Charlty registration number NIC 101603 Company registration number N1609126 (Northern Ireland) ARTS & BUSINESS NORTHERN IRELAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ARTS & BUSINESS NORTHERN IRELAND LEGALAND ADMINISTRATIVE INFORMATION Trustees S Deignan D Mc Parland L P Murphy C Sharpe D M Roberts G Armstrong Emma Drury stephen Mccrystsll Lisa Dohety Joe Dougan Deborah Collins (Appointed 28 March 2024) (Appointed 28 March 2024) (Appointed 8 Dember 2023) (Appointed 8 Dernber 2023) (Appointed 8 December 2023) Secrntary D Mc Parland Charlty number NIC 101803 Company number N1609126 Reglstsred office East Belf8St Network Centre 55 Templemore Avenue Belfast 8T5 4FP Audltor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS
ARTS & BUSINESS NORTHERN IRELAND CONTENTS Page Chair's Report Trustees, report Statement of trustees, responsibilities 10 Ind8pendent auditor's report Statement of flnanclal activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-28
ARTS & BUSINESS NORTHERN IRELAND CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 At Arts & Business Nl our core belief is that the Arts are fundamental to how we successfully funclion as a society and that creativity drives performance and prosperity. We are committed lo our objectives of providing strategic and practical support lo the arts sector and working alongside our arts and business sector partners lo inspire, grow and support relationships and investment in the Arts, to strengthen that sector and shape a society that is culturally, socially and economically prosperous. Anticipating and understanding the needs of our members is essential as we work to ensure we are delivering 'mely, effective and targeted programming We are committed lo being adaptable and ambitious as we play our part in supporting the growth of a culturally rich and strong Northern Ireland, able to thrive whilsl withstanding external economic pressures. Through the support of our principal funder, the Arts Council of Nl. and our other funding stakeholders and partners, we are again proud to have delivered a high-quality programme of activities and services designed to drive perfomiance across both the arts and business s8clors. Throughout 2023124 our Arts members benefitted from a wealth of bespoke support and advice as well as thought- leadership, governance and funding information, provided via one-to-one SLJrgeries, workshops, conferences, podcasts, webinar5 and newsletters. Our programme was designed lo build confidence and encourage fresh thinking in tackling the many issues facing arts organisalions al this time. The financial pressures of increased running costs, the cosl-of-living crisis and reduced govemment funding combine to make this a challenging environment for arts organisations and those who might have considered a career in the sector. New business models, diversified income streams, effective impact evaluation and robust governance are vital for survival in this economic climate. Arts & Business Nl provides the guidance and support our members need to thrive and make Northem Ireland a belter place for all of us. Our ground-breaking Blueprint Programme has been providing training via peer learning and support, thought leadership, mentoring and a suite of learning resources for 17 arts organisalions. The provision of investment grants and training tailored lo their specific needs has been critical to encourage ambition, free up capaaty, test new income generating ideas and drive confidence to invest for financial growth. We have embedded learning and resoiirces from Blueprint into our wider membership offer. Our business network conlinLied lo support and strengthen the arts Following our bespoke guidance and governance training we matched business individuals onto the boards of arts organisalions, brokered numerou5 creative partnerships and provided mentoring opportunities Our business professionals engaged with and informed our advice and support across our memberships. We were pleased lo maintain our business member numbers over the year, demonstrating that the private sector values the arts and the enrichment the arts bring to their businesses and Our society. 8usiness challenges identified through round-table discussions with members formed the basis of our member events and led lo high levels of engagement and allendance The A&BNI Investment Programme. funded by Arts Council of Northern Ireland, continLied to boost partnerships between local businesses and arts organisations, encouraging them to extend their relationship lo undertake additional activity In this financial year we supported 20 projects through the A&BNI Investment Programme and w& are pleased to note 704/0 of those were first time partnerships and 35°/o were for activities taking place outside Belfast. The value that the business sector sees in employing creative partnerships to address their business goals is evidenced by the number of applications we see coming through the Investment Programme Their recognition of the imporlance of a vibrant arts and cultural sector in making this an attractive place to do business is vital We held ourArts & Business Nl Awards 2024 al Lyric Theatre Belfast to celebrate the very best in arts and business collaborations. Hosted by Joe Lindsay and with awards pieces commissioned from Ned Jackson-smyth, our event shone a spotlight on the important work being undertaken through cross-sector re13tionships across Northern Ireland and was an opportunity to congratulate inspirational organisations and partnerships and lo enjoy an uplifting evening of music, poetry and dance from our talented local artists.
ARTS & BUSINESS NORTHERN IRELAND CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Mark Robinson of Thinking Practice led a Board & Staff strategic planning session to lay the foundations for developmenl of our next 3-year stralegiG plan {2024-20271. The governance session with the A&BNI Board and staff looked at our purpose, mission, vision and strategic aims. We were also delighted to secure a place on a fully funded Scaling Impact & Financial Resilience workshop offered and funded by Esmee Fairbairn Foundation and delivered by Resonance, a leading UK social impact investment company based in London. The workshop was aimed at reviewing the organisation's current impact, business model and financial standing, as well as exploring new opportunities to build resilience going foard. This full-day workshop, attended by the board and staff, informed our strategy and financial growth plan We worked with Sean Filz5imons on the development and implementation of our Equality, Diversity & Inclusion {EDI) Policy to raise our awareness and ensure that A&BNI is accessible and welcoming to all This work has also informed our approach lo the process we use for recruitment of additional members onto our board. I would like to thank our funders, in particular the Arts Council of Nl, our sponsors, ourA&BNI staff team who bring wealth of knowledge, enthusiasm and passion to all that they do, my colleagues on the A&BNI board f their support and commitment. and our arts and business members without whose support none of this would be possible A summary of all our activities across the 2023124 year is detailed in the following report. To see our full range of work and support services visit our website at www.artsandbusinessni,org.uk Damlan McParland, Chalr Dated..
ARTS & BUSINESS NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The accounts have been prepared in accordance 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 (FRS 102)" (as arnended for accounting periods commencing from 1 January 2016). Objectlves and actlvltles Mission: Arts & 8LlSiness Nl is a creative membership network bringing together cultural and commercial businesses, helping them grow stronger together through the power of partnership We advocate for the value of arts, invest in innovation, and ensiire th31 the Nl arts and cultural sector has the confidence, capacity. and skills to achieve creative freedom through financial independence. Vlslon: A valued and thriving arts and creative sector achieving their ambitions and fulfilling their potential. The purpose of the charlty.. The Sustainability of the Arts. Values: Ambition We are ambitious and inspire ambition in others, Creatlvlty We passionately champion and celebrate creativity, Collaborative We are a welcoming trusted, well-connected partner who will foster collaboration. Inclusive We ensure inclusivity and belonging by listening. lesrning and being guided by experts. Strateglc outcomes: Have changed the altitude and confidence of the sector towards diversified income leading to greater capacity and skills. A&BNI continue to lead on the value of the arts: creativity and the value of corporate-cullural partnership to businesses and communities. Cullivale our creative networks lo lead to meaningful and mutually benefIcal connections that will drive business performance and strengthen the arts. Have ensured that A&BNI is organisationally adaptable and sustainable by being visionary. bold and brave. 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 2024 Activity Overview in 2023-24: Strengthenlng governance on cultural boards: We see governance as a pro-active, ethical. leadership commitment. and this drives our resolution to support board members throughout their time in office We provided bespoke board sessions, supported Trustees via confidential governance consultations, and worked with them as a strategic associate, drawing on our cross- sector knowledge. resources and network. We ran a number of our Fundamenlals of Arts Board Membership sessions during the year. These half-day workshops help lo strengthen arts boards and equip arts and cultural leaders lo know best practice for board members and the realities of arts charity governance. The workshop looks at the compliance requirements of being on a Board, covering roles and responsibilities plus Imanagerial, legal and financial duties. A&BNI is an active member of the Developing Governance Group that produces the Code of Good Governance, which is endorsed both by Charity Commission of Nl ICCNI) and Arts Council of Nl IACNII and manages a shared online resource of templates and information al diycommitteeguide.org We held a Cultural Governance Conference for our arts members. During this high-level half-day conference, we showcased inspirational speakers from the UK and Ireland who champion change and charity leadership. The conference included conversations about risk taking, fundraising, diversity, cyber security and more from experts in their fields We also provided a choice of breakout sessions designed to provide inspiration and practical tools that attendees could lake away for their organisalion and board lo implement We believe that if cultural organisations are to fulfill their true potential the whole organisation must be functioning and effective. To help strengthen governance and SUPPOfl sustainability, A&BNI mobilise our business networks to support arts organisalions through sharing skills and advice and taking parl in oLir board matching programmes. We were delighted that A&L Goodbody agreed to become a sponsoring partner for our Leader5 on Arts Boards programmes and facilitated the training for our Young Leaders on Arts Boards group. giving not just their lime and expertise lo the programme but also the use of their premises Our cohort of 19 Young Leaders and Business Leaders on Arts Boards undertook a series of training sessions throughout October and November and then embarked on the matching process to place them on the boards of arts organisations where their skills and enthusiasm will be most effective "The Young Leaders on Arts Boards programme has been fundam8ntal to my success in 8 lead8rship rol8, It s videned my horizons, introducgd me to n8bV P80ple, exp8riences and development opportunities. I've alkvays had a passion for 8fts and Cultu and being paired with Maiden Voyage Dancg bv8S 8 perfect fit. My experience of Joining a board has bgen incipdibly positive, from my very first meeting I was i,velcomed, and my opinions bvere valu8d,' I really fell like l trvas as part of the organisation. 88ing a board m8mber is a r8ally greal way to share your skills and give son7ething back to the causes you care about. Kathryn Mccann, People & Culture at Whitespace, programme participant matched with the Board of Maiden Voyage Dance Skills development and support for Income dlverslficatlon for the Arts: Our programme of activity for the Arts was carefully created to be relevant to all sizes and types of members, and to respond lo critical needs faced by the sector. We offered our membership a range of training. resources and events that encouraged them lo critically investigate key ideas and models of arts fundraising, cultural leadership, organi5ational developmenl and change management. As well as providing confidential support we were also able to signpost members to extensive resources and toolkits available through our website We delivered more than 60 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. We launched a new peer led. networking, support and information group for our members. Through 'Fundraising Connections, we share upcoming fundinglgrant opportunities, fundraising events, training and other resources on different aspects of fundraising. This is a new quarterly event to build confidence in fundraising, individual giving and more.
ARTS & BUSINESS NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Through our arts events programme our members were able to learn from high-profile speakers. Mark Robinson, an author, researcher, facilitator, strategist, coach and editor, delivered a number of thought-leadership sessions for us. These included a creative resilience session full of practical tools and inspirational advice. Theory of Change was a practical and interactive workshop to help understand the aims, vision and impact of projects and arts organisations This session helped attendees learn how they can measure the full impact of the activity they are doing and open up new pathways for growth and development. We ran a comprehensive series of events for our arts members around our TrLlSts & Foundations Symposium to ensure they got as much as possible from the unique opportunity to sit down and have face to face conversations with representatives from grant givers Our Trusts & Foundations Introduction webinar offered attendees the opportunity 10 attend a preparation session with the A&BNI Team ahead of our Trusts & Foundations Symposium. Attendees got insight on how to prepare for the Symposium, how to make the most of their on&on-ones with funders on the day, and how to keep on track with submitting applications. Our Art of the Pitch workshop was an opportunity for attendees to gain practical knowledge on what lo put in their pitch, essential presentation skills and lo produce and practice their 'elevalor pitch, in a safe space, receiving practical feedback from a panel. Over the years our annual Trusts & Foundations Symposium has facililaled over 600 one-to-one funding surgeries, helping to generate substantial amounts of money and support for the Cultural Sector in Northern Ireland. This year attendees heard directly from the Foundations on their funding priorities, gained an insight into the decision- making process and received lop tips for applications. We had representatives from 9 TrLlSts & Foundations in attendance plus 3 volunteer speakers al the plenary and we provided 86 one to one surgeries. Later we ran a Boolcamp lo share gLiidance from expert fundraisers to help organisations follow through and complete a Trusts & Foundations application. "l just wanted lo let you know some good news. After the meet the funders event at rh8 CTrscent earlier this year. We applied to Community Foundation ana IEGeived funding We also applied to Children in Need and just lound oul bve rec8ivgd funding for the next two yearsll We are over the moon. We would nev81 have submitted those applications if il wasn't for this Arts & Business evenl. Meeting the funders in this way demystified the process for us and gave us confidence lo apply. Sam Porciello. Place to Wonder Our Individual Giving Webinar with UK based fundraising consultant, Dana Segal, was an introduction lo individual giving in the arts, designed to engage and inspire people to consider il as part of their fundraising aclivily. Available only to A&BNI arts memtser organisations, the dedicated members-only area of our website gives acces5 to resources including webinars, training films. toolkits and presentations to develop knowledge and skills We continue to add expert content lo this area providing our mernbers with access to valuable resources whenever that may be required. We have also added a number of inspirational blogs written by our guest speakers allowing access at any lime Our five-year long Blueprint programme which started in January 2022 is the result of 5 years of research and fundraising by Arts & Business Nl. The programme supports a network of arts and cullLiral organisalions to encourage income growth and long-term financial stability In addition to tailored training and mentoring. the programme includes access to investment grants. 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 Northern Ireland. It gives participants. not only financial interventions, including up to £30 000 for 17 organisations in year 1 , but also the tools and knowledge they need to succeed through tailored training, mentoring and support. The programme asks the organisations 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 22130 organisations took part in training and mentoring which aimed to lay the foundations for building lang term financial strength. As part of the programme participants have had access to one-to-one mentoring, learning resources and a peer- learning neiwork. In Phase 2 12022-20261 in addilion to 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 incenlivise, financial growth. Grants of £390K were issued to 17 organisations in March 2023. Regular meetings allow participants to share their experiences and support each other in their development.
ARTS & BUSINESS NORTHERN IRELAND TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 An important element of Blueprint is sharing learning and resources from the Blueprint programme and model with our wider arts membership and the sector. The principles of Blueprint and many of the speakers from the programme have informed and featured in our wider arts offef Our Nl Arts Funder Exchange and our Blueprint Funder Stakeholder group la cohort of public and private funders of Blueprint) is a forum for funde to come together to explore insight5 from the Blueprint model and discuss how funder practice and collaboration can build a stronger funding ecology that supports and builds long term financial strength within the sector. Forying creative arts and business partnerships: A&BNI is committed to driving business performance throLsgh cultural partnerships The A&BNI Inveslment Programme. funded by Arts Council of Northern Ireland. enables us to seed sustainable partnerships between local businesses and arts organsaIlOns with financial and activation support. The Investment Programme encourages businesses lo take risks challenges parlnerships to broaden and deepen their connections, and through il w& draw additional business resources into the arts. The Programme supports and encourages working relationships lo develop into longer term mutually beneficial partnerships. In this financial year w8 SUPPOrted 20 projects through the A&8NI Investm8nt Programme and We pleased to i?port that 70/0 of those werg lirsl lime partnerships and 350/0 were for activities taking place outsicle Belfasl The number of applications coming throujc h this programme confirms the value that the business sector sees in using creative partnerships to addiBss their busine55 goals Their recognition that a vibrant arts and cultural s8Glor is a key element in making this 8n attractive place to do business, and can positively affect their workforce, is particularly important in the current econon7ic climate. Wilh many lender processes now requiring evidence ol business comn7ilment to ESG, kve expect demand for support from this programme to increase, 'We were gratified in the knowledge that 1118 had invested in an 8V9nt that will have a positive impact in young lives and hopefully instil a love of arts and culture as they continue Èhrough life Celine Coleman, Aircoach "This temporary iBinvention of the building has invigorated and animated not just th& building but also assisled in a posItiOn1ng of the neighbourhood." Brlan Gaffney, Savills Case Study: Stendhal Festlval & Alchemy Technology Servlces Stendhal Festival Ltd and Alchemy Technology Services joined forces for the common good of developing creative capacity in the Northwest region, through a love of music and appetite to develop aLidiences and the wider economy via sponsorship and investment in Stendhal Festival 2023 Al the heart of this partnership is Slendhal's new strategic approach to music programming and developing financial capacity and resilience to enable them to book more internaticnal artists for Iheir Main Stage. This will act as a catalyst to drivelallract further footfall lo the event as well as lo inspire and capture the imagination of local artists, prospective artists and audiences. via counterculture and new experiences from other parts of the world. Objectlves of the partnership for Alchemy Technology Servlces: Efflployee engagement exercise Target. over 700/0 engagement. Play their part in positioning the NW as an attraclive place to live and work. Support wider economiclcultural development in the Northwest. Objectives of the partnership for Slendhal Festival: stendhal Festival Ltd to realise largest evenllorganisalional budget to date. Increase footfall from the Northwest and Derry Attract further significant sponsors for 2024 event as a result of largest ever sponsor in 2023.
ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ross Parkhill of Stendhal reported 'We were able to keep our promises and strategy as envisaged and deliver our best programme lo dale in terms of diversity, and thus we feel our relationship with Alchemy is as strong as it could possibly be after our first partnership. With talk already about enhancing the partnership next year, I have no doubt this Is in large part thanks lo this investment by A&BNI. Going through this process has also given us confidence to look at doing more and more in seeking new sponsors and not being afraid of working with new partners on five figure agreements. Such tangible outcomes for us have most certainly ignited our appetite to push for further relationships and further develop the capacity and outpuls of our work Following on from this project and a significant uplift in sponsorship and the professional nature of the project {dealing with Alchemy marketing deptiteam elcl we are now confident in working with bigger sponsors and ensuring their needs and aspirations are mel alongside the many competing demands of producing the event., 'The feedback from Ihe team has been very positive and we have already bgen getting suggestions aboijt future years such as a dedicated camp site so thal everyone can stay etc. I personally thought that th8 family atmosphere that you have achieved, and the caring safe environment was just bvhat I h&d hoped for. Well don8 to you and the team and w8 look fornvard to working with you in the future., John Harkin, Alchemy Technology Servlces 'St8ndhal Festival Ltd Ivere delighled with this partnership for Stendhal 2023, and further v8ry grateful lo A&8NI for the initial introduction. John, Erin and the Vider teain al Alchemy T8chnology SeiCes were a dream to work Vith and ieally erribraced the spirit of Stendhal and our objectives. Arts and Business Nl and the Investment Programme support, along trvith Ihe sponsorship, proved critical in maintaining the event (and outputs of the organisation) for another year- especially in the face of olher financial pressures including in yec?r funding losses. We are very grateful for that opportunity and the belief in continuing our efforts to dglivgr the largesl indigenous/ immersive event in Ihe Northbvest if not Nl. Ross Parkhill, Stendhal Festival Ltd Advocatlng for creative buslness and arts partnershlp: The A&BNI events programme is a key tool in encouraging and inspiring private sector support for the Arts. Our Arts & Business Nl bLisiness evenls are designed lo engage, educate and most importantly inspire Our event themes are shaped by the business priorities our members share with us at our roundtable events which we hold twice per year We encourage and support our business members lo slep outside their comfort zones. lo take a risk and try something new We showcase best practice and tell evidence-based stories which demonstrate that partnering with arts Ofganisations has worked for other businesses. Artistic collaborations offer creative solutions to business challenges.. we describe in delail the impact at each stage to reassure our clients that creative partnerships deliver quantifiable business outcomes. All of our business events have a clear purpose and messaging. We plan our business events lo be inherently practical., our guests leave our events with a clear takeaway and a well-defined understanding of next steps. Our calendar of business evenls is designed to e17sure that we advocate the business benefils of engaging with an arts organisation vvhelher through corporate partnerships, staff volunteerirpg opportunities, or serving on Ihe board of an arts organisation. As well as our showcase Awards event, we hosted a Celebrating Creative Partnerships event to look at our award-winning partnerships in more detail and to address some of the questions that many organisations have before they lake the plunge inlo starting a cross-sector relationship 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 to ignite interest in new partnerships. We are regularly asked to connect business and arts organisalions after events to discuss possible future collaborations. We see the value these partnerships bring and are dedicated lo sharing and showcasing local sliccess stories.
ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We continue lo grow private investment in the creative industnes through developing bespoke arts activity to answer business challenges. By meeting with businesses and listening lo their concerns and goals we draw on our knowleijge 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. For instance, we ran a series of lunchtime learning sessions in Belfast City Centre demonslraling how the soft skills routinely used by arts organisations can be laught and adopted for the benefit of other businesses. One of our key strategic goals is lo have a truly engaged and informed business membership network that is representative of the private sector in Northern Ireland. Despite the challenging business environment, we conlinue to bring on new members across a range of business sectors while retaining a large proportion of our existing business members. Through promoting corporate partnerships, championing creative training and mobilising business employees as audiences and volunteers, we ensure that relationships across our memberships are deeply rooted in btjsiness strategies and not merely transactional We have been pleased to note that many partnerships have evolved over the course of the year and are developing into longer term mutually beneficial relationships Our Creative Networking events were particularly popular. giving arts organisations and businesses the opportunity to sil down and have short face-lo-face introductory chats aboLII ways they might be able lo work together in the future. Our marketing strategy often co-ordinating messaging with our clients, and planning social media and press activity for specific largel audiences. led to more impactful communications across all platforms The A&BNI What's On Guide was distributed monthly to over 400 business Gontacts 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 ocir arts members, events and activities and catered to all ages and preferences. We nLlrtured our relationships with business umbrella networks such as the Chamber of Commerce, Institute ol Directors. and Federation of Small Businesses to maintain A&BNI's profile and reputation with the private sector. We addressed a meeting of the CBI People & Skills Network lo share examples of how we work with businesses in relation to attracting and retaining talent, skills development, EDI. wellbeing and cultural brand alignment. The support of volunteers as speakers. menlors, judges, advisors, in board placements. or in wriling 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 76 volunteers who gave over 400 hours of their time to us, Peer to peer advocacy remains highly valued as a method of spreading the Arts & Business Nl message A number of businesses also provided goods and services lo us and our members free of charge we were delighted that A&L Goodbody agreed to become a sponsoring partner for our Leaders on Arts Boards programmes also giving their lime and exFertise to facilitating the training for our Young Leaders on Arts Boards group. Vertical Structure provided Cyber Security Training.. Vvhitenoise supported us with branding and design services. What our members say.. "Destination CQ BID has support8d 75 Arts and Cultural events in 2023 which attracted additional footfall ol 100, 000 bvho trvill have spenl around £ 72m whilst in the area. These festivals and cultural events are key to the success of Calhedral Quarter and the bvider City Supporting them to th8 extent that we do, ensures that we retain our standing as the cultural and hospitality heart of Ihe city .and it makes good business sense. Damien Corr, Destlnatlon CQ BID "Arts & Business Nl.. has opened the doors lo lasting and mutually beneficial partnerships betyeen ourselves and some of the most talented local arts orcJ8nisations. PR Manager, Transllnk "This year ttrvo of Alchemy's major c?rts investments vvere match funded through aVardS from A&BNI s Investmenl Programn19. These aVardS brought significant added value to our company as an investor, to our continued membership of A&BNI and mosl importantly to t¥vo nebv community led arts partnerships. The Investment Progran7me strengthened the business case to sponsor both Stendh81 and Le Foyer des Artist8s this financial year by providing the match funding to enable our partners to develop new and innovative elements to Iheirprogr8mmes, that olhenvise vvould not have been possible., Alchemy Technology Services
ARTS & BUSINESS NORTHERN IRELAND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial revlew The year end accounts return an unrestricted surplus of £15,566 (2023.. £10,073) and a restricted surplus of £125,460 (2023. £99,000) being an overall surplus of £141,026 (2023.. £109,073>. The reserves of the organisation now amount to £649,764 (2023.. £508,738) of which £243,382 (2023.. £227,814) are unrestricted and £406,382 (2023.. £280,924) are restricted. As part of the organisation's long-term 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. Structure, governance and management The Board comprises a maximum of 12 members who meet quarterly and are responsible for the strategic 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 re-elected at the following AGM. The directors, liability is limited by guarantee. Board members participat8 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, who 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.. S Hayles (Resigned 1 April 2024) S Deignan D Mc Parland L P Murphy C Sharpe D M Roberts G Armstrong Emma Drury Stephen McCryst811 Llsa Doherty Joe Dougan Deborah Collins (Appointed 28 March 2024> {Appointed 28 March 2024) {Appointed 8 December 2023) (Appointed 8 December 2023) (Appointed 8 December 2023) Audltor In accordance with the company's articles, a resolution proposing that Harbinson Mulholland be reappointed as auditor of the company will be put forward at a Gener81 Meeting. The trustees, report was approved by the Board of Twstees. D Mc Parland Trustee Dated.. b .9. 24....
ARTS & BUSINESS NORTHERN IRELAND STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, vtho 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 statements 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 incoming 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 required to: select suitable accounting policies and Ihen apply them conslstently; - observe the methods and principles In the Charltles SORP. make judgements and estlmates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, Subject to any material departures dlsclosed and explained in the financial statements., and prepare the financial statements on the going concem basls unless it is inappropriate to presume that the charity will continue in operation. The trust88s are responslble for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and 8nable them to ensure that the financial 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 detection of fraud and other irregularities. D Mc Parfand Trustee 10-
ARTS & BUSINESS NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARTS & BUSINESS NORTHERN IRELAND Oplnion We have audited the financial statements of Arts & Business Northern Ireland (the 'charity') for the year ended 31 March 2024 which compnse the statement of financial activities, the balance sheet. the statement of cash flows and notes to the financial ststements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted 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 2024 and of its incoming resources and application of resources, for the year then ended,. have been prOrIY prepared in accordance with United Kingdom Generally Accepted Accounting Practi,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibililies for the 8udit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In audrting the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the 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 concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responslbilitles and the responsibilities of the trustees with respect to golng concem are described In the relevant sections of this report. Other inforniatlon The trustees are responsible for the other infomiation. The other information comprises the information included in the annual report, other than the financial statements and our auditor'5 report thereon. Our opinion on the financial ststements does not cover the other infomation and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibilty is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomiation. 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. 11
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 exception 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 oplnlon.. the information given in the financial stalements is inconsistent in any material respect with the trustees, report; or sufficient accounting records have not been k8Pt'. or the financial statements are not in agreement with the accounting records; or we have not reiVed all the information and explanations we require for our audtt. Responslbllltles 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 r8sponsible 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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's re$ponslbllltles for the audlt of tha flnanclal statements We have been appointed as auditors under section 65 of the Charities Act (Northern 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 auditorfs r8POrt 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 detalled below. Our approach to identifying 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 collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulab'ons; we identified the laws and regulations applicable to the charity through discussions with trustees andlor senior 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, taxation 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 identified18ws and regulations were communicated within the audit team regularly and the team remained alert to InStanS of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtsining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there vrfas 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. 12-
ARTS & BUSINESS NORTHERN IRELAND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTS & BUSINESS NORTHERN IRELAND To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., tested joumal entries to identify unusual transactions; assessed whether judgements and assumptions made in detemiining the accounting estimates set out in Note 2 were indicative of potential bias., and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed prOdureS which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation., reading the minute5 of meetings of those charged with govemance., • enquiring of management as to actual and potential litigation and claims. There are inherant limitations in our audit procedures desuibed above. The more removed that laws and regulations are from financial transactions, the less likely it 15 that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulalions 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 etror as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at= https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audil 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 the fullest extent permitted by law, we do not accept 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 Craigan FCA (Senlor Statutory Audltor) for and on behalf of Harblnson Mulholland Chartered Accountants Statutory Audltor Centrepoint 24 Omieau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS 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. 13
ARTS & BUSINESS NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrfctsd Restricted funds funds 2024 2024 Totsl Unrestricted Restricted funds funds 2023 2023 Totsl 2024 2023 Notss Income and 6ndowments from: Donations and legacies Charitable activlties Other income 104,085 275,038 5,926 104,085 631,458 5,926 99,165 254,774 2,743 99,165 818,778 1,073,552 2,743 356,420 Total Income 385,049 356,420 741,469 356,682 818,778 1,175,460 Charitable activities 369,483 230,960 600,443 348,609 719,778 1,066,387 Net income and movement In funds 15,568 125,460 141,026 10,073 99,000 109,073 Reconcillatlon of funds: Fund balances at 1 April 2023 227,818 280,922 508,738 217,741 181,924 399,665 Fund balances at 31 March 2024 243,382 406,382 649,764 227,814 280,924 508,738 The statement of financlal activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ARTS & BUSINESS NORTHERN IRELAND BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 11 3,951 3,128 Current assets Debtors Cash at bank and in hand 12 48,488 628,398 98,276 467,122 878,886 565,398 Credltors: amounts falllng due wlthln one year 13 31,073 59,788 Net current assets 645,813 505,610 Total assots1•88 currant Ilabllltles 649,764 508,738 The funds of the charlty Restricted income funds Unrestricted funds 16 406,382 243,382 280,924 227,814 649,764 508,738 The company is entitled to the exemption from the audit requirement contsined In section 477 of the Companies Act 2006, for the year ended 31 March 2024, although an audit has been carrled out under seclion 65 of the Charities Act (Nl) 2008 The directors acknowledge their responsibilities for complying wlth the requirements of the Companles Act 2006 with respect to accounting records and the preparation of financlal statements. The members have not required the company to obtaln an audlt of tts financial statements under the requirements of the Companies 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 registration number N1609126 (Northern Ireland) 15-
ARTS & BUSINESS NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flow5 from operatlng actlvltles Cash generated from operations 20 164,169 66,217 Investlng actlvltles Purchase of tangible fixed assets (2,893) 12,197) Net cash used In Investlng actlvltles (2,8931 (2,197) Net cash used In flnanclng actlvltles Net Increase In cash and cash equlval8nts 161,276 64,020 Cash and cash equivalents at beginning of year 467,122 403,102 Cash and cash equlvalents at end of year 628,398 487,122 16-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles Charlty informatlon Arts & Business Northern Ireland is a private company which has obtained charitable status with HMRC and which is limited by guarantee incorporated in Northern Ireland. The registered office is East Belfast Network 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.- Ststement 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) las amended for accounting periods commencing from 1 January 2016). 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. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequat8 resources to continue in operational existence for Ihe foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charftable funds Unrestricted funds are available for usa at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprlse unrestricted funds that have been set aside by the Truslees for particular purposes. Restricted funds are funds which are lo be used in accordance wlth 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 restrict8d funds is set out in the rotes to the financial statements. Restricted funds may only be transferred to general or designated funds On 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 future period. Members, subscriptions are taken to income on a received basis. 17-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity Direct costs attributable to a single activity are allocated directly 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 beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of tSme spent, and depreciation charges are allocated on the portion of the asset's use. Donated servlces and facilltles 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 obligats'on to make a payment to a third party, 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 activities and those costs of an indirect nature necessary to support them. Irr8coverable 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 beeen 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 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings 33Qh straight line The gain or loss arlsSng on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the Statement of financial activities. 1.7 Impairment of flxed 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 indat70n 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 equivalents 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. 18-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Contlnued) 1.9 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instrum8nts. 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. with the net amounts presented in the financial stat8ments, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured 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 flnanclal liabilltles Basic financial liabilities, including creditors and bank loans are initially recognised at transactlon price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 obligations to pay for goods or servlces 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 liabiliti8s. Trade creditors are recognised initially at transactlon prlce and subsequently measured at amortised cost using the effective interest method. Dern¢ognltlon of flnanclal liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday entitlement 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 termination benefits. 1.11 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Taxation The company is a registered charty and the charitable tax exemptions are therefore being claimed to the extent that income andlor gains are applicable and applied to charitable purposes only. These exemptions will remain in pla as long as income and expenditure is applied to charitable purposes only. 19-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estlmates 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 apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. K•y sources of estlmatlon uncertalnty Tanglble flxed assets Tangible assets are depreciated over their useful lives taking into account residual values 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 programrnes are taken into account. Residual valL assessments consider issues such as the remaining live of the asset and the estimated value in use. Income from donatlons and legacles Unrestrlcted funds 2024 Unrestricted funds 2023 Donations and gifts 104,085 99,185 Donations and glfts Donations - glfts in kind Corporate sponsorship Business membership Arts membership Other 16,635 38,800 36,750 11.900 9,820 36,500 37,850 12,000 2,995 104,085 99,165 -20-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable activities 2024 2023 Arts Council Nl Trusts & Foundations income Board placement fees Belfast City Council Consultancy and Management fees Thrive (HLF) Dormant Accounts Fund Nl (NLCF) other income 338,047 120,545 9,133 753,772 137,034 7,650 30,000 24,810 9,706 101,159 9,621 32,902 125,000 5,831 631,458 1,073,552 Analysis by fund Unrestricted funds - general Restricted funds 275,038 356,420 631.458 For the year ended 31 March 2023 Unrestricted funds- general Restricted funds 254,774 818,778 1,073,552 Other Income Unrestrfcted funds general 2024 Total 2023 Investment income 5,926 2,743 21
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvities 2024 2023 Basis of allocation Depreciation Wages & salaries Employerfs NIC Pension costs Est8blishment Office expenses Training & recruitment Travel & subsistence Web&lT Irrecoverable VAT Governance costs 2,073 26,733 2,434 2,756 8,900 8,541 1,584 2.914 7,711 5,920 24,406 24,330 2,343 2,600 18,174 8,358 2,591 4,879 11,067 10,991 25,627 91,972 110,506 Anatysed between: Chantable activikn'es 91,972 110,506
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltsbla activitie5 2024 2023 Staff costs PR & marketing support Seminars & training Award costs Governan Programmes Bad debts & provision Investment programme Costs Business membership events Gifts in kind - expenditure Blueprint salary costs Blueprint costs 208,587 4,890 9,224 26,998 4,695 400 130,973 6,082 16,635 38,130 61,857 196.262 9,318 8,728 33,510 3,862 160,782 6,689 9,820 36,055 492,855 508,471 955,881 Share of 8UPPOrt costs (see note 6) Share of governance costs (see note 6) 87,566 24,406 84,879 25,627 600,443 1,068,387 Analysls by fund Unrestricted funds - general Restricted funds 369,483 230,960 600,443 For the year ended 31 March 2023 Unrestricted funds - general Restricted funds 346,609 719,778 1,066,387 Trustees None of the trustees (or 8ny persons connected with them) received any remuneralion or benefits from the charity during the year12023- £nil). -23-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Charitable activites Management and administration of the charity Employm8nt costs 2024 2023 INages and salaries Social security costs Other pension costs 234,238 18,748 25,654 218,786 18,867 23,957 278,640 261,590 There were no employees whose annual remuneration was £60,000 or more. 10 Taxation The charity Is exempt from taxatlon on its activities because 811 its Income is applied for charitable purposes. 11 Tanglble flxed a88ets Flxtur•• and flttlng• Cost At 1 April 2023 Additions 21,042 2,893 At 31 March 2024 23,935 Depreclatlon and Impalrment At 1 April 2023 Depreciation charged in the year 17,911 2,073 At 31 March 2024 19,984 Carylng amount At 31 March 2024 3,951 At 31 March 2023 3.128 -24-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors other debtors Prepayments and accrued income 17,222 2,000 29,266 27,978 70,298 48,488 98,276 13 Credltors: amounts falllng due wlthln one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred Income 17,058 8,189 614 5,212 17.140 33,789 1,848 7,013 31,073 59,788 14 Unrestrfcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 Aprll 2023 Incomlng resources Resources expended Transfors At 31 March 2024 Strategic growth fund General funds 18,183 209,633 10,000 (10,000) 28,183 215,199 385,049 {369,483} 227,816 385,049 (369,483) 243,382 Prevlous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 Research fund Marketing materials fund General funds 16,583 1,600 199,558 16,583 1,600 209,631 356,682 (346.609) 217,741 356,682 (346,609) 227,814 -25-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Restricted funds The restricted funds of the Charty comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may b8 used. Movement In funds Incomlng Re#ources Balance at r8sourcos gxpended 31 March 2024 Balance at 1 April 2023 Blueprfnt Programme Esmee Fairbairn Foundation Paul Hamlyn Foundation DormantAccounts Fund Nl (NLCF) Belfast City Council 36,367 72,429 49,833 60,000 41,686 78,855 125,000 (33,925) (50,520) (15,541) 44,128 100,764 159,292 60,000 other Funds ACNI Investment Programme 62,293 110,879 1130,973) 42,199 280,922 356,420 (230,959) 406,382 16 Unrestrfcted funds These are unrestricted general funds which are material to the charivs activities made up as follows- 17 Analysls of net assets between funds Unrestrlcted Restrlcted Income income funds funds 2024 2024 Total Unrestrlcted Restrlcted income funds income funds Total 2024 2023 2023 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current assetsl(liabilities) 3,951 239,430 3,951 645,813 3,128 224,686 3,128 505.610 406,383 280,924 243,381 406,383 649,764 227,814 280,924 508,738 -26-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Related party transactlons None of the Trustees receive remuneration or other benefft from their work with the charity. Any connection betsveen a Trustee or senior manager of the charity with organisations the charity works wrth must be disdosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. R8mun6ratlon of k8y managemant personnel The remuneration of key management personnel is as follows. 2024 2023 Aggregate compensation 155,432 146,976 Transactlons wlth related partles During the year the charity entered into transactlons with Mlllar Mccall Wlie. Crescent Arts Centre and Ulster University. Director Damien Mc Parland is also a director of Millar Mccall Vvylie and Director Sophie Hayles is a director of Crescent Arts Centre, whilst Director Gillian Armstrong is a Professor at the Ulster University Business School. Sale of goods 2024 Purchase of goods 2024 2023 2023 Other related parties 3,100 700 2,410 1,773 3,100 700 2,410 1,773 The following amounts were outstanding at the reporting end date: Amounts owed to relatsd partles 2024 2023 Other related partles 1,362 The following amounts were oulstanding at the reporting end date- Amounts owed by related Amounts owed by related parties parties 2024 2023 Balance Balance Net Net Other related parties 3,000 3,000 500 500 3,000 3,000 500 500 -27-
ARTS & BUSINESS NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analysis of changes In net funds The charity had no material debt during the year. 20 Cash generated from operatlons 2024 2023 Surplus for the year 141,026 109,073 Adjustments for: Depreciation and impairment of tangible fixed assets 2,073 1,545 Movements in working capital: Decreasel(increase) in debtors (Decrease) in creditors 49,788 (28,718) (40,905) (3,496) Cash gonarated from oporatlon8 164,169 66,217 -28-