this programme confirms the value that the business sector sees in creative partnerships in addressing their business goals. Their recognition of the importance of a vibrant arts and cultural s8Ctor in making this an attractive place lo do business IS vital in the current economic climate. We hosted our Arts & Business Nl Awards 2022: in partnership with Forestside. al 2 Royal Avenue and engaged number of emerging local musicians lo perform in celebration of the Belfast Unesco City of Music accolade. Our event highlighted the important work being undertaken by arts and business relationships across Northern Ireland and was a fitting tribute to the spirit of collaboration and ambition acros5 both sectors. A summary of all our activities across the 2022-23 year is detailed in the following report. I would like to thank our arts and busine55 members without whose support none of this would be possible. our funders, in particular the Arts Council of Nl, our sponsors and our A&BNI staff team who bring enthusiasm and passion to all that they do, and to my colleagues on the A&BNI board for their support and commitment. To see our full range of work and support services visit our website al www.artsandbusinessnl.org.uk. Damlan Dated.. cParland Chalr ARTS & BUSINESS NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial statements for the year ended 31 March 2023. The accounts have been prepared in accordan￿ with the accounting policies set out in note 1 to accounts and comply with the charity's Articles ofAssociation, the Companies Act 2006 and "Accounting and Reporting by Charities.. 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 IFRS 102)" (as amended for accounting periods commencing from 1 January 2016). Objectives and actlvlties Th• purposes of tha charlty are: to promote for the benefit of the public within Northem Ir81and, the advancement of the Arts, culture and hentage and the promotion of the efficiency of charities, in particular but not limited to the promotion of philanthropy amongst businesses and individuals; the promotion of partnerships between arts organisations and businesses, the advancement of education in relation to the Arts with a view to developing public taste and appreciation of the Arts. and the provision of training to and promotion of best practice in the governance of arts charities in Northern Ireland. The vision that shapes our activities is that the Arts and cultural sector in Nl will have the confidence and skills lo successfully diversify their income from private investment sources. underpinned by strong governance and sound business planning principles, and that the Nl Government and pnvate sector will see the economic and business benefits of investment in and partnership with a sustainable and thriving cultural sector. Our commitment as an organisation has always been lo help sustain and strengthen the Arts, by being the catalyst for new alliances and ideas between individuals, businesses and cultural organisations., that purpose underpins everything that we do, Our experience, network and services create the Chemistry for these partnerships lo prosper. Values: The way we run our busine55 and approach everyihing we do will be underpinned by the following operating principles and values.. We believe in the power of creativity to drive performance and prosperity We will be professional, creative and passionate about our work We will strive to deliver quality, relevant, engaging and value for money customer servlce We will be an organi5ation of integrity and will treat our clients, stakeholders and colleagues with respect, trust, openness and transparency Strateglc alms: The strategic aims that underpin our activlty to deliver against our purpose are.. To build the knowledge and capacity of the arts and culture sector to diversify income, engage with the private sector and to stimulate philanthropy To promote business performance through culture and creativity To deliver inspiring advocacy, communications and thought leadership around partnership between commerce and culture To be an excellent and sustainable organisation In the financial year 2022-23, A&BNI delivered a range of strategic programming that supported our aims, championed and celebrated creativity, fostered partnerships and supported sustainability within the arts and cultural sector in Northern Ireland The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Activity Overvlew in 2022-23: strengthening governance on cultural boards: Our governance programmes work to build and maintain engaged and skilled cultural boards. We believe that if cultural organisations are to fulfill their true potential the whole organisation must be functioniro and effective. To help strengthen governance and support sustainability, A&BNI mobilise our business networks to support arts organisations through sharing skills and advice and taking part in our board matching programmes. Board Bank and Young Professionals on Arts Boards. Across the 2022-23 financial year we accepted 17 business people onto our Governance programmes. We provided training to Young Professionals on their roles and responsibilities as board members and also ran Fundamentals of Board Membership seminars for more experienced business people. Through these programmes we were able to provide additional resources lo the arts sector by placing carefully selected experienced business people onto the boards of arts organisations. "I canno¢ speak highly enough of the training provided. The sgssions covergd corporate govemanc8 and ethics, financials and accounting, and the role of the board in the over811 slrucÈure of 8n arts organisation. I would safely say that what8ver yourprolessional background, the training will prepare you adequately so Ihat you can make the best possible impact when you join the board of a local Arts organisation. Andrew Drylle, Venture Capital Fund Manager. Sapphlre Capltal Partners LLP We provided in-depth Governance Health Check reviews and bespoke board sessions, supported Trustees via confidential governance consultations, and worked with them as a strategic associate, referencing our cross- sector knowledge. resources and network as and when required. Our approach to governance as a pro-active, ethical, leadership commitment drives our resolution to support board members individually and collectively throughout their lime in office. A&BNI is an active member of theDeveloping Governance Group thal produces thecode of Good Governance which is endorsed both by CCNI and ACNI, and manages a shared online resoLsrce of templates and information at htlp.'Ilwww.diycommitteeguide.org. In our Cultural Governance half day conference, we championed good governance, celebrated a range of trustee voices, and tackled big issues for charity boards. With a mix of plenary sessions and talks to small groups, delegates were informed through conversations on People & Culture, Diversity & Representation, FUnd￿lSing, Financial Planning, and Sustainability OLir inspirational speakers included Prue Skene of Clore Leadership and Keisha Thompson from Contact Theatre Manchester. Skllls devolopment and support for Income dlverslflcation for the Arts: Our programme of activity was carefully created to be relevant to all sizes and types of members, and lo respond to critical needs faced by the sector. We offered our membership a range of training. resources and events that encouraged them to critically investigate key ideas and models of arts fundraising, cultural leadership, organisational development and change management. As well as providing confidential support we were also able to signpost members to our extensive resources and toolkits available through our website. We delivered 105 one-to-one advice surgeries covering a broad range of important topics including income generation. governance, fundraising strategy.. Trusts & Foundations, sponsorship and developing creative training sales pitches. Through our 2022-23 arts events programme we introduced our arts members to a number of high-profile speakers. From Las Vegas we were joined online by T. Clay Buck for a fundraising event which encouraged us to dream big, reach for Big Hairy Audacious Goals and lake ambitious Moonshols. We produced a series of inspirational podcasts with guests discu55ing topics such as organisational growth, fundraising, adapting to change, and corporale partnerships. Our Culture of Impad Workshop event provided attendees with a start-to-finish guide to impact.. strategically and purposefully designing their impact plan, effectively monitoring and measuring Change. and bringing the results to life for funders, partners communities, and themselves Annabel Turpin from ARC Stockton and Gina Crane from Esmée Fairbairn Foundation were among the speakers on the day ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Our Trusts & Foundations Symposium this year attracted representatives from 10 leading UK Trusts and Foundations and we were able to facilitate 130 one-lo-one funding surgeries as well as plenary sessions to learn about current funding priorities, and what funders are looking for in applicants and their applications. Additionally, we gave wrap-around training in preparation for meeting funders and in following through afte￿ardS with developing and writing applications. Available only to A&BNI arts member organisations, the dedicated members-only area of our website gives access to resources including webinars, training fi'lms. loolkils and presentations lo develop knowledge and skills. We continue to add expert conterst to this area providing our members with access to valuable resources whenever that may be required, We have also added a number of inspirational blogs written by our guest speakers which can be accessed at any time. Blueprint is a five-year programme which started in January 2022 and is the result of 5 years of research and fundraising by Arts & Business Nl. The programme supports a network of arts and cultural organisations to encourage income growth and long-term financial stability In addition to tailored training and mentofing, the programme includes investment grants to help organisations free up capacity, test new income generation ideas and invest in and incenlivise financial growth. Through Blueprint, Arts & Business Nl are providing a catalyst for transformational change, during an incredibly challenging time for arts organisations. Blueprint aims to deliver significant and lasting benefits to the arts sector in Northem Ireland It gives participants, not only financial interventions, including up to £30,000 for 17 organisations in year 1, but also the tools and knoWI￿19e they need to succeed through tailored training, mentoring and support. The programme asks the organisalions involved to look at all elements of their work, to find the change that will make them more resilient and allows them to develop The five-year programme is comprised of two phases. In Phase 1 (Jan 22 - Jun 22) 30 organisations took part in training and mentoring which aimed lo lay the foundations for building long term financial strength. As part of the prograrnme participants had access to one-tovone mentoring, learning resources and a peer-learning network. In Phase 2 12022-2026) in addition lo training, mentoring and the peer learning network, 17 of the original organisations have access to investment grants that will help them free up capacity, test new income generating ideas and invest in, and incentivise. financial growth. Grants of £390K were issued to 17 organisalions in March 2Q23. Forglng creatlve arts and buslness partnershlps: A&BNI is committed tc driving business performance through cultural partnerships The Investment Programme enables us to seed sustainable partnerships that are initiated with A&BNI financial and activation support and then continue independently. The Investment Programme encourages businesses lo take risks, challenges partnerships to broaden and deepen their connections. and through it we draw additional business resources into the arts. The Pfogramme supports and encourages working relationships lo develop into longer term mLrtually beneficial partnerships. The A&B Nl Investment Programme, funded by Arts Council of Northern Ireland continued lo strengthen partnerships between local businesses and arts organisations In this financial year we supported 21 projects through the A&BNI Investment Programme and were pleased to report that 750/0 of those were first time partnerships and 33Q/o were for activities taking place oulside Belfast. The number of applications coming through this programme confirms the value that the business sector sees in using creative partnerships to address their business goals. Their recognition that a vibrant arts and cultural sector is a key element in making this an attractive place lo do business, and can positively affect their workforce. is particularly important in the current economic climate. Case Study: Perspectlve Economics & Cathedral Quarter Arts Festlval ICQAFI Perspective Economics provides economic advisory services to a wide range of public and private clients across the UK. The company has been a continual advocate of the economic benefit of investing in the arts and has long track record in making the case for investment (capital, tourism, cultural elc) in arts and culture as a key economic driver in public policy. They wished to work more closely witli the arts seGloi 111 Nl and demonstrate the value of investing in arts more generally. This project achieved those aims by creating a closer and more substantial working connection between them and Cathedral Quarter Arts Festival ICQAF} Together they created a new initiative, a project to develop and create a platform for new art works Perspective Economic5 were involved in the process through every step - from Ihe initial call for submissions lo the final selection and production. ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 There were three strands to this activity. The commissioning of new work in Theatre, Music, Comedy and Visual Arts. Presentation of 1 bursary per art form. Following a call for applications. the selection committee reviewed the submissions intending to award 3 bursaries However, in response lo the high qLiality of the submissions, they expanded to 5 awards and added two new art forms. They hoped to have over 150 applications to the scheme and received 162 applications, 14 artistslperformers received support from the award of the bursaries. Once Selected, the artistslperformers worked closely with the Festival Director and Creative Producer at CQAF to develop new pieces of work for the festival in 2023. Finally. the new commissioned works were presented and showcased at CQAF 2023. This project aligned well with Perspective Economics, commitment to social value and social impact and to arts and culture development in Northern Ireland. They also value the ethos of the Festival's 'affordable ticket, pricing which allows people from many different backgrounds to attend events who might not have been able to otherwise Perspective Economics has a young workforce particularly interested in the arts and local music. This partnership provided an opportunity for their staff to work closely with the Festival, to help lo shape music and events programming, and lo attend festival events. Business benefits included coverage af the scheme al the initial call for submissions and at the main festival, branding in print media and programiiie125,000 publicalionsl. increased brand awareness of both organisations, and the developing partnership. in local n)edia and printed festival media This investment demonslraled Perspective Economics, commitment as a business to the arts and cullL¢re development in Northern Ireland and will hopefully help to stimulate further privale sector investment. Perspective Economics and CQAF intend lo continue working together to expand and develop the proie¢t for future festivals and are currently developing Ihree-yeaf plan in partnership to see how the CQAF Bursaries scheme can be built on and become more integral lo developing new art work5 and projects. "We are very pleased to have supported CQAF with funding support for1118 Crpalive Burs8rie.8 procjiamine. The ¢alibie of tlpplicanls was really strong (as ive exp@cted), cincl we i,vere delicJ17ted by the qut?lity of successful applicants to the programme who bvill use this funding Éo d8velop n8w material, perform at the festival, an expand their trvork lo a new audience. We are a strong believer in the arts in Northern Ir8land and wolcomed the support from A&BNI to maximis8 the in7pact of th8se bursaries. As a business based in the Cathedral Quarter, we hope this lunding helps to animate thg area, grow the presence of the f8Stival and our brand, and demonstrate our commilm8nl lo Social Value with our clients through our SLJPPOrt for the arts and ev8nt and place-based regeneration. Our staff hav8 also benefittecj Ilirough be117g Glosely involved vvith the developfTie17101 the Festival and look forwartl to an impactfijl aiid eriJoyc?ble ￿ve6k ii) Mcly ' Sam Donaldson, Perspective Economics "The funding support fmm A&BNI and Perspective Economics has allowed CQAF to develop one of our main strategic objectives, the support of artisls, and performers, career devglopment, and allowed us to develop new bursaries for under supported art forms such as theatre, comedy and the visual arts. We believe these bursaries have been invaluable to the recipients, allowing them to develop new shows and performances. This support has also bengfiled our festival by giving us an opportunity to support and nurture new Wo￿., Stephen Hackett, CQAF Advocatlng for creatlve business and arts partnership: The A&BNI events programme is a key tool in encouraging and inspiring private sector supporl for Ihe Arts Our Arts & BLisiness Nl business events are designed 10 engage edLicale and most Importantly inspire Our event Ihenies are sliaped by the business priorities oiir members share with us at our roundtable events whi¢li we hold twice per yeaf. We encourage and support our business members lo slep outside their comfort zones, to lake a risk and try something new. We showcase best practice and tell evidence-ba5ed stories which deinonslrale that partnenng with arts organisations has worked for other businesses Artistic collaborations offer creative solLilions to bLisiness challenges, we describe in detail the impact at each stage lo reassure our clients that crealive partnerships deliver quantifiable business outcomes. All of our business events have a clear purpose and associaled messaging. We plan our bLisiness events lo be inherently practical,. our guests leave our events with a clear takeaway and a well-defined understanding of next steps ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 One of the key themes of A&BNI's corporate strategy is 'Champion Partnerships and Investment in the Arts., Our calendar of business events is designed to ensure that we advocate the business benefits of engaging with an arts organisation whether through corporate partnerships, staff volunteering opportunities. or seNing on the board of an arts organisation. 'The investment from Arts & Business and Belfast Media Gmup has bggn nothing short of a life-lin8. Our young artists a￿ thriving in their new space, they now have access to live, in person. high quality participalory arts S8ssions in a saf6), nurturing space They have helped us lift the bar and the young artists have surpassed it.. Brassneck Youth & Belfast Media Group "Winter Circus by Tumble Circus was a great success, addincj festiv8 colour and excilement to Writer s Square and the Cathedral Quarter al a most challenging time. Wilh aftemoon and early evening p8rfonnances it ￿VaS the perfect Christmas entertainmenl for families who then had lime lo explor8 all the Cathedral Quarter has to offer, benefitting our memb8rs. Ourpartn8rship with fumble c1￿uS and sponsorship of Winler Circus is an importanl part of the BID'S oommitment to supporting the arts 8nd culture sector in the Cathedr91 Quarter., Destlnation CQ BID & Tumble CSrcus Through our thought leadership events we show the transformative power of the arts and feature a range of experts from both the business and arts sectors lo ignite interest in new partnerships. We are regularly asked to connect business and arts organisalions after events to discuss possible future collaborations. Following both our Equality, Diversity and Inclusion and our Creative Ne￿OrkIng events. we were overwhelmed with reports of the number of follow-up meetings which had been scheduled to explore the possibilities of working in partnership. We see the value these partnerships bring and are dedicated to sharing and showcasing local success stories. We hosted our Arts & Business Nl Awards 2022, in partnership with Forestside, at 2 Royal Avenue Bdfast. To celebrale Belfast as a Unesco City of Music we engaged emerging local musicians to perform before and during the event. We used the occasion lo spotlight the important work being undertaken by arts and business relationships across Northern Ireland and the spirit of collaboration and ambition across both sectors With support from Bank of Ireland we commissioned Linique awards pieces from local artist Sasha Mcvey Our compère Joe Lyndsay suited the relaxed atmosphere of the venue and our upbeat message of how strong the arts scene is in Northern Ireland and how iinportant it is to recognise and support it. Our small scale informal Arts Uncovered events provide opportunities for business people to see behind the scenes. hear from arts practitioners, or attend events which they could not normally access. We were able to schedule 3 Such events in the year to take members to meet arts organisations in small groups We continue to grow private investment in the creative industries through developing bespoke arts activity to answer business challenges By meeting with businesses and listening to their concerns and goals we draw on our knowledge of our arts membership lo suggest ways to creatively address those challenges and we make the connections needed to bring the parties together to develop programmes of activity to deliver outstanding results. One of our key strategic goals is to have a truly engaged and informed business membership network that is representative of the private sector in Northern Ireland. Our business plan consolidated our core membership base and we brought on new members across a range of business sectors while retaining a large proportion of our existing business members, this despite a challenging business environment. Through promoting corporale partnerships. championing creative training and mobilising business employees as aLidiences and volunteers. we ensured that relationships across our memberships were deeply rooted in business Strategies and not merely transactional. We were gratified lo note that many partnerships evolved over Ihe course of the year and developed into longer term and multi-faceted relationships. The A&BNI What's On GLiide was distributed monthly to nearly 500 business conlacts who in turn shared the Guide with their colleagues and families, resulting in a readership of 5000, We encouraged attendance at a huge range of our arts members, events and activities and catered to all age5 and preferences. We nurtured our relationship5 With business umbrella networks such as the Chamber of Commerce, Institute of Directors, and Federation of Small Businesses to maintain A&BNI's profile and reputation with the private sector. The support of volunteer5 as speakers, mentors. judges, advisors, in board placements, or in writing blogs, has been critical in ensuring that we have been able to share the highest quality of knowledge and skills during the year. We engaged 53 volunteers who gave 461 hours of their time lo us. Peer to peer advocacy remains highly valued as a method of spreading the Arts & Business Nl message ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 A number of businesses also provided goods and services to us and our members free of charge Carson McDowell again delivered training for our Young Professionals on Arts Boards candidates, Vertical Slructufe provided Cyber Security Training,. Whitenoise provided branding and design services. What our members say: "KPIWG is a keen advocate for the arts sector in Northern Ireland. We are long-term members of Arts & Business Nl and are grateful for their support in helping us broker our successful partnership with the RUA. We have be817 the main sponsor of the RUA Annual Exhibition for 15 years. Together trvith the RUA we have successfully bid for support through the Inv8Stmenl Programme lo deliver initiatives that have benefited both th8 wider community and our staff. Our membership ofA&B Nl has also provided additional opportunities for example th8 chance for staff to participate in the '808rd 88nk' and 'Young Professionals on Arts Boards, schemas as well as attending high quality events/sgminars on topics/th8mes relevant bolh to Ihe arts and vvider bLisiness sectors The team at A &B Nl havg (aken the lime to get to krFow our l)usiness priorities ai?d i171eresls ancj are very good at idenlifyiiRg polential partiiership opportunities for KPMG. And fiiially we always circulale 117e moi?thly 'What s on Giiide, lo oilr enlire Belf¢lsI office. Julle Thornpson, Assoclate Director, KPMG The Arts & Business Investment programme is a really valuable r8source for small arts organisations like Thr8e s rheatre Company who vvant to work vvith businesses like Instil. 11 encourag8S that connection across sectors, allowing us to bring the Q￿atiVitY and companies to bring the drive and ambition of where we could lake it. This has been an incr8dibly positive experienc8, and we are excitgd for the next steps, Three's Theatre & Instil: Unsmart Home As one pupil said of thg writing workshop "it was the best day in my eleven years of life" That fftally says it alll Lyric Theatre & Electric Ireland "rhe partnership betVVg8n Lyric ancl Electiic IiEland trvas a hugely innovativg sponsorship wliich trvas s(Iccessful ,?t l)ringing a 17eiy spoiting 8uclierice to 117ec1tre ¢?i?d sport lo an clrts aiidience T171S kV¢?s fuitl?er slTri?Jc Iheneu thanks lo the Inveslineiil Pi'ogran?Ine, by si.Ippoitii?Jr 117e orJcanisc11ions lo bvork logelh&r vvill? ci cl?arily partner. the Golialh Trust, on an ecl(Icalioii iniliative foi. ¢?Imost YOOO childre17 Tliis nol oi?ly shoTrvcased tlie impact tlial Golia117 Trust and the Lyric have in schools and con7munilies, but demonslrated how by bvorking together we could align our shared commitmgnt to niirtLJre and empofvveryoung people and their talent." Arts Partner- Lyric Theatre "The E18Ctric Ireland partnership with the Lyric and Goliath Trust supportgcj by Arts 8nd Business has been a brilliant examp18 of partnership Lvork Through a proactiv8 approach the Lyric and Electric Ireland have been able to reimagine an existing campaign initiative. The Dancing Footballer and create really rich contenl for the Lyric cr8ative learning te8m to tak8 Out to the Goliath Trust schools fhis has strengthened Ihe partnership betw88n Electric Ir8land and the Lyric and illustrated again Ihe shared values in c￿atIng female role niodels and new opportunit18s for child￿n. 11 has introduced Elecli-ic Ireland to lh8 incredible work that Ihe Goliath Trust are able to do and forged nebv relationships between the brand and the charity 11 is my l?ope that the partnership will continue in other formats beyond th8 Game Changers platfonn and that new opportunities around green energy will see thg two parties join together again. Buslness Partner- Eleclric Ireland Flnanclal ￿VIeW The year end accounts return an unrestricted surplus of £10,073 (2022: £4,144) and a restricted surplus of £99,000 (2022-. £97.382) being an overall surplus of £103,07312022.' £101,526). The reserves of the organisation now amount to £508,738 (2022: £399,665) of which £227,814 (2022: £217,741) are unrestricted and £280,924 (2022.. £181,924) are restricted. As part of the organisation's long-temi financial sustainability plan, in 202012021 the Board and staff developed a 3 Year Financial Sustainability Plan. This plan will provide a framework for strategies to increase earned income, build on successes to date, and look to other new income opportunities. ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure, govèrnance and management The Board comprises a maximum of 12 memb8rs who meet quarterly and are responsible for th8 Strateglc direction and policy of the charity. It is board policy for directors to serve for a period of 3 years, after which they must be re4lected at the following AGM. The directors, liability is limited by guarantee. Board members participate in sub-committees, which meet regularly to ensure that operational policies, procedures and systems incorporate sound management and financial controls in keeping with current best practice. The trustees, are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: M Bradley (Resigned 2 De￿rnber 20221 S Hayles S Deignan D Mc Parland L P Murphy C Sharpe K Gilmore D M Roberts G Armstrong (Resigned 2 September 2022) Audltor In accordance with the company's articles, a resolution proposing that Harbinson Mulholland be reappointed as auditor of th8 company will be put forward at a General Meeting. The trustees, report was approved by the Board of Trustees. D Mc Parland Trustee Dated.. .12.13 ARTS & BUSINESS NORTHERN IRELAND STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors of Arts & Business Northern Ireland for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the iricoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are r8quired to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP-, make judgements and estimates that are reasonable and prudent., state whether applicabla UK Accountlng 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 charlty will continue in operation. The twstees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensure that the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deteclion of fraud and other irregularities. D Mc Parland Trustee Dated.. •. 12.L3 ARTS & BUSINESS NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARTS & BUSINESS NORTHERN IRELAND Opinion We have audited the financial statements of Arts & Business Northern Ireland (the 'charity'} for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally AC￿pted Accounting Practice). 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 incoming resOur￿S and application of resour￿S, foi. the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pract1￿. and have been prepared in accordance with the requlrements of the Companies Act 2006. 8asls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors ￿sponSibl11t1eS for the audit ol the financial statements sectlon of our report. We are independent of the charity in accordance with the ethical requirements that ara 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. Conclu51ons relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounkn'ng in the preparation of the financial statements is appropriate. Based on th8 work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The trustees are responsible for the other Information. The other information comprises the information included in the annual 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 we do not express any form of assurance conclusion thereon. In connection with our audit of Ihe financial statements, our responsibility is to read the other information and, in doing 50, 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 mat8rial 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. 10- ARTS & BUSINESS NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTS & BUSINESS NORTHERN IRELAND Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the infomiation given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audlt. Responsibllltles of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company 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 trustees 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 trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to Ilquidate the charitsble company or to ￿ase operations, or have no realistic altemative but to do so. Auditor's responsibllltles for the audit of the flnanclal statements We have been appointed as auditors under section 65 of the Charities Act {Northem Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our approach to identlfying and assessing the risks of material misstatement In respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectlvely had the appropriate competence, capabilities and skills to identify or recognise non-complian￿ with applicable laws and regulations-, • we identified the laws and regulations applicable to the charity through discussions wrth trustees andlor senlor management, and from our commercial knowledge and experience of the sector,. • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including Companies Act 2006, taxats-on legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.. and id8ntified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statement5 to material misstatement, induding obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud.. and considering the internal controls in pla￿ to mitigate risks of fraud and non-compliance with laws and regulations. 11 ARTS & BUSINESS NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTS & BUSINESS NORTHERN IRELAND To address thè risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions., ass8ssed whether judgements and assumptions made in determining the accounting 8Stimates set out in Note 2 were indicative of potential bias., and investigaled the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governan￿., enquiring of management as to actual and potential litigation and claims. There ar8 inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-comp5iance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsiblllties is available on the Financial Reporting Council's websrte at.. https:11 www.frc.org.uklauditorsresponsibilities. This description forms part of our aUdit0￿S report. This report is made solely to the charlty's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To th8 fullest exient permitted by law, we do not a¢￿pt or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Angela Igan FCA (Senior Statutory Audltor) for and on behalf of Harblnson Mulholland Chartered Accountants statutory Auditor Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS 7111123 Harbinson Mulholland is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the CompaniesAct 2006. 12- ARTS & BUSINESS NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlcted Restrlcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notes i& Donations and legacies Charitable activities Other income 99,165 254,774 2,743 99,165 1,073,552 2,743 102,052 240,809 986 102,052 498,053 986 818,778 257,244 Total Income 356,682 818,778 1,175,460 343,847 257,244 601,091 ndlture Charitable activitles 346,609 719,778 1,066,387 339,703 159,862 499,585 Net Income for the yearl Net movement In funds 10,073 99,000 109,073 4,144 97,382 101,526 Fund balances at 1 Aprll 2022 217.741 181,924 399,665 213,597 84,542 298,139 Fund balances at 31 March 2023 227,814 280.924 508,738 217,741 181,924 399,665 The statement of financlal activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial actlvltles also complies with the requirements for an income and expenditure account under the Companies Act 2006. 13- ARTS & BUSINESS NORTHERN IRELAND BALANCE SHEET ASAT31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assets 11 3,128 2,476 Current a880ts Debtors Cash at bank and in hand 12 98,276 467,122 57,371 403,102 565,398 460,473 Credltor8: amounts falllng due wlthln one year 13 (59,788) (63,284) Net current assets 505,810 397,189 Total assets le88 current Ilabllltles 508,738 399,665 Income funds Restricted funds 14 280,924 181,924 Designated funds General unrestricted funds 16 18,183 209,631 18,183 199,558 227,814 217,741 508,738 399,665 The company is entitled to the exemption from the audlt requirement contained In section 477 of the Companies Act 2006, for the year ended 31 March 2023, although an audit has been carried out under sectlon 65 of the Charities Act (Nl) 2008 . The directors acknowledge their responsibilities for ¢omplying wlth the requirements of the Companies Act 2006 with respect to accounting records and the preparatlon of financial statements. The members have not required the company to obtain an audit of its financial statements under th8 requirements of the Compani85 Act 2006, for the year in question in accordan￿ with section 476. These financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on D Mc Parland Trustee Company registratlon number N1609126 14- ARTS & BUSINESS NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Notes Cash flows from operatlng actlvttles Cash generated from operations 20 66,217 79,461 Investlng actlvltles Purchase of tangible fixed assets (2,197) (1,440) Net cash used In Investlng actlvftles (2,197) (1,440) Net cash used In flnanclng actlvltles Net Increase In cash and cash equlvalonts 84,020 78,021 Cash and cash equlvalents at beginning of year 403,102 325,081 Cuh and cash equlvalents at end of year 467,122 403,102 15- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity Infomiatlon Arts & Business Northem Ireland is a private company which has obtsined charitable status with HM RC and which is limited by guarantee incorporated in Northern Ireland. The registered office is East Belfast Ne￿Ork Centre, 55 Templemore Avenue, Belfast, BT5 4FP. 1.1 Accountlng conventlon The accounts have been prepared in accordance with the charity's Articles of Association. the Companies Act 2006 and °Accounting and Reporting by Charities.. 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 1021° (as amended for accounting periods commencing from 1 January 20161. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluatlon of fre8hold properties and to include Investment properties and certain financial instruments at fair valuel. The pnncipal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltabl6 funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors of which have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of restricted funds is set out in the mtes to the financial statements. Restricted funds may only be transferred to general or designated funds once criteria for restriction have been discharged or no longer apply. 1.4 Incomlng resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Grants, service agreement, fee income and grants for equipment are recognised in the SOFA in the period which they are receivable. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donorlfunder has specified that the income is to be expended in a fLrture period. Members. subscriptions are taken to income on a received basis. 16- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles (Contlnued) 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activily. The costs of each activity are rnade up of the total of dlrect costs and shared costs, including Support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated direclly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those aclivities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Donated servlces and facllities In accordance with the Charities SORP (FRS102), the general volunteer time of supporters is not recognised. Expendlture and Irrecoverable VAT Expenditure is recognised once there Is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the charity in the delivery of its aclivrties and those costs of an indirect nature necessary to support them. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Allocatlon of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's activities. These costs have been allocated be￿een cost or raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 1.6 Tangiblo flxed as$ots Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairmenl losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings 33°h straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivities. 1.7 Impalrment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indration exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 17- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Accounting policles (Continued) 1.9 Flnancial Instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, wlth the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recogni5ed amounts and thera is an intention lo settle on a net basls or to realise Ihe asset and settle the liability simultaneously. Baslc flnancial assets Basic financial assets, which Include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Basic financial Ilabilitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the fvture payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligation5 to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transactlon price and subsequently measured at amortised cost using the effective interest melhod. D•recognltlon of flnanclal liabllltles Financial liabilities are derecognised when the charity's contractual obligations explre or are dlscharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday enlitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.11 Retirefflent benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Taxatlon The company is a registered charity and the charitable tax exemptions are therefore being claimed to the exient that income andlor gains are applicable and applied to charitable purposes only. These exemptions will remain in place as long as income and expenditure is applied to charitable purposes only. 18- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Crlucal accountlng estimates and Judgements In the application of the charity'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 apparenl from other sources. The estimates and associated assumptions are based on hislorical 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 accounts'ng estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estlmatlon uncertalnty Tanglble flxed assets Tangible assets are depreciated over their useful lives taking into account residual valu88 where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining live of the asset and the estimated value in use. Oonatlons and legacles Unrestrlcted Unrestrlcted funds funds general general 2023 2022 Donatlons and gifts 99,165 102,052 Donatlons and glfts Donations - gifts in kind Corporate sponsorship Business membership Arts membership other 9,820 36,500 37,850 12,000 2,995 29.185 23,167 38,300 11,400 99,165 102,052 19- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable activities 2023 2022 Arts Council Nl Trusts & Foundations income Board placement fees Belfast City Council Consultancy and Management fe8S Thrive (HLF) DomiantAccounts Fund Nl INLCF) other income 753,772 137,034 7,650 30,000 24,610 9,706 101,159 9,621 323,772 69,480 9,400 30,000 15,410 23,044 23,841 3,106 1,073,552 498,053 Analysi5 by fund Unrestricted funds- general Restricted funds 254,774 818,778 1,073,552 For the year ended 31 March 2022 Unrestricted funds - general Restricted funds 240,809 257,244 498,053 Other Income Unrestrlcted funds general 2023 Total 2022 Investment income 2,743 -20- (u (o uj o o o CL 2 3 3 J (n o o o ooooooooo. a) a) o I￿￿){00 c noJu)o¢J) rj In ro Ill r tsj or)c r 17) a) ￿ (D (D v C t￿¢￿¢£*￿1￿C￿¢ro *O)10 r ¢yJ ¢3J ¢J) ¢0 r o) o 8 8 8 ¢0 ffj ¢0 GQfn(nLuO ￿(n￿>_ ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charitable actlvlties 2023 2022 Staff costs PR & marketing support Seminars & training Award costs Governance Programmes Bad debts & provision Investment programme costs Business membership events Irrecoverable VAT Gifts in kind - expenditure Other charitable expenditure 232,317 9,318 6,728 33,510 3,862 197.182 6,580 5,551 23,658 3,073 200 83,224 4,514 3,079 29,185 43,283 160,782 6,689 9,820 492,855 955,881 399,529 Share of support costs {5ee note 6) Share of governan￿ costs (see note 6) 84,879 25,627 74,723 25,313 1,066,387 499,565 Analysls by fund Unrestricted funds - general Restricted funds 346,609 719,778 1,066,387 For the year ended 31 March 2022 Unrestricted funds - general Restricted funds 339.703 159,862 499,565 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year12022- £nil}. -22- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employees Number of employees The average monthly number of employees during the year was: 2023 Number 2022 Number Charitable activites Management and administration of the charity Employment Costs 2023 2022 Wages and salaries Social securty costs Other pension costs 218,162 18,578 23,803 227,592 17,089 23,753 280,543 268,434 There were no employees whose annual remuneration was £60,000 or more. 10 Taxatlon The charity is exempt from tax on income and gains falling withln section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 11 Tanglble flxed assets Fixtures and flttlngs Cost At 1 April 2022 Additions 18,845 2,197 At 31 March 2023 21,042 Depreclatlon and impalrment At 1 April 2022 Depreciation charged in the year 16,368 1,546 At 31 March 2023 17,914 Carrying amount At 31 March 2023 3,128 At 31 March 2022 2.476 -23- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Debtors 2023 2022 Amounts falling due wlthin one year: Trade debtors Prepayments and accrued income 27,978 70,298 16,466 40,905 98,276 57,371 13 Credltors: amounts falllng due wlthln one year 2023 2022 Other taxation and soclal security Trade creditors Other creditors Accruals and deferred income 17,140 33,789 1,846 7,013 13,183 27,300 2,711 20,090 59,788 63,284 14 Restrlcted funds The income funds of the charity include restricted funds comprising the following unexpended balan￿S of donations and grants held on trust for specific purposes: Movement in funds Incomlng Resourc Balance at rn8ourco¥ &xpended 31 March 2023 Bal?nG6 at 1 Aprll 2022 Blueprlnt Programm8 Esmee Fairbairn Foundation Paul Hamlyn Foundation Domant Accounts Fund Nl INLCF) Belfast City Council ACNI Blueprint Programme 28,725 11,001 54,778 82,256 101,159 30,000 430,000 147,136) 120,828) (51,326) 36,367 72,429 49,833 60,000 30,000 (430,000) other Funds ACNI Investment Programme Thrive {HLFI 112,198 110,879 9,706 1160,782) {9,706) 62,295 181,924 818,778 (719,778) 280,924 -24- ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes- Movement in funds Incomlng ourc8s Movement in funds Incomlng Balance at resourc•s 31 March 2023 Balance at 1 Aprll 2021 Balance at 1 April 2022 Research fund Marketing materials fund 16,583 1,600 16,583 1,600 16,583 1,600 18,183 18,183 18,183 16 Unrestrfcted funds These are unrestricted general funds which are material to the charity's activities made up as follows: 17 Analysls of net assets between funds Unrestrlcted Re5trfcted Income Income funds funds 2023 Totsl Unreslrict8d Restricted Income funds income funds Total 2023 2023 2022 2022 2022 Fund balances at 31 March 2023 are represented by: Tangible assets Current assetsl